Top three stocks to buy today, 9 September, as recommended by Ankush Bajaj:
Buy: Ashok Leyland Ltd — Current Price: ₹137.30
Why it’s recommended: Ashok Leyland shows renewed strength after recent consolidation. The 14-day RSI is at approximately 73.3, indicating firm bullish momentum. The MACD has turned positive, suggesting a shift toward trend buildup. While ADX data wasn’t available, the MACD and RSI readings point to constructive technical conditions daily, backed by a strong upmove and rising buying interest.
Key metrics:
Pattern: Price bouncing back with breakout potential
RSI (14-day): ~73.3 — sustained bullish strength
MACD: Positive — indicating upward momentum
Technical view: Bullish setup shows encouraging signs, with scope to rally toward ₹145 if support holds and momentum continues.
Risk factors:
-Heavy cyclicality is tied to commercial vehicle cycles and macroeconomic demand.
-Input cost volatility (especially steel and fuel) can weigh on margins.
-Elevated valuations may invite profit-taking if broader sentiment cools.
Buy at: ₹137.30
Target price: ₹145
Stop loss: ₹133.50
Buy: Kaynes Technology India Ltd — Current Price: ₹7,041.50
Why it’s recommended: Kaynes Technology has been in a strong uptrend, consolidating near lifetime highs while showing resilience against broader market volatility. The 14-day RSI is around 63, reflecting healthy momentum without being overbought. The MACD remains positive, supporting the bullish setup. ADX at 24 indicates that the trend strength is firm and building. With the stock holding above its short-term moving averages, the technical structure suggests continuation toward higher levels.
Key metrics:
Pattern: Ongoing uptrend with consolidation near highs
RSI (14-day): ~63 — steady bullish momentum
MACD: Positive — trend continuation signal
ADX: ~24 — confirming trend strength
Technical view: Sustaining above ₹6,957 (stop-loss zone) sets the stage for upside towards ₹7,200.
Risk factors:
-Valuations remain stretched after a sharp multi-month rally.
-Vulnerable to order delays or slowdown in electronics outsourcing demand.
-High sensitivity to global semiconductor cycle and supply chain risks.
Buy at: ₹7,041.50
Target price: ₹7,200
Stop loss: ₹6,957
Buy: Muthoot Finance Ltd — Current Price: ₹2,900.90
Why it’s recommended: Muthoot Finance has shown signs of strength as gold prices remain elevated, supporting its lending business. On the technical front, the 14-day RSI stands at 61, indicating positive momentum. The MACD has given a bullish crossover, suggesting improving trend strength. ADX at 21 shows an emerging trend phase that could accelerate if volumes sustain. With the stock trading comfortably above its near-term support levels, the structure favours a short-term upmove.
Key metrics: Pattern: Higher base formation with momentum pickup
RSI (14-day): ~61 — bullish bias.
MACD: Bullish crossover — confirming trend improvement
ADX: ~21 — indicating developing trend strength
Technical view: Holding above ₹2,875 supports an upward move toward ₹2,950
Risk factors:
-Business is exposed to fluctuations in gold prices and regulatory changes.
-Credit risk remains elevated in case of adverse borrower behaviour during gold price corrections.
-Competition in NBFC lending space may cap margin expansion.
Buy at: ₹2,900.90
Target price: ₹2,950
Stop loss: ₹2,875
Market recap
Sectoral performance remained mixed. Cyclicals and industrials provided support, with the auto index surging 3.30%, the PSU Bank index advancing 0.49%, and the India Consumption index rising 0.49%. However, defensives weighed on sentiment as the healthcare index slipped 0.40%, the pharma index declined 0.27%, and the FMCG sector eased 0.21%.
On the stock front, Tata Motors topped the gainers with a 4.02% surge, followed by M&M up 3.93% and Bajaj Auto advancing 3.84%, all supported by strong demand. On the flip side, weakness in select heavyweights capped recovery—Trent fell 3.85%, Asian Paints dropped 1.90%, and Nestle eased 1.72%
Nifty technical analysis—daily and hourly
The Nifty 50 closed the session of 8 September on a muted note at 24,773.15, gaining 32.15 points or 0.13%. The index traded in a narrow range throughout the day, with buying support emerging on dips but follow-through strength remaining capped. The price action highlights consolidation near the short-term moving averages, as the market continues to struggle to generate decisive momentum on either side.
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From a technical perspective, the index remains close to its medium-term reference levels. The 20-DMA at 24,716 and the 40-DEMA at 24,790 continue to act as crucial benchmarks, with the Nifty ending just above the 20-DMA but still below the 40-DEMA. On the daily chart, RSI has improved marginally to 50, indicating a neutral stance, while the MACD remains negative at –42, suggesting that the broader trend bias is yet to turn decisively bullish. On the intraday chart, however, momentum indicators are healthier—hourly RSI stands at 54 and MACD is positive at +35, signalling underlying support and a short-term constructive bias. The index has also managed to sustain above both the 20-HMA at 24,765 and the 40-HEMA at 24,733, reinforcing intraday strength.
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The derivatives setup paints a mixed picture. Overall, Call OI remains higher at 212.3 million versus Put OI of 186.3 million, keeping the broader OI differential negative at –25.9 million, which implies an overhead supply zone is still intact. However, the day’s OI change data tilts bullish: Call OI increased by 10.6 million while Put OI rose by a stronger 33.9 million, resulting in a net positive differential of +23.3 million. This indicates fresh Put writing and long build-up, pointing to support building at lower levels. The maximum Call OI continues to be concentrated at the 25,000 strike, cementing it as the key resistance zone, with the largest Call additions at 24,900, indicating traders are now positioning resistance slightly lower. On the Put side, the maximum OI stands at 24,500, but the highest additions have come at the 24,800 strike, showing that traders are aggressively defending this level in the near term.
Overall, the Nifty remains range-bound but with improving undertones. The immediate resistance lies at 24,850-24,900, followed by the psychological barrier of 25,000. On the downside, the 24,700-24,650 zone offers the first line of support, followed by 24,500 as a stronger base. The short-term outlook has turned mildly bullish with hourly momentum showing strength, but for a clear breakout, the index must reclaim and sustain above 24,900-25,000. Until then, the market is likely to see choppy trade with a positive bias, with dips offering buying opportunities as long as 24,500 is protected on a closing basis.
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.
