Stocks to buy: Ankush Bajaj recommends three stocks for today—31 January

Major sell-offs were observed in auto (-0.40%), IT (-1.1%), and Media (-1.20%). The top-performing sectors included defence (+2.3%), PSE (+1.9%), and Realty (+1.8%).

The top performers in Nifty 50 were Bharat Electronics (+4.3%), Power Grid Corp. (+2.6%), Hero Motocorp (+2.61%), and Bharti Airtel (+2.5%).

On the other hand, the top losers in the market were Tata Motors (-7.40%), Adani Enterprises (-2.9%), and Shriram Finance (-2.8%).

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Indian stock market outlook

Nifty is currently trading in a strong uptrend (lower time frame), maintaining higher highs and higher lows on the hourly chart. The index has broken key resistance levels 23000, confirming bullish momentum, and is sustaining above its short-term moving averages (20 & 50 EMA).

Upside levels: If Nifty holds 23000 level which is immediate support zone, it could rally towards 23450-23550, with a potential target of 23700 in the near term.

Support levels: Immediate support lies around 23000, and any dip towards 22800-22850, this zone may act as a buying opportunity.

Indicators: RSI remains in the bullish zone, and volume activity suggests strong market participation.

Overall, as long as Nifty sustains above its key levels, the trend remains bullish, but traders should remain cautious of any profit booking or volatility near resistance zones.

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Three stocks to buy, recommended by Ankush Bajaj:

SRF: Buy at ₹2,831, target ₹2,915-2,950, stop loss ₹2,750.

The stock has given a rectangle breakout and closed at a new lifetime high, indicating strong bullish momentum. The breakout suggests an upside rally, with the first target at ₹2,900, followed by ₹3,000+ in the near term. Strong volume confirms the move, and the breakout level now acts as key support. Traders should watch for sustained momentum while managing risk with a stop-loss below the breakout zone.

UBL: Buy at ₹2,124.40, target ₹2,175-2,195, stop loss ₹2,096

On the lower time frame, the stock has given a rising wedge breakout, signalling a potentially strong move ahead. The breakout is backed by good volumes, adding conviction to the price action. In the short term, a further upside can be expected if the stock sustains above the breakout level. Traders should monitor for follow-through buying while managing risk with appropriate stop-loss levels.

Navin Fluorine: Buy at ₹3,908.25, target ₹4,005-4,025, stop loss ₹3,830.

On the hourly chart, the stock has broken the upper channel and managed to close above the key level of ₹3,830, indicating bullish strength. If the price sustains above this level, a continuation of the uptrend is likely. As per retracement targets, the stock could soon touch ₹4,000+ levels. Traders should watch for sustained momentum and volume confirmation.

Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.

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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.