Stocks to buy: Ankush Bajaj recommends three stocks for today—1 January 2025
Subscribe to enjoy similar stories. Nifty and Bank Nifty: The Indian stock market ended flat on 31 December, with the IT and financial services sectors dragging the market down. The Nifty 50 index closed almost unchanged at 23,644.80, while the BSE Sensex declined by 0.14%, closing at 78,139.10.
The oil and gas, energy, and pharma sectors outperformed the market and closed in the green. The top performers in Nifty 50 stocks were BEL (+2.90%), ONGC (+2.84%), Kotak Bank (+2.61%), and Trent (+2.43%). On the other hand, the top losers in the market were Adani Enterprises (-2.46%), Tech Mahindra (-1.99%), TCS (-1.54%), Infosys (-1.36%), and Shriram Finance (-1.00%).
As marked in the chart, Nifty is retesting its recent low, which can act as a support (demand zone) for the short term. The market is range-bound between 23,500-24,000, and a break of either level will decide the new trend. Till the market closes below the 200 DMA (23,873), bears will remain in charge.
Below 23,500 levels, 23,200-23,050 levels open on the downside. As per weekly option data, 23,500 and 24,000 have major open interest active, acting as support and resistance. Below 23,500, put writers will be trapped, leading to a further downtrend, so keep 23,500 PE on the radar.
In Bank Nifty, the 200 SMA (50,612) level is acting as support. In the bigger picture, Bank Nifty is range-bound within the 53,100-50,000 range. Petronet LNG: Buy at ₹347; Target ₹377-382; Stop Loss ₹327.
Stock closed at a good level and has given a H&S breakout in the 4H time frame, expecting a good rally till recent highs. Oracle Financial Services Software (OFSS): Buy at ₹12,789; Target ₹13,940; Stop Loss ₹11,995. Stock closed at its lifetime high and is expected to see a good rally in
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