Stocks to buy: Ankush Bajaj recommends three stocks for today—6 February
Subscribe to enjoy similar stories. On 5 February, the market closed flat, with bulls attempting to take control initially. However, in the second half, bears regained dominance, leading to a decline.
The Nifty closed down by 42.95 points at 23,696 (-0.18%), while the Bank Nifty closed at 50,343, UP by 185 points (-0.37%). Major sell-offs were observed in REALTY (-1.85%), FMCG (-1.56%), and CONSUMPTION (-0.77%). METAL (+1.51%), PSE (+1.51%) and OIL & GAS (+1.46%) closed in green.
The top performers among the Nifty 50 stocks were ONGC (+3.0%), Hindalco Industries Ltd (+2.9%), and Apollo Hospitals Enterprise Ltd (+2.2%). On the other hand, the top losers in the market were ASIAN PAINT (-3.4%), Titan Co. Ltd (-3.0%), and Nestle India Ltd (-2.2%).
On the hourly chart, the Nifty failed to cross 23,810, which is the 50% retracement level from the recent top, indicating resistance. Meanwhile, 23,585 may act as short-term support, with maximum open interest (OI) at 23,500 confirming the same. On the upside, maximum OI at 24,000 suggests strong resistance.
With today’s Nifty weekly expiry happening post-budget, significant volatility is expected. We may witness sharp price swings in either direction, driven by market reactions to budget announcements and institutional activity. Traders should be cautious and manage risk accordingly.
Lupin Ltd: Buy at ₹2,185 | Target ₹2,220-2,235 | Stop loss ₹2,173 The stock is consistently closing above ₹2170 with strong volume, indicating bullish strength. On the 15-minute chart, it is forming a flag pattern, a continuation signal. If the pattern breaks out, the potential upside target is ₹2,230+.
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