Three stocks to buy today: Ankush Bajaj’s top recommendations for 29 January:
Buy: Oil India Ltd
Why it’s recommended: Oil India is showing renewed strength in line with the broader uptrend in energy stocks. The stock is witnessing steady buying interest, supported by firm crude prices and strong PSU energy momentum. Price action suggests continuation above the short-term base, keeping the bullish bias intact.
Technical view: As long as the stock holds above ₹484, it can move towards the ₹502 zone in the near term.
Buy at: ₹490.50
Target price: ₹502
Stop loss: ₹484
Buy: APL Apollo Tubes Ltd
Why it’s recommended: APL Apollo Tubes continues to trade in a constructive structure, supported by demand visibility in infrastructure and construction-linked segments. The stock is consolidating near support and showing signs of a fresh upside attempt, indicating accumulation at lower levels.
Technical view: Sustaining above ₹2,072 keeps the setup positive, with potential for a move toward ₹2,125.
Buy at: ₹2,091
Target price: ₹2,125
Stop loss: ₹2,072
Buy: Coal India Ltd
Why it’s recommended: Coal India remains strong within the metals and energy space, supported by robust cash flows and steady institutional interest. The stock is holding higher supports and showing continuation signals after recent consolidation.
Technical view: Holding above ₹434 maintains the bullish structure and opens room for an upside move towards ₹456.
Buy at: ₹444
Target price: ₹456
Stop loss: ₹434
Stock-market wrap
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The Indian equity market closed on a firm note in the latest session, with buying interest clearly visible in commodity-linked and energy stocks, while FMCG and consumption-heavy pockets remained under pressure. Sectorally, PSU stocks led the rally, with the PSE index surging 4.61%, supported by strong gains in energy and commodity names. The Energy Index jumped 4.18%, aided by a sharp rise in oil and gas counters, while the Oil & Gas Index advanced 3.40%. Metals also remained in focus, with the Metal Index climbing 2.34%, reflecting continued strength in global commodity prices. Media stocks added to the positive momentum, gaining 2.13%, indicating selective risk-on appetite in mid-cap spaces.
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On the flip side, defensives and consumption-oriented sectors saw profit booking. The FMCG index declined 0.71%, while Pharma slipped 0.22% and Healthcare edged lower by 0.20%, as investors rotated out of relatively expensive defensive plays into cyclical and value-driven sectors.
Stock-specific action was pronounced. Among the top gainers, BEL rallied sharply by 8.91%, followed closely by ONGC, which surged 8.32% on strong buying interest in energy stocks. Coal India gained 5.00%, while Hindalco added 3.78%, benefiting from strength in metals. Hero MotoCorp also posted healthy gains of 2.46%. On the losing side, Tata Consumer Products dropped 4.68%, Asian Paints declined 4.23%, and Maruti Suzuki fell 2.41%, reflecting selling pressure in consumption and auto names. Britannia and Sun Pharma also ended lower, slipping 2.30% and 1.73%, respectively.
Overall, the session reflected a clear shift toward cyclicals and PSU-heavy sectors, with investors favouring energy, metals, and government-linked stocks, while remaining cautious on FMCG and pharma amid valuation concerns.
The Nifty technical view
On the daily chart, the index continues to trade below its key short-term averages, with the 20-day DMA and 40-day DEMA placed near 25,719 and 25,718, respectively, both well above the current close. This indicates that the short-term trend remains under pressure. The daily RSI is hovering around 40, suggesting weak momentum and only a mild recovery from oversold conditions. The MACD on the daily timeframe remains deeply negative at around –210, confirming that the broader trend is still bearish and that the recent upmove is more of a pullback than a structural shift. However, the index is holding above the 20-HMA at 25,184 and the 40-HEMA at 25,277, which provides some near-term support and hints at base formation after the recent decline.
The hourly chart paints a relatively better short-term picture. RSI on the hourly timeframe has improved to 57, indicating strengthening intraday momentum, while the hourly MACD has turned positive at around +11, reflecting a short-term bullish crossover. This suggests that buying interest has picked up at lower levels, helping the index rebound from recent lows. As long as the Nifty sustains above the 25,200-25,250 zone, the pullback could extend further toward the 25,600-25,700 area, where stronger resistance is likely to emerge.
Derivatives data, however, continues to signal caution. Total Call open interest stands at 99.1 million versus Put open interest of 81.9 million, resulting in a negative PE-CE differential of –17.2 million, indicating that call writers are still relatively more active. Fresh additions also favour the bearish camp, with Call OI rising by 40.9 million compared to a 33.3 million increase in Put OI, keeping the OI change trend bearish. The 26,000 strike remains the key overhead resistance with the highest Call OI as well as the maximum addition, while the 25,000 strike holds the maximum Put OI, marking it as an important support zone for the current series. Fresh Put additions at 25,300 suggest traders are building some near-term support slightly above the psychological 25,000 mark.
Overall, while the sharp bounce has improved short-term sentiment and intraday momentum, the Nifty is still trading within a corrective framework on the daily charts. As long as the index remains below the 25,700-25,800 zone, rallies are likely to be treated as pullbacks rather than the start of a fresh uptrend. Sustained strength above this resistance band, along with improving daily momentum indicators, would be required to signal a more durable recovery. Until then, the market may continue to witness volatile, range-bound moves with a positive bias only in the very near term.
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.
