Three stocks to buy today: Ankush Bajaj's top recommendations for 8 December

Extending gains to the second consecutive session, the Sensex ended the day with a healthy gain of 447 points, or 0.52%, at 85,712.37, while the Nifty 50 settled at 26,186.45, up 153 points, or 0.59%. The BSE Midcap index ended with a modest gain of 0.21% but the Smallcap index fell 0.67%.
Gains in large and mid-caps lifted the overall market capitalisation of BSE-listed firms to nearly ₹471 trillion, making investors richer by about ₹1 lakh crore in a session.
Top three stock picks by Ankush Bajaj for 8 December
Buy: Ashok Leyland Ltd — Current Price: ₹160.85
Why it’s recommended: Ashok Leyland is displaying strength after rebounding from its recent support zone near ₹158.50. The stock is attempting to break above a short-term consolidation range, supported by steady volumes and positive momentum. With bullish undertones in the broader auto sector, the stock appears poised for a near-term move toward ₹165.50.
Technical View: Holding above ₹158.50 will keep the short-term uptrend intact, with immediate resistance seen at ₹165.50. A close above ₹161 may confirm a bullish continuation pattern.
Risk Factors: Auto sector sensitivity to fuel price changes, commercial vehicle demand, and policy shifts could affect performance.
Buy at: ₹160.85
Stop loss: ₹158.50
Target price: ₹165.50
Buy: Asian Paints Ltd — Current Price: ₹2,968.50
Why it’s recommended: Asian Paints is attempting a recovery after consolidating in a tight range. The stock has found support near ₹2,935 and is now showing signs of renewed momentum. With broader consumption themes finding favor and RSI stabilizing near the midpoint, a breakout toward ₹3,030 appears likely.
Technical View: The ₹2,935 level has acted as a key support, and the stock must hold above it to sustain the bullish setup. Resistance is seen near ₹3,030, where profit booking could emerge.
Risk Factors: Sensitive to crude oil prices (key raw material), seasonal demand patterns, and input cost inflation.
Buy at: ₹2,968.50
Stop loss: ₹2,935.00
Target price: ₹3,030.00
Buy: Hero MotoCorp Ltd — Current Price: ₹6,350.00
Why it’s recommended: Hero MotoCorp continues to trend higher, supported by sectoral tailwinds and festive season demand. The stock remains in a steady uptrend and is approaching the ₹6,390 resistance zone. The risk-reward remains favourable with a tight stop-loss and upside potential intact.
Technical View: A hold above ₹6,328 will validate the bullish momentum, while a move above ₹6,365 could accelerate the rally toward ₹6,390.
Risk Factors: Highly reliant on rural sentiment, two-wheeler sales data, and policy clarity around EV adoption.
Buy at: ₹6,350.00
Stop loss: ₹6,328.00
Target price: ₹6,390.00
Market wrap | 5 December
The Indian stock market extended its upward momentum on Friday, 5 December, with benchmark indices ending higher for the second straight session. The Nifty 50 added 47.75 points, or 0.18%, to settle at 26,033.75, while the Sensex climbed 234.05 points to close at 85,843.56, reflecting continued optimism among investors. The banking space also participated in the rally, with the Bank Nifty surging 488.50 points, or 0.82%, to end at 59,777.20, supported by gains in both PSU and private sector banks.
Sectoral performance was largely positive, led by strong buying interest in rate-sensitive and growth-oriented sectors. The PSU Bank index emerged as the top performer, gaining 1.51%, followed closely by the Finance index, which rose 0.98%. The IT sector continued its rebound, with the CNX IT index up 0.90% as frontline tech names saw sustained interest. The Auto and Services indices also ended higher, advancing 0.74% and 0.73% respectively, while the overall strength in the financial basket kept the broader market in the green.
On the losing side, however, a few defensive sectors witnessed profit booking. The Media index declined 0.48%, while Pharma and Energy closed marginally lower by 0.05% and 0.04%, respectively, suggesting sectoral rotation and investor preference for cyclical plays.
In terms of stock-specific action, Shriram Finance led the pack with a solid 3.23% gain, followed by State Bank of India, which rose 2.47% on the back of institutional buying. Bajaj Finserv and Adani Enterprises each rallied over 2%, while Bajaj Finance added 1.84%. Maruti Suzuki climbed 1.80% amid positive expectations for auto volumes. Other notable gainers included HCL Tech and Hindalco, which gained 1.72% and 1.54%, respectively.
On the downside, Hindustan Unilever witnessed a sharp correction, plunging 5.02% and dragging down the FMCG space. Tata Motors fell 0.80%, while Trent declined 0.78%. Sun Pharma, ONGC, and Dr. Reddy’s also closed in the red, though losses were relatively mild, ranging from 0.19% to 0.71%.
Nifty Technical Outlook – 8 December
The Nifty 50 extended its gains for the third consecutive session, rising 152.70 points or 0.59% to close at 26,186.45 on Friday. The index comfortably held above the key 26,000 mark, signaling continued bullish undertone as fresh buying emerged across sectors. This close marks a continuation of the upward trend that began earlier in the week, supported by steady momentum on both daily and intraday charts.
From a moving average perspective, Nifty is trading well above its key medium-term supports. The 20-day simple moving average (DMA) stands at 26,002, and the 40-day exponential moving average (DEMA) is at 25,800, both comfortably below the current price — reinforcing a structurally bullish setup.
On the daily momentum front, indicators show improving strength. The RSI (14) has risen to 60.21, suggesting positive but not yet overbought conditions. The MACD remains positive at 128.08, though it still indicates a 'Sell' action due to a flattening signal line, hinting at a pause or consolidation if not supported by volumes. However, other oscillators like Momentum (10) and Bull-Bear Power are flashing 'Buy' signals, adding to bullish conviction.
Intraday signals remain supportive as well. The 20-hour and 40-hour moving averages are placed at 26,050 and 26,089 respectively — levels near the current market close — while the hourly RSI at 60 and MACD at +25 confirm intraday strength. This suggests that pullbacks, if any, may be shallow and bought into.
In the derivatives segment, the setup remains strongly bullish. The total Put Open Interest (OI) stands at 18.67 Cr, higher than Call OI at 15.65 Cr, leading to a PE-CE differential of +3.01 Cr — a clear positive signal. More importantly, the change in OI favors the bulls, with Put OI increasing by 6.01 Cr, while Call OI fell slightly by 2.62 lakh, resulting in a strong net bullish shift of +6.04 Cr in open interest. The Put-Call Ratio (PCR) is expected to be healthy, supporting the case for further upside.
From a strike-level perspective, the 26,000 strike remains the base, holding the maximum Put OI and the highest additions, making it a strong near-term support. On the upside, 26,500 remains the key resistance with the highest Call OI, while fresh Call writing at 26,400 shows that participants are cautiously optimistic about a further up-move.
Summary and Outlook
The Nifty remains in a firm uptrend above the 26,000 zone, with improving breadth and sustained momentum. While some technical indicators are neutral or showing early fatigue, the broader setup — particularly derivatives data and intraday strength — suggests the bulls remain in control. Immediate support lies at 26,000, while resistance is seen around 26,400–26,500. A decisive break above 26,500 could open the path toward 26,700+ in the coming sessions. On the flip side, any dip below 26,000 may lead to mild consolidation but will not damage the structure unless 25,800 is breached.
Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.
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