Stocks To Buy Today, Jan 14: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Wednesday

Bears dominated the session on Tuesday, which was characterized by high volatility. The Nifty index finished the day down 57.95 points at 25,732.30 despite a strong intraday recovery from lower levels. On the other hand, Tuesday's session saw more volatility, with buyers and sellers actively taking part as the Bank Nifty index closed at 59,578.80, up 128.30 points. The short-term setup is under pressure as Nifty stays below the 20-day and 50-day moving averages. A modest increase in market uncertainty was shown by the India VIX's 1.50 percent climb to 11.19.

Nifty Outlook Today

"Nifty has yet to decisively arrest recent selling pressure. Despite staging a swift intraday rebound from lower levels, the lack of strong 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," commented Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"The trading 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 band 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 this level 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 emerges, a range-trading strategy is expected to dominate in the near term, with traders advised to remain selective and cautious," the analyst stated.

Bank Nifty Outlook Today

"Nifty Bank is yet to decisively overcome recent selling pressure. Although the index has staged a swift rebound from lower levels, the absence of strong follow-through buying keeps the broader outlook guarded. Weak participation from heavyweight private banking stocks, contrasted with relative strength in select PSU banks, has contributed to a choppy and consolidative market phase," Dhupesh Dhameja stated.

"The broader trading range is now clearly defined, with 60,000 acting as immediate resistance and 59,000-58,800 forming a strong support zone. A breakout from either end of this range is likely to set the tone for the next directional move. The 59,000 area remains crucial due to the convergence of technical and derivatives-based support; failure to hold this zone could expose the index to deeper corrective moves," he added.

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

Stocks To Buy Today

Technical analyst Riyank Arora of Mehta Equities Ltd. recommended purchasing two stocks on Wednesday, January 14, after the India VIX cooled somewhat but remained close to the 11.19 line, limiting any long-term directional movement and maintaining intraday fluctuations.

HCC

Buy | CMP: Rs 19.65 | SL: Rs 18.50 | Target: Rs 21.20 / Rs 22.50

HCC is trading with strong momentum after breaking above its key resistance zone. The stock is seeing consistent accumulation at higher levels, while RSI remains bullish. As long as it holds above ₹18.50, the trend remains positive. A sustained move above ₹20 can open the path toward ₹21.20 and ₹22.50. Keep SL at ₹18.50.

HCG

Buy | CMP: Rs 667.80 | SL: Rs 640 | Target: Rs 700 / Rs 735

HCG is trading in a strong bullish structure with prices sustaining above key moving averages. The stock has resumed its upward move after a brief consolidation, indicating strength. Momentum indicators remain supportive, suggesting further upside. A move above ₹675 can push the stock toward ₹700 and ₹735. Maintain SL at ₹640.

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