Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Monday, 6th Jan

The Nifty50 rose around 0.80% to close above the crucial psychological barrier of 24,000 as the Indian benchmark indices continued to advance for the second week in a row. Whereas, the BSE Sensex ended the week at 79,223, up 0.67%. Amid increasing worries about the state of the global economy, the Nifty fell to a six-week low of 23,460 at the start of the week. Even though FOMC minutes, US non-farm payroll, and the unemployment rate will affect market mood, investors are likely to make their investment decisions based on pre-budget expectations in addition to the anticipation of the impending Q3 results, which are expected to get major market attention.

Nifty Outlook

"Technically, on the daily chart, the Nifty formed a red candle, indicating profit booking, while on the weekly chart, it formed a green candle, indicating overall strength. The index continues to hold above the 200-Days Simple Moving Average (200-DSMA), which is currently placed near 23,900. Additionally, it remains above the breakout zone of the short-term consolidation range 23,500-23,900. As long as the index maintains above 23,900, a buy-on-dips strategy is recommended for Nifty," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company).

Bank Nifty Outlook

"Technically, the Bank Nifty has formed a bearish candle on a daily scale, indicating profit booking. However, the index is still placed above trend line support and maintained above the 200-Days Exponential Moving Average (200-DEMA), which is near 50,500 levels. On the upside, index is facing resistance near 52,000 levels. As long as index remains in the band of 50,500-52,000, ongoing consolidation will continue. Either side breakout will set the next direction of a Bank Nifty," commented Hrishikesh Yedve.

Stocks To Buy Today

On Monday, January 6, Choice Broking's executive director Sumeet Bagadia recommended buying two stocks after the India VIX dropped 1.43% to 13.54, indicating a reduction in market volatility.

Info Edge (India)

Buy NAUKRI in Cash @ Rs 9025.50, Stop-loss @ 8709, Target @ 9657

NAUKRI is currently trading at Rs 9,563.30, exhibiting a strong uptrend as it maintains a pattern of higher highs and higher lows, signalling sustained bullish momentum. The stock has confirmed a breakout from a cup-and-handle pattern on the daily timeframe, with a key resistance level at Rs 9,200. This breakout is expected to enhance market sentiment, favoring buyers and driving the stock toward its short-term target of Rs 9,657, thereby continuing its upward trajectory.

The stock is trading comfortably above its 20-day, 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs), which further reinforces the prevailing bullish trend. Additionally, the Relative Strength Index (RSI) stands at 68.43 and is trending upward, reflecting strong buying momentum. On the downside, immediate support is identified at Rs 8,900.

To manage risk effectively, traders are advised to set a stop-loss at Rs 8,709 to safeguard against potential market reversals. With its favorable technical setup and prevailing market conditions, NAUKRI offers a promising buying opportunity, provided appropriate risk management measures are in place.

Tata Motors

Buy TATAMOTORS in Cash @ 790.60, Stop-loss @ 762, Target @ 846

Tata Motors (TATAMOTORS) is currently trading at Rs 790.60 and exhibiting bullish momentum. The stock has recently broken out of a falling trendline pattern, signaling a potential bullish reversal from a key support zone. This breakout is further validated by a notable increase in trading volume, indicating strong buying interest. A key resistance level to watch is Rs 805-sustaining above this level could confirm the bullish trend and present an ideal entry point for long positions.

The Relative Strength Index (RSI) stands at 56.23, reflecting a healthy uptrend with room for further growth. Additionally, the stock is trading comfortably above its 20-day Exponential Moving Average (EMA), approaching its 50-day and 200-day EMA. A sustained move above this level would further reinforce the positive trend.

Traders may consider entering at the current price of Rs 790.60, with a stop loss at Rs 762 and a target price of Rs 846. While the technical indicators suggest a strong setup for potential gains, it is crucial to remain mindful of short-term volatility and market fluctuations.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.