Day trading guide for Tuesday: Tata Motors, Infosys among 6 stocks to buy today

Market


Equity benchmarks began the New Year 2023 on a strong note, with the Sensex climbing 327 points and the Nifty finishing near the 18,200-mark on Monday, helped by an uptick in metals and financials. The BSE Sensex climbed 327 points to settle at 61,167. Similarly, the Nifty advanced 0.51% to 18,197. The market breadth was firmly in favour of the bulls, with 22 advances and only 8 declines.

Day trading guide for stock market today

“Nifty is continuously tagging the hurdle of down sloping trend line over the last 4-5 sessions. After the downside breakout of said TL on 23rd Dec, the Nifty failed to show any decisive follow-through weakness since then. This could raise some hops for bulls to make a come back. A sustainable move above 18265-18300 levels could pull Nifty towards another hurdle of 18500 levels in a quick period of time. Immediate support is placed at 18080 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

“Nifty formed a bullish harami pattern on the daily chart, suggesting a reversal in the price trend. The index has moved back above 50 EMA with the strength indicator RSI in a bullish crossover. The trend to remain positive as long as it sustains above 17,950; resistance on the higher end is visible at 18,400,” said Rupak De, Senior Technical Analyst at LKP Securities.

Stocks to buy today as recommended by analysts –

Anuj Gupta, Vice President – Research at IIFL Securities

Steel Authority of India: Buy SAIL, stop loss 82, target 98

Tata Motors: Buy Tata Motors, stop loss 378, target 415

Ganesh Dongre, Senior Manager – Technical Research at Anand Rathi

Infosys: BUY Infy at 1,525, stop loss 1,480, target 1,580

Polycab: BUY Polycab at 2,580, stop loss 2,540, target 2,700

Sumeet Bagadia, Executive Director at Choice Broking

Axis Bank: Buy Axis Bank, stop loss 920, target 960-975

Mahindra and Mahindra: Buy M&M, stop loss 1,240, target 1,290-1,300

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.


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