 "Vinay Rajani of HDFC Sec picks 2 stocks to buy today, shares Nifty outlook")
Nifty Today: After the sharp fall seen in the last few sessions, Nifty has formed a small candle within the previous day’s move, which indicates probable change in the short-term trend. However, crossing of Tuesday’s high of 23,265 would provide confirmation of further rise.
Resistance for the Nifty are seen at 23,340 and 23,500. On the downside 23,047 becomes the base for the short-term below which bearish trend would resume.
Stocks to Buy Today, Jan 15:
Buy Maruti (11,710) | Target Rs 12,280 | Stop-loss Rs 11,380
Stock price has broken out from the “Flag” pattern on the daily chart with healthy volumes. Stock is placed above its 50 and 200 days EMA, which indicates bullish trend on medium-term time frame. Indicators and oscillators have turned bullish on daily and weekly time frame.
Buy Bajaj Finserve (1,728): | Target Rs 1,850 | Stop-loss Rs 1,650
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Stock price has broken out from the “Flag” pattern on the daily chart. Primary trend of the stock is bullish as it is placed above all key moving averages. Indicators and oscillators have turned bullish on hourly and daily chart.
Disclaimer: Vinay Rajani is CMT, senior technical and derivative analyst at HDFC securities. Views expressed are this own.