Ajit Mishra of Religare Broking shares 3 stocks to buy, Nifty outlook today

Stocks To Buy Today, March 6, 2025: Hindalco share price recently broke out from a 'Double Bottom' pattern, signaling the end of its corrective phase

Stock Market Today, March 6:

 

Nifty share price: 22,337.30

 

Stock markets saw a much-needed rebound, gaining over a per cent on Wednesday amid mixed cues. The session started on a positive note, driven by strength in select heavyweights, which gradually lifted sentiment across broader markets. As a result, the Nifty index closed at 22,337.50, up 1.15 per cent.  READ: Stock Market Updates LIVE

 

While the rebound is encouraging, traders should avoid reading too much into a single-day bounce and

wait for further confirmation. On the benchmark front, the Nifty index may face resistance around the 22,500-22,700 zone if the recovery continues. Amid this setup, we maintain a stock-specific approach, favoring banking, financials, and metals for long trades while remaining selective in other sectors.

 

Stocks To Buy Today:

 

JSW Energy Limited | LTP: Rs 509.10 | Buy | Target: Rs 555 | Stop-loss: Rs 485

JSW Energy share price found support at its 200-WEMA, aligning with the 61.8 per cent retracement of its previous upward move. On the lower time frame, JSW Energy share is forming an 'Inverted Head and Shoulders' pattern, indicating a potential trend reversal. The base formation, coupled with strong volumes, suggest accumulation at lower levels. Considering these technical factors, traders may look to initiate long positions within the specified range.  READ: Best Stocks to Watch today

 

Hindalco Industries Limited | LTP: Rs 657.35 | Buy | Target: Rs 710| Stop-loss: Rs 630

Hindalco share price recently broke out from a 'Double Bottom' pattern, signaling the end of its corrective phase. Since then, HIndalco share has traded within a range, forming a base near the neckline of the breakout zone. The stock remains strong above the confluence of short-to-medium term moving averages, indicating resilience in its price action. Traders may consider long positions within the specified range.  READ: Stocks to buy today: Ruchit Jain of Motilal Oswal picks NTPC, JSW Steel

 

The Indian Hotels Company Limited | LTP: Rs 757.20 | Buy | Target: Rs 810 | Stop-loss: Rs 732

Indian Hotels share price has maintained its steady uptrend since inception, demonstrating a bullish structure. However, in-line with market corrective phase, India Hotels stock, too, witnessed profit booking from record high levels. It retraced to the support of long-term moving average and, after a couple of weeks of consolidation, Indian Hotels share has regained strength to revert towards its primary trend on the back of notable price action, giving an opportunity to go long.

   

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Disclaimer: Ajit Mishra is SVP-Research at Religare Broking Limited. Views expressed are his own.