Stocks to buy: Ankush Bajaj recommends three stocks for today—8 January
Subscribe to enjoy similar stories. The Indian stock market closed flat on Tuesday, weighed down by weakness in IT and consumption stocks. The Nifty 50 index ended nearly unchanged at 23,707.90, while the BSE Sensex slipped 0.30% to close at 78,199.11.
Amid mixed market sentiment, sectors like Nifty Microcap, Energy, Media, Oil & Gas, and Metals outperformed, closing in positive territory. Read this | Stock market today: Nifty 50, Sensex rebound after 2-day selloff; broader market outperforms Top gainers on the Nifty 50 included ONGC (+3.59%), SBILIFE (+3.00%), and HDFCLIFE (+2.29%). Meanwhile, the laggards were Trent (-1.77%), HCLTECH (-1.90%), TCS (-1.63%), and EICHERMOT (-1.39%).
As highlighted in the chart, the 23,500–24,200 range is expected to act as a key support and resistance zone in the short term. A breakout above or below this range will determine the market's next directional trend. Today, the Nifty 50 closed at 23,707.90, above its 200-day exponential moving average (EMA), but it remains below the 200-day moving average (DMA) at 23,916.50, indicating cautious sentiment.
Meanwhile, the Bank Nifty closed at 50,202.15, breaking above its 200-day simple moving average (SMA). Read this | What lies under the hood in banks' Q3 business updates Ipca Lab: Buy at ₹1,736; Target ₹1,805-1,825; Stop Loss ₹1,699. After closing above its lifetime high, the stock retested the ₹1,700 level.
It is now trading near its lifetime high with good volume, indicating the potential for a strong upward move in the coming days. A stop-loss can be placed at the recent low. Also Read: Top sectors to pick and avoid in 2025 Indegene Ltd: Buy at ₹621.60; Target ₹655-675; Stop Loss ₹604.
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