Stocks To Buy Today, Jan 13: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Tuesday

Significant volatility characterized Monday's session, with bulls seizing strong control in the second half. The Nifty closed at 25,790.25 after a strong intraday rebound from lower levels, which highlighted significant short covering whereas the Nifty Bank rose by 198.95 points to conclude at 59,450.50 after a quick intraday recovery from lower levels. The India VIX climbed 4.05% to 11.36, indicating high volatility and intraday fluctuations till it drops below 10.50.

Nifty Outlook Today

"Nifty has managed to arrest the recent selling pressure and stage a swift rebound from lower levels, successfully reclaiming its demand area. However, the absence of decisive follow-through buying keeps the broader outlook guarded. With the index still trading below key short- and medium-term moving averages, the overall structure remains cautious," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"The broader range is now clearly defined, with 26,000 acting as immediate resistance and 25,500 as strong support. A breakout from either end of this range is likely to set the tone for the next directional move. The 25,500 zone assumes critical importance due to the confluence of technical and derivatives-based support; a failure to hold could open the door to a deeper correction toward 25,350," he added.

"On the upside, any meaningful revival in bullish positioning is likely only above the 26,100 mark. Until such confirmation materializes, a range-trading strategy is expected to remain the dominant approach in the near term," the analyst stated.

Bank Nifty Outlook Today

"Nifty Bank has managed to pause the recent selling pressure and stage a swift rebound from support levels, successfully reclaiming its demand area. However, the absence of strong follow-through buying keeps the broader outlook guarded. With the index still trading below key short-term moving averages, the overall structure remains cautious," commented Dhupesh Dhameja.

"The broader trading range is now clearly defined, with 60,000 acting as immediate resistance and 59,000 as strong support. A breakout from either end of this range is likely to set the tone for the next directional move. The 59,000 zone assumes critical importance, backed by the confluence of technical support near the 50-Day EMA. Failure to defend this area could expose the index to a deeper correction toward 58,600," he added.

"On the upside, any meaningful revival in bullish positioning is likely only above the 60,000 mark. Until such confirmation emerges, a range-trading strategy is expected to remain the preferred approach in the near term," Dhupesh Dhameja further stated.

Stocks To Buy Today

On Tuesday, January 13, technical analyst Riyank Arora of Mehta Equities Ltd. suggested buying two stocks because the Nifty index's bullish closing following five straight drops is encouraging, especially as it has reclaimed the 25,700 demand zone.

IREDA

Buy | CMP: Rs 141.50 | SL: Rs 135 | Target: Rs 150 / Rs 158

IREDA remains in a strong bullish structure with higher-high and higher-low formations visible on the charts. The stock is witnessing healthy accumulation, and momentum indicators are positively placed. A breakout above ₹145 can open the path toward ₹150 and ₹158. Maintain a stop-loss at ₹135.

Anant Raj

Buy | CMP: Rs 568.45 | SL: Rs 545 | Target: Rs 595 / Rs 620

Anant Raj is trading with a positive bias after holding firmly above its key support zone. The stock has resumed upward momentum following a brief consolidation. RSI remains in the bullish zone, suggesting further upside potential. A sustained move above ₹575 can push the stock toward ₹595 and ₹620. Keep SL at ₹545.

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