Chambal Fertilizers, ONGC: Religare Broking's Ajit Mishra's 2 stocks to buy

Nifty today: Ajit Mishra of Religare Broking recommends maintaining a "sell on rise" strategy for the Nifty index while prioritising prudent stock selection

Stock Market Today

 

Stock markets witnessed sharp fluctuations throughout the session on Wednesday, before closing flat, reflecting a continued tussle between opposing forces. Early in the day, pressure from heavyweight sectors, particularly banking, dragged the index lower. However, a recovery in select major stocks helped pare losses as the session progressed. 

 

Despite the negative trend, oversold positions in certain heavyweight stocks are limiting the pace of decline. We recommend maintaining a "sell on rise" strategy for the Nifty index while prioritising prudent stock selection and effective risk management.

 

Stocks to Buy, Sell Today, January 9, 2025:

 

Chambal Fertilizers & Chemicals Limited | LTP: Rs 500.50 | Buy | Target: Rs 528 | Stop-loss: Rs 485

 

Fertiliser stocks are gaining noticeable traction, and Chambal Fertilizers share price (Chamblfert) is moving in-line with this trend. The Chambal Fertilizer share has rebounded after briefly dipping below its medium-term moving average, the 100 DEMA, and now appears poised to reclaim its short-term moving average. The chart pattern, supported by other oscillators, signals a steady upward move ahead.

 

Oil & Natural Gas Corporation Limited (ONGC) | LTP: Rs 271.33 | Buy | Target: Rs 290 | Stop-loss: Rs 262

After a sharp decline from its peak of around 344.70, ONGC share price is now exhibiting signs of a reversal. It has bounced back strongly from its 100-WEMA, accompanied by notable price and volume activity. Furthermore, a breakout above its falling trendline suggests a potential recovery in the coming weeks.

 

ONGC share's strong chart structure, coupled with a favorable risk-reward ratio, reinforces the bullish

sentiment.

 

Siemens Limited | LTP: Rs 6,310.75 | Sell Futs | Target: Rs 5,970 | Stop-loss: Rs 6,480

Siemens share price has concluded a six-month consolidation phase with a breakdown, slipping below the critical support of its long-term moving average, the 200 DEMA. Additionally, weakness in other capital goods stocks further reinforces the bearish sentiment. Traders may consider initiating fresh short positions at the suggested levels.   

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Disclaimer: Ajit Mishra is SVP-Research at Religare Broking Limited. Views expressed are his own.