Stocks to Buy: Ankush Bajaj recommends three stocks for today

Nifty and Bank Nifty on December 24: The Indian stock market was almost stable on Tuesday December 24, with the two main indices closing slightly in the red. The Nifty 50 closed 25 points or 0.11 per cent lower at 23,727.65, while the Bank Nifty fell 0.14 per cent, dragged down by the IT and metals sectors.

Trading volumes have been low, likely due to the New Year holiday week, during which many foreign companies are on vacation. After a massive sell-off in various sectors such as automobiles, there was some buying on Tuesday and the auto index closed at 22685.55, up 127.80 points. The IT sector underperformed on weak profit forecasts, while the auto sector gained on optimism over improving sales and festive demand.

The top losers on the Nifty were Powergrid (-1.65%), JSWSteel (-1.62%), SBI Life (-1.30%), Titan (-1.28%) and SBIN (-1.11%) ). The biggest gainers were TataMotors (+1.92%), Adanient (1.43%) and BPCL (1%).

Indian Stock Market Outlook

TheNifty closed above 23,500 and took support at the 200-DMA at 23,727.65. As the monthly expiration approaches, options data showed strong support at 23,500 (maximum OI at 23,500 PE) and resistance at 24,000 (maximum OI at 24,000 CE), indicating a likely session limited to a range.

Three stocks to buy, recommended by Ankush Bajaj

TRIVENI: Buy on ₹494; target ₹550-575; stop losses ₹445

Triveni is supported by strong demand in the sugar sector, driven by ethanol blending policies. The stock found solid support at ₹460 and is currently one of the most serious competitors in the sugar sector. Technically, it seems well positioned and an evolution towards its all-time high is expected in the coming days.

Also read: JSW Infra is well positioned due to increased third party mix and investments

TVSMOTEUR: Buy on ₹2,427; target ₹2490-2520; stop losses ₹2,370

The stock has created a good base at the current level and is showing strong support at ₹2,385. If the market continues its upward momentum, we could see a significant decline in this stock.

LLOYDSM: Buy on ₹1190; Target ₹1235-1255; Stop Losses ₹1155

The stock looks technically strong, having closed above its recent high of ₹1,180. It could continue to recover in the coming days.

Also read: Polycab India is programmed for growth and the stock reflects it

Ankush Bajaj is a Sebi registered research analyst. Its registration number is INH000010441.

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Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the opinions of Mint. We advise investors to consult certified experts before making any investment decisions.