Stocks to buy: Two stock recommendations from MarketSmith India for today-15 January
Live MintBenchmark equity index Nifty50 snapped four consecutive sessions of losses and gained around 0.39% on Tuesday. The 14-day relative strength index bounced from an overbought level and is currently positioned around 35 on the daily chart, while the moving average convergence/divergence indicator is still trending negative. According to O'Neil's methodology of market direction, we changed the market status to a downtrend as Nifty has breached its recent correction low of 23,256. Looking forward, we will shift the market to a rally attempt when Nifty closes in the green for the first time or in the upper half of the day's range and remains above that low for three straight sessions. Stocks to buy, recommended by MarketSmith India: Biocon: Current market price ₹ 387.65| Buy range ₹ 375–390| Profit goal ₹ 458| Stop loss ₹ 350| Timeframe 2–3 Months Bajaj Finance: Current market price ₹ 7,335 | Buy range ₹7,100–7,375| Profit goal ₹ 8,300| Stop loss ₹ 6,870| Timeframe 3–4 Months Disclaimer: The views and recommendations given in this article are those of individual analysts.