Stocks to buy: Ankush Bajaj recommends three stocks for today—17 January
Subscribe to enjoy similar stories. Today's market session began with a gap-up opening at 23,377 (+163 points). The index subsequently declined 119 points from the opening level to 23,272 but rebounded to close at 23,311.
Meanwhile, the BSE Sensex closed at 79,943.71, down by -0.42%. Nifty PSU Bank, Nifty Metal, and Nifty MicroCap 250 outperformed the market and closed in green. The top performers among Nifty 50 stocks were HDFC Life Insurance Co.
Ltd (+7.99%), Bharat Electronics Ltd (+3.60%), Sbi Life Insurance Co. Ltd (+2.77%), and Shriram Finance Ltd (+2.55%). On the other hand, the top losers in the market were Trent Ltd (-2.51%) and Dr.
Reddy's Laboratories Ltd (-2.58%). As discussed earlier, the market is in an oversold zone, and all major EMAs are indicating a downside. We can expect only a small pullback, likely in the range of 23,480-23,550.
While the overall view remains bearish, it is worth noting that the RSI on the hourly chart is above 50, which could signal some bullish momentum in the short term. However, the major trend remains bearish, and any pullback can be used as a shorting opportunity. Redington Ltd: Buy at ₹216.40; Target ₹227-232; Stop loss ₹209.
The stock performed well yesterday, rallying 4.67% and successfully closing above the important ₹211 level. The volume was strong, and the stock managed to close above the trend line. This indicates bullish momentum, and a good rally is expected in the near term.
BSE Ltd: Buy at ₹5,994; Target ₹6,220-6,250; Stop loss ₹5,800. Despite broader market weakness, the stock on BSE managed to close at a new lifetime high. This rally is expected to continue for a few more days.
Read more on livemint.com
