 "Ajit Mishra of Religare Broking picks Biocon, Marico as stocks to buy today")
Stock Market View
Markets traded in a subdued manner and ended marginally higher on Wednesday, extending Tuesday's trend. The market seems to be pausing as recovery attempts face resistance, though select heavyweight stocks are limiting the downside. Investors are now closely eyeing earnings from Reliance Industries (RIL Q3 results), Infosys Q3 results, and Axis Bank Q3 results for directional cues.
While the broader trend remains negative, a decisive break above 23,300 could lead to a rebound toward 23,500. On the other hand, a dip below 23,100 may trigger the next leg of a decline, pushing the index toward 22,700. Traders should align their strategies with a strong focus on risk management.
Stocks to Buy Today, Jan 16:
Biocon Limited | LTP: Rs 382.05 | Buy | Target: Rs 398 | Stop-loss: Rs 364
Biocon share price is exhibiting notable strength as it approaches its swing high after consolidating near its short-term moving average, the 20-DEMA. The current indications suggest that the positive momentum is likely to persist, making it an opportune time to accumulate Biocon stock for a potential target of Rs 398.
Marico Limited | LTP: Rs 659.75 | Buy | Target: Rs 688 | Stop-loss: Rs 645
Marico has been a strong performer within the FMCG sector, steadily advancing following a breakout from its consolidation range. The chart pattern suggests a gradual climb toward its record-high levels. Traders may consider initiating fresh long positions within the indicated range.
Asian Paints Limited | LTP: Rs 2,238.20 | Sell Fut | Target: Rs 2100 | Stop-loss: Rs 2,310
Paint stocks are facing renewed selling pressure following a failed recovery attempt. Asian Paints share price has breached its previous swing low with a slight increase in volumes. We recommend initiating fresh short positions at the specified levels.
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Disclaimer: Ajit Mishra is SVP-Research at Religare Broking Limited. Views expressed are his own.