Markets
Top stock picks by Ankush Bajaj: Three stocks to buy today—6 February 2025
Summary
- Here are three stocks to buy as recommended by research analyst Ankush Bajaj for Thursday, 6 February.
Market update: Nifty and Bank Nifty analysis
On 5 February, the market closed flat, with bulls attempting to take control initially. However, in the second half, bears regained dominance, leading to a decline. The Nifty closed down by 42.95 points at 23,696 (-0.18%), while the Bank Nifty closed at 50,343, UP by 185 points (-0.37%).
Major sell-offs were observed in REALTY (-1.85%), FMCG (-1.56%), and CONSUMPTION (-0.77%). METAL (+1.51%), PSE (+1.51%) and OIL & GAS (+1.46%) closed in green.
Also Read: Are AMC stocks still a good bet even as markets correct?
The top performers among the Nifty 50 stocks were ONGC (+3.0%), Hindalco Industries Ltd (+2.9%), and Apollo Hospitals Enterprise Ltd (+2.2%).
On the other hand, the top losers in the market were ASIAN PAINT (-3.4%), Titan Co. Ltd (-3.0%), and Nestle India Ltd (-2.2%).
Indian stock market’s outlook:
On the hourly chart, the Nifty failed to cross 23,810, which is the 50% retracement level from the recent top, indicating resistance. Meanwhile, 23,585 may act as short-term support, with maximum open interest (OI) at 23,500 confirming the same. On the upside, maximum OI at 24,000 suggests strong resistance.
With today’s Nifty weekly expiry happening post-budget, significant volatility is expected. We may witness sharp price swings in either direction, driven by market reactions to budget announcements and institutional activity. Traders should be cautious and manage risk accordingly.
Three stocks to buy, recommended by Ankush Bajaj:
Lupin Ltd: Buy at ₹2,185 | Target ₹2,220-2,235 | Stop loss ₹2,173
The stock is consistently closing above ₹2170 with strong volume, indicating bullish strength. On the 15-minute chart, it is forming a flag pattern, a continuation signal. If the pattern breaks out, the potential upside target is ₹2,230+.
Also Read: The calm before the storm: Three defence stocks on radar
Bharat Petroleum Corporation Ltd: Buy at ₹261 | Target ₹278-282 | Stop loss ₹252
Although the stock is in a downtrend, recent price action shows a breakout from a falling wedge pattern, indicating a potential reversal. A pullback towards ₹280 is expected if the breakout sustains.
IndusInd Bank Ltd: Buy at ₹1,061 | Target ₹1,115-1,128 | Stop loss ₹1,025.
The stock has rebounded strongly after taking multiple supports at ₹940, indicating a strong demand zone. This bounce suggests bullish momentum, with a potential upside target above ₹1,120 if the momentum sustains.
Also Read: FPIs are betting on these stocks despite the market downturn
Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.
Investments in securities are subject to market risks. Read all the related documents carefully before investing.
Registration granted by Sebi and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
