Home / Markets / Stock Markets /  Day trading guide for Tuesday: Axis Bank, GAIL among 6 stocks to buy today - January 24

Indian stock market closed with gains on Monday helped by the IT and financial stocks after positive quarterly results amid supportive global cues. Snapping its two-day sliding streak, the BSE Sensex rose by 319.9 points to close at 60,941 whereas Nifty gained 0.5% to settle at 18,118. Meanwhile, the BSE Midcap rose 0.44% while the smallcap index declined by 0.30%. Among the Nifty sectoral indices, barring Nifty metal and Nifty realty, all traded higher with Nifty IT and Nifty pharma rising the most.

Day trading guide for stock market today -

“Nifty once again failed to surpass crucial resistance of 18180 derived from previous swing high and continued to consolidate in the narrow range. Nifty has been forming a descending triangle pattern on the daily chart with multiple bottoms in the range of 17750-17180 range. Breakout level of the triangle is placed at 18180. For a sustained directional move, Nifty has to breakout on the either side of the range on closing basis," said N Devarsh Vakil - Deputy Head Retail Research, HDFC Securities.

“The trend for the Nifty index remains positive for the short term, as the index has been sustaining above the 50 EMA as well as the 200 DMA. The RSI is in bullish crossover and rising. On the higher end, a directional move may be seen upon a close above 18200; support on the lower end is seen at 17950," said Rupak De, Senior Technical Analyst at LKP Securities.

Stocks to buy today as recommended by analysts -

Rajesh Bhosale, Technical Analyst, Angel One Ltd

Mahindra and Mahindra: Buy M&M, stop loss 1,309, target 1,365

IPCA Labs: Buy IPCALAB, stop loss 859, target 900

Anuj Gupta, Vice President - Research at IIFL Securities

Axis Bank: Buy AXIS BANK, stop loss 905, target 980

GAIL: Buy GAIL, stop loss 94, target 115

Sumeet Bagadia, Executive Director at Choice Broking

UPL: Buy UPL, stop loss 735, target 770-780

Tech Mahindra: Buy TECH Mah, stop loss 1,040, target 1,090-1,100

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

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