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News for India > Business > Top three stocks to buy today—recommended by Ankush Bajaj for 6 August
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Top three stocks to buy today—recommended by Ankush Bajaj for 6 August

Last updated: August 6, 2025 7:19 am
3 hours ago
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Top 3 stock picks by Ankush Bajaj – 6 August, 2025Buy: JINDAL STAINLESS LTD — Current Price: ₹725.65Buy: RADICO KHAITAN LTD — Current Price: ₹2887.10Buy: CCL PRODUCTS (I) LTD — Current Price: ₹912.20Market wrapNifty technical analysis daily & hourly

Top 3 stock picks by Ankush Bajaj – 6 August, 2025

Buy: JINDAL STAINLESS LTD — Current Price: ₹725.65

Why it’s recommended:JINDAL STAINLESS LTD is displaying strong bullish momentum. The daily RSI stands at 65, reflecting positive strength. MACD is firmly positive at 7, and ADX at 21 signals a developing trend. Technically, the stock has formed areverse head and shoulders pattern and has also broken out of abullish pennant pattern on the daily chart — both strong continuation indicators. The convergence of these patterns with momentum indicators suggests further upside towards ₹780.

Key metrics: Breakout zone: Bullish pennant and reverse H&S breakout

Pattern: Continuation + reversal pattern signaling trend resumption

MACD: Positive at 7

RSI: Daily RSI at 65, indicating sustained buying

ADX: At 21, suggesting trend strength building

Technical analysis: The breakout and pattern confirmation support a move toward ₹780

Risk factors: A close below ₹694 would invalidate the breakout and signal caution.

Buy at: ₹725.65

Target price: ₹780

Stop loss: ₹694

Buy: RADICO KHAITAN LTD — Current Price: ₹2887.10

Why it’s recommended:RADICO KHAITAN LTD is trading atlifetime highs, signaling significant strength. The daily RSI is elevated at 69, showing strong momentum, while MACD is highly positive at 43. ADX at 25 indicates a well-established bullish trend. These indicators combined suggest that the rally has room to extend, with a short-term target of ₹2990.

Key metrics: Breakout zone: Price at all-time high levels

Pattern: Strong momentum breakout

MACD: Positive at 43

RSI: Daily RSI at 69, indicating bullish strength

ADX: At 25, confirming trend strength

Technical analysis: Strong continuation signals at lifetime highs point to further upside

Risk factors: A close below ₹2825 would warrant a reassessment of the trend

Buy at: ₹2887.10

Target price: ₹2990

Stop loss: ₹2825

Buy: CCL PRODUCTS (I) LTD — Current Price: ₹912.20

Why it’s recommended:CCL PRODUCTS has broken out of a falling wedge pattern on the daily chart — a bullish reversal setup. RSI is at 63, MACD at 11, and a notably high ADX of 32.5 indicates a strong and strengthening uptrend. The technical breakout combined with supportive momentum indicators favors a move toward ₹955.

Key metrics: Breakout zone: Upper breakout from falling wedge

Pattern: Reversal pattern with bullish follow-through

MACD: Positive at 11

RSI: Daily RSI at 63, signaling healthy buying

ADX: At 32.5, indicating a strong trend

Technical analysis: Falling wedge breakout backed by momentum suggests bullish continuation

Risk factors: A close below ₹890 could lead to short-term consolidation or retracement.

Buy at: ₹912.20

Target price: ₹955

Stop loss: ₹890

Market wrap

Sectoral trends remained mixed. Key segments like Oil & Gas declined 0.96%, Pharma dropped 0.83%, and the FMCG index fell 0.72%, indicating persistent profit-booking in defensives. On the flip side, strength was seen in Auto (up 0.37%), Metal (up 0.09%), and the India Consumption Index (up 0.06%), pointing to a selective rotation into cyclical and value-driven plays.

Among the notable gainers, IndusInd Bank surged 2.22%, supported by buying interest in private banks. Titan rose 1.50%, and SBI Life Insurance added 1.40%, reflecting sector-specific accumulation and bottom-up buying.

Despite the positive close, deeper concerns remained evident, particularly around heavyweight stocks. Adani Ports plunged 4.51% on valuation worries, Adani Enterprises fell 3.91%, and Reliance Industries dropped 3.33%, dragging on sentiment and signaling a lack of broad-based conviction.

Nifty technical analysis daily & hourly

On August 5, 2025, the Nifty ended the session on a weaker note, closing at 24,649.55, down 73.20 points or 0.30%. This decline reinforces the broader corrective trend that has gripped the market in recent sessions. Despite Monday’s temporary relief bounce, the index continues to struggle below key resistance zones, and the overall structure remains fragile.

Technically, the Nifty is still trading below its crucial short-term moving averages. The 20-day SMA stands at 24,994 and the 40-day EMA at 24,945 — both of which remain untested. Even on the intraday timeframe, the index is unable to cross the 20-hour SMA (24,726) and 40-hour EMA (24,654), indicating persistent selling pressure on minor upticks. The directional bias remains negative as long as the index stays below these levels.

Momentum indicators further validate the weakness. The daily RSI has slipped to 40, maintaining a neutral to bearish tone. The MACD, too, continues to weaken with a reading of -124, deep in negative territory and showing no sign of convergence. On the hourly chart, there’s only mild intraday improvement — the hourly RSI is at 45, and MACD has inched up to -31, but neither has triggered a bullish crossover. This suggests that any bounce is still corrective in nature and lacks conviction.

From a derivatives standpoint, the setup continues to lean bearish. The total Call Open Interest (OI) stands at 17.19 crore, much higher than the Put OI of 12.44 crore, keeping the Put-Call Ratio (PCR) suppressed at 0.72, indicating prevailing caution among traders. What’s more telling is the change in OI — Call OI rose by 2.58 crore while Put OI increased only marginally by 12.88 lakh, resulting in a net bearish OI shift of 2.45 crore contracts. This highlights that traders are adding to their short positions or hedging against further downside.

Strike-specific positioning also points to stiff resistance. The highest Call OI continues to be at 25,000, followed by fresh Call additions at 24,700, signaling strong supply at higher levels. On the support side, the 24,600 strike holds the maximum Put OI and also saw the highest Put additions, indicating efforts to defend this zone. However, with the index closing just below 24,650, this support could be at risk.

In summary, the Nifty continues to trade within a broadly bearish framework, with no clear signs of a sustainable reversal. The inability to reclaim short-term moving averages and the deteriorating options data both reinforce this caution. The 24,994–25,074 zone remains a critical barrier — a decisive close above this is essential to shift the trend toward a more bullish stance. Until then, the current moves should be viewed as short-term pullbacks within a downtrend. Immediate support lies between 24,600 and 24,450; a breakdown below 24,450 could open the gates to a deeper correction toward 24,000, where a previously unfilled gap exists.

Strategy for traders: Maintain a sell-on-rise approach near resistance zones like 24,700–25,000. Avoid aggressive long positions unless the index closes above the 25,000 mark with strength and volume. The trend remains cautious and tactical, with an eye on key levels for either confirmation of bottoming or fresh breakdown.

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.



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TAGGED:Ankush Bajaj recommendationsAnkush Bajaj stock recommendationsbank niftyBSE SensexNifty 50Stock pickstechnical analysis
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