Stocks To Buy Today, Jan 8: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Thursday

After a day of stability, Nifty ended the previous session at 26,140.75, down 0.14%. Instead of showing a significant change in trend, the daily chart displayed a doji candle, indicating some hesitancy following the previous surge. Nifty Bank saw an intraday pullback following a strong surge, closing the session at 59,990.85, down 0.21%. The India VIX remains in the lower range, indicating consistent near-term market expectations, while volatility remains mostly moderate.

Nifty Outlook Today

"The index holds above the rising trendline, with the 20-day moving average providing near-term support. The RSI remains stable in the 50-52 zone following the recent rally. The MACD remains positive, with momentum skewed modestly higher," said Om Mehra, Technical Research Analyst, SAMCO Securities.

"The support is placed in the 26,050-26,000 zone, aligning with the rising trendline and short-term averages. Holding above this band reinforces short-term stability. On the upside, 26,240-26,300 remains the immediate resistance area. As long as the index continues to respect the 25,980-26,000 support band linked to rising short-term averages, the prevailing bullish trend remains intact," he added.

Bank Nifty Outlook Today

"On the daily chart, the index formed a hammer candle. The broader trend remains intact, with the index continuing to trade above all key moving averages, which are gradually sloping higher. The RSI on the daily timeframe remains placed near the 62-63 zone. The MACD remains in positive territory, with the rising histogram showing strength," Om Mehra added.

"On the hourly chart, Nifty Bank has retraced and is now hovering near the 59,800-59,750 zone. This area coincides with the 38.2% Fibonacci retracement. The next support remains around the 50% retracement placed at 59,600, which was the earlier resistance and has now turned into support. As long as the index sustains above the 59,700-59,800 zone, the near-term tone remains steady. A sustained move above 60,150-60,200 would be required to regain momentum towards the recent highs," the analyst further stated.

Stocks To Buy Today

On Thursday, January 8, technical analyst Riyank Arora of Mehta Equities Ltd. recommended buying two stocks as the Nifty's overall bias is favorable and prices are still above the 20-DEMA.

DMart

Buy | CMP: Rs 3,841.60 | SL: Rs 3,700 | Target: Rs 3,980 / Rs 4,100

DMart is showing renewed strength after reclaiming key moving averages. The stock has formed a strong base near ₹3,700, indicating accumulation on dips. Momentum indicators are turning positive, suggesting a trend reversal in the near term. A sustained move above ₹3,880 can push the stock toward ₹3,980 and ₹4,100. Maintain SL at ₹3,700.

Kalyan Jewellers

Buy | CMP: Rs 520.75 | SL: Rs 500 | Target: Rs 545 / Rs 570

Kalyan Jewellers is trading with a positive bias after a healthy consolidation. The stock is holding above its breakout zone, indicating strength in the broader trend. RSI remains supportive, pointing toward continuation of the uptrend. A move above ₹525 can open upside targets of ₹545 and ₹570. Place SL at ₹500

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