Top three stocks to buy today, 8 September, as recommended by Ankush Bajaj:
National Aluminium Co. Ltd (NALCO)-Current price: ₹212
Why it’s recommended: NALCO is showing signs of fresh upward momentum after a rectangle breakout. The stock has also confirmed a 20DMA and 40DMA crossover, a strong bullish signal that typically precedes trend acceleration. Indicators show that the stock is entering a positive cycle with room to strengthen further.
Key metrics:
Pattern: Rectangle breakout with moving average crossover
RSI: 73 (bullish momentum, not yet overheated)
MACD: 4 (positive signal, confirming upward bias)
ADX: 18 (early trend stage, with potential to strengthen if volumes pick up)
Technical view: Sustaining above ₹212 indicates continuation of breakout, projecting a move toward ₹228 in the near term.
Risk factors: Vulnerable to aluminium price volatility, input cost changes, and global demand cycle shifts. Export duties and energy cost fluctuations could impact profitability.
Buy at: ₹212
Target price: ₹228
Stop loss: ₹204
Eicher Motors Ltd-Current price: ₹6,580.50
Why it’s recommended: Eicher Motors has given a breakout from a bullish pennant pattern and recently corrected slightly to retest support, offering a low-risk entry. Strong momentum indicators suggest renewed buying interest as the stock prepares for fresh highs.
Key metrics:
Pattern: Bullish pennant breakout with retest
RSI: 85 (highly overbought but reflects strong momentum)
MACD: 215 (sharp bullish confirmation)
ADX: 44 (strong trending stock)
Technical view: Stock is holding support after breakout; momentum indicators suggest potential to move towards ₹6650 in the immediate term.
Risk factors: Two-wheeler demand cycles, export performance, and cost of raw materials may affect margins. Any slowdown in consumer demand could weigh on short-term price action.
Buy at: ₹6,580.50
Target price: ₹6,650
Stop loss: ₹6,550
Hindalco Industries Ltd-Current price: ₹743.80
Why it’s recommended: Hindalco has given a rectangle breakout on the 15-min chart around ₹744 levels, signaling short-term upward momentum. Sustaining above this breakout zone can trigger further upside, supported by bullish momentum indicators.
Key metrics:
Pattern: Rectangle breakout on intraday timeframe
RSI: 68 (bullish, but not overbought)
MACD: 13 (positive crossover, bullish momentum)
ADX: 24 (moderate trend strength, with scope to strengthen)
Technical view: If the stock sustains above the ₹744 breakout zone, it projects a move toward ₹758 in the near term.
Risk factors: Exposure to global aluminium price volatility, energy costs, and trade/tariff policies could affect margins. External macro factors play a key role in sustaining momentum.
Buy at: ₹743.80
Target price: ₹758
Stop loss: ₹736
Market recap
Sectoral performance remained mixed. Cyclical and industrial segments provided support, with the auto index climbing 1.25%, the metal index advancing 0.68%, and the infrastructure sector gaining 0.20%. On the flip side, defensives weighed on sentiment as the FMCG index slipped 1.42%, realty declined 1.16%, and the service sector eased 0.07%.
In stock-specific action, Eicher Motors emerged as the top gainer, rising 2.42%, followed by M&M, up 2.29%, and Maruti, gaining 1.59%, all on robust buying interest. Meanwhile, heavyweights capped the broader recovery—ITC dropped 2.06%, HCL Technologies fell 1.68%, and Cipla eased 1.55%.
Nifty technical analysis—daily and hourly
The Nifty 50 closed the session of 6 September 2025, almost unchanged at 24,741.00, posting a marginal gain of 6.70 points or 0.03%. After a firm recovery in the previous session, the index spent most of the day consolidating near its short-term averages, reflecting indecision among market participants. Despite the flat closing, the index managed to defend its intraday supports, keeping the broader structure constructive in the near term.
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From a technical perspective, the Nifty is currently positioned close to its immediate moving averages. The 20-day moving average at 24,707 and the 40-day exponential moving average at 24,790 are acting as overhead resistance zones. Until the index registers a decisive close above these levels, upside momentum is likely to remain capped. On the daily chart, the RSI has improved slightly to 49, suggesting neutral momentum with scope to strengthen if follow-through buying emerges. The daily MACD, however, continues to stay in negative territory at –51, though the histogram shows signs of flattening, hinting at a potential reversal if bullish momentum builds up further.
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The shorter-term setup on the hourly chart looks healthier. The RSI has improved to 54, indicating intraday strength, while the MACD has turned firmly positive at +16, supporting the recovery move. Importantly, the index has sustained above its 20-hour moving average at 24,716 and the 40-hour moving average at 24,698, validating the short-term bullish undertone.
The derivatives data provide a mixed but slightly encouraging picture. Total Call Open Interest stands at 211.3 million against Put Open Interest of 162.2 million, resulting in a negative OI differential of –49.1 million, which reflects a broadly bearish bias. However, the change in OI suggests otherwise — Call OI rose by 24.1 million while Put OI increased by 25.1 million, leaving a small positive differential of 1,029,000 contracts. This indicates fresh build-up on both sides, with Put writing keeping the downside supported. On the strike distribution, the 25,000 strike continues to hold the maximum Call OI and remains the key supply zone, while fresh additions at the 25,100 strike highlight emerging resistance if the index attempts a breakout. On the downside, the 24,000 strike holds the highest Put OI and also saw the strongest additions, confirming this as the key support base for the short term.
Overall, the Nifty has entered into a consolidation phase, with the broader range defined between 24,400 on the downside and 25,000 on the upside. As long as the 24,500-24,400 zone holds, the index maintains a constructive bias. A decisive close above 25,000, however, would be critical to trigger a short-covering rally, opening the gates for a move toward 25,200-25,350. Until then, traders can expect choppy movement with support at lower levels and supply pressure near resistance zones.
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.
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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.
