Top 3 stocks to buy today. Expert Ankush Bajaj's picks for 8 May

Despite pre-open indications of a sharp 1% gap-down, the benchmark indices opened only slightly lower and swiftly clawed back losses. The Nifty 50 eked out a 0.1% gain, closing at 24,414.40 points, while the Sensex edged up 0.1% to settle at 80,746.78, reflecting the market’s underlying resilience amid geopolitical headwinds.

But the India VIX, often called the market’s fear gauge, spiked 4% intraday before settling just 0.3% higher—signalling elevated volatility despite the lukewarm market reaction to the escalating India-Pakistan conflict.

Top three stocks to buy today, recommended by Ankush Bajaj:

Buy: Marico Ltd (current price: ₹736.35)

• Why it’s recommended: Stock is trading at 52-week and lifetime high level. Also, on daily RSI is trading above 60 and on lower time frame yesterday stock has made open low and we have seen a good up move. Expecting this trend to continue.
• Key metrics: Resistance level: ₹755 (swing resistance), Support level: ₹725 (recent minor base), Pattern: Breakout to new highs with open-low confirmation, Volume: Healthy accumulation seen on breakout sessions
• Technical analysis: Price is trading above all key moving averages with no overhead resistance. Bullish RSI, breakout from consolidation, and open-low setup all point to continued momentum.
• Risk factors: A breakdown below ₹725 could invalidate the bullish setup. Broader market weakness or sudden FMCG sector correction may also impact the trade.
• Buy at: ₹736.35
• Target price: ₹750– ₹755 in 1 week
• Stop loss: ₹725

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Buy: Bharti Airtel Ltd (current price: ₹1,897)

• Why it’s recommended: On hourly chart, stock has formed bullish pennant pattern at ₹1,878 level and its final target comes around ₹2,100+ level. In lower time frame, after breaking yesterday's low, stock has retested support zone again. Expecting a bullish trend to continue.
• Key metrics: Resistance level: ₹1,955 (swing resistance), Support level: ₹1858 (recent support zone), Pattern: Bullish pennant breakout, Volume: Stable with rising trend near support
• Technical analysis: Stock is trading above key moving averages with strong bullish structure. Price action near support and formation of bullish pennant indicate continuation of the uptrend.
• Risk factors: Breakdown below ₹1858 may invalidate the setup. Market-wide volatility or sector weakness can affect price action.
• Buy at: ₹1,897
• Target price: ₹1,940– ₹1,955 in 1 week
• Stop loss: ₹1,858

Buy: Poly Cab Ltd (current price: ₹5,886)

• Why it’s recommended: On daily chart, stock has formed double bottom at ₹4,560 level and after that trending up towards the target of ₹6,000+. Also, in lower time frame we have seen a selling in price and this stock might take support of ₹5,825 levels and we can see a bounce back till ₹6,000+ levels.
• Key metrics: Resistance level: ₹6,030 (swing resistance), Support level: ₹5,825 (recent support zone), Pattern: Double bottom breakout, Volume: Strong volume during breakout from base
• Technical analysis: Price is trending upward above all major moving averages. Double bottom pattern and pullback to support zone suggest a continuation toward the breakout target.
• Risk factors: Breakdown below ₹5,825 with strong volume may invalidate the setup. Broader market correction could affect price action.
• Buy at: ₹5,886
• Target price: ₹6,030 in 1 week
• Stop loss: ₹5,828

Market update: Indices edge higher

Indian equities closed slightly higher on Wednesday, 7 May, after a volatile session marked by geopolitical uncertainty.

The markets initially wobbled after India launched Operation Sindoor, a series of precision strikes on terror camps across the border, but later rebounded as foreign fund inflows and optimism over a potential UK free trade agreement buoyed sentiment. Attention now turns to the upcoming U.S. Federal Reserve policy meeting, injecting caution into the trading mood.

Read this | ‘Operation Sindoor’ jitters fade: Nifty, Sensex script a resilient green run

The BSE Sensex added 105.71 points (+0.13%) to close at 80,746.78, while the NSE Nifty 50 inched up 34.80 points (+0.14%) to settle at 24,414.40. Banking stocks led the gains, with the Bank Nifty advancing 0.63% to 54,610.90, as investors sought opportunities in high-beta segments. Market breadth was positive, with mid-cap and small-cap indices climbing over 1%, indicating broad-based buying.

Sectoral performance

Auto stocks led the day’s rally, with the Nifty Auto index surging 1.66%, driven by robust earnings and speculation that the India-UK trade pact could boost the auto supply chain. Tata Motors stood out, gaining nearly 5% after shareholders approved a long-awaited demerger plan.

Other cyclical sectors also performed well: Consumer Durables: +1.18%, Realty: +1.12%, Media: +1.06%.

Meanwhile, defensive sectors lagged as investors rotated into riskier assets. The FMCG index slipped 0.52%, while Pharma declined 0.33%, as traders booked profits in recent outperformers.

Stock highlights

Tata Motors: Jumped nearly 5% to a multi-year high on the demerger approval and optimism over the UK trade deal.

Jio Financial Services: Rebounded 1-2% after the previous session’s dip.

Bajaj Finance: Gained 2%, driven by strong consumer credit demand.

Shriram Finance: Added over 1% on steady earnings growth.

Eternal (formerly Zomato): Surged 4%, extending its rally as the company nears profitability.

Nifty technicals

On the daily timeframe, Nifty 50 has been in a clear short-term uptrend since early April, characterized by higher highs and higher lows. The index recently rallied almost vertically for three consecutive weeks, but it is now facing strong resistance in the 24,500–24,600 zone.

Overall, the primary trend on the daily chart remains bullish – Nifty is trading above all its major moving averages, and a recent “golden crossover" (50-day moving average crossing above the 200-day) further strengthens the bullish structure.

On 7 May, Nifty closed at 24,472 with a neutral candle showing mild bullishness, indicating that the index is currently consolidating just below the key resistance zone while maintaining its bullish bias. Moving averages continue to support the uptrend with no sign of reversal yet.

On the hourly timeframe, Nifty’s trend has shifted to sideways with a slightly bearish bias in the very near term following a strong upward move. The hourly chart had shown a potential double top formation around the 24,500 mark – the index made a high of approximately 24,588 on May 2 and a lower high near 24,526 on May 5, failing to sustain above the 24,500 level on both occasions.

As of now, Nifty is trading around 24,472, hovering between the 20-hour moving average (24,400) and the 40-hour exponential moving average (24,336), suggesting a state of indecision with no clear momentum. 

Also read | Operation Sindoor: What's next for Indian defence stocks?

There are no visible divergences on RSI or other momentum indicators, reinforcing the view of a pause or consolidation phase rather than an outright reversal.

Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.

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Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.