Trade Spotlight: How should you trade Bajaj Auto, Ajanta Pharma, NLC India, Gujarat Gas, Wipro, and others on January 2?

Top Buy Ideas for January 2

• Experts advised buying seven stocks for January 2 including Bajaj Auto, Ajanta Pharma, NLC India, Gujarat Gas, and Wipro.

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Equity benchmarks closed mixed on January 1 after a day of rally, with market breadth marginally favouring the bulls. About 1,486 shares advanced compared with 1,386 declining shares on the NSE. Consolidation with range-bound trading may continue for a couple of more sessions before the market regains strength. Below are some short-term trading ideas to consider:

Jay Mehta, Technical Research at JM Financial Services

Bajaj Auto | CMP: Rs 9,558

Bajaj Auto has recently broken out above a prolonged ascending triangle consolidation in a bullish manner. The price is trading comfortably above all key EMAs, with upward slopes signalling sustained strength. Momentum indicators align with a bullish bias, while recent volume spikes reflect robust participation and validate the breakout.

Strategy: Buy

Target: Rs 9,690, Rs 9,975

Stop-Loss: Rs 9,000

NLC India | CMP: Rs 256.15

NLC India has broken out above a bullish inverse head-and-shoulders pattern on the hourly chart and is trading above all key EMAs. It recently retested the breakout zone successfully, with volume activity reinforcing the bullish outlook. A strong base has formed around the 200-day EMA, providing reliable support. Momentum indicators on the daily timeframe continue to support the positive bias.

Strategy: Buy

Target: Rs 267, Rs 270

Stop-Loss: Rs 246

Sachin Gupta, VP – Research at Choice Broking

Ajanta Pharma | CMP: Rs 2,938.4

Ajanta Pharma surged nearly 6 percent during Thursday’s trading session, reflecting strong buying interest and positive market sentiment. This upward move is supported by a bullish crossover between the 21-day and 50-day moving averages, highlighting improving short-term momentum.

The rally was accompanied by a sharp rise in trading volumes, suggesting active accumulation by market participants. Additionally, the RSI has turned positive and is trending higher, confirming strengthening momentum. Collectively, these technical signals point toward a favourable outlook for Ajanta Pharma, with potential for further upside in the near term.

Strategy: Buy

Target: Rs 3,150

Stop-Loss: Rs 2,792

Parag Milk Foods | CMP: 303

Parag Milk Foods is exhibiting signs of a potential reversal after finding strong support at the rising trendline and the 100-day exponential moving average on the daily chart, suggesting that the recent decline may be a pullback rather than a trend breakdown.

On the hourly timeframe, the stock has managed to sustain above the immediate swing high of Rs 298, supported by the 50-period simple moving average, indicating improving short-term strength and buyer participation. Additionally, the daily Relative Strength Index has rebounded from the oversold region, reflecting a recovery in momentum.

The stock has also respected the 61.8 percent Fibonacci retracement level, commonly referred to as the golden ratio, and reversed upward from this zone, further reinforcing the bullish outlook.

Strategy: Buy

Target: Rs 328

Stop-Loss: Rs 290

Om Mehra, Technical Research Analyst at Samco Securities

Gujarat Gas | CMP: Rs 420.75

Gujarat Gas has rebounded strongly from the recent swing low near the Rs 386 zone and is now sustaining above the Rs 415–420 band. The stock has moved out of its falling channel, signalling a pause in the earlier corrective phase. The latest session shows a decisive close above the short-term moving average near Rs 400, which had capped recoveries during the decline.

The daily RSI has moved sharply higher and is now placed near 66, remaining above the neutral zone and reflecting strengthening momentum. The MACD has shifted into positive territory, with the histogram expanding higher. The Rs 410 zone now acts as immediate support, with volumes rising alongside the price surge.

Strategy: Buy

Target: Rs 448

Stop-Loss: Rs 405

Apex Frozen Foods | CMP: Rs 290.65

Apex Frozen Foods is showing a steady recovery after holding above the rising trendline support and is now trading comfortably above all key moving averages.

The stock has reclaimed the Rs 288–290 zone, which earlier acted as a resistance area, and is now attempting to build strength above this band. Recent candles indicate controlled momentum building on the upside.

The daily RSI is placed near 57, indicating a gradual improvement in momentum. The MACD has turned positive, while the Supertrend is providing a cushion on declines. The recent rise in volumes supports the continuation of the ongoing momentum. As long as the stock holds above Rs 282, the broader outlook remains bullish, while a sustained move above Rs 295 could open the path for further upside.

Strategy: Buy

Target: Rs 325

Stop-Loss: Rs 272

Wipro | CMP: Rs 267.35

Wipro has been forming higher highs in recent sessions and continues to trade above its key short- and medium-term moving averages. After moving toward the Rs 273 zone, the stock has entered a brief consolidation phase and is now holding around the Rs 265–268 range, indicating stable momentum.

The Supertrend remains upward-sloping and is placed near Rs 260, which continues to act as near-term support.

The daily RSI is placed near 62, reflecting sustained strength during the ongoing consolidation. The MACD is inching higher and remains above the zero line, indicating that upward momentum is gradually improving. With the IT sector rebounding, the stock remains well placed above its short-term moving averages. A sustained move above Rs 270 could allow further upside.

Strategy: Buy

Target: Rs 282

Stop-Loss: Rs 258