Intraday Stocks To Buy Today, 16th July: Top Picks By Sumeet Bagadia For Profitable Trading On Wednesday

With all eyes on the India-US trade pact, the Nifty recovered from four days of tumbling to close Tuesday higher by 114 points at 25,196 (+0.5%). The mid-cap and small-cap indices climbed about 1% apiece for the second straight day, indicating that the broader market was still doing well. With 2,475 stocks rising, 1,422 falling, and 148 staying the same, market breadth remained strong, reflecting widespread buying across sectors. The Bank Nifty closed over the crucial 57,000 barrier, demonstrating strength as well. The India VIX fell 4.28 percent to 11.48, indicating a drop in volatility and an improvement in investor confidence.

Nifty Outlook Today

"The index has formed a bullish candlestick pattern in the daily chart with a higher high and higher low signaling buying demand on expected lines from the key support area of 25,100-24,900. Notably, the index has already taken 12 sessions to retrace only 50% of the prior 11-session rally (from 24,473 to 25,669). This shallow pullback indicates a constructive and positive price structure. Going ahead we expect the index to extend the up move towards 25340 levels being the bearish gap area of last Friday. Strength above 25,340 will open up further side towards 25,600 levels in the coming weeks. The daily stochastic has generated a buy signal moving above its three periods average thus validates positive bias," commented the technical research team of Bajaj Broking Research.

Bank Nifty Outlook Today

"Bank Nifty formed a bull candle with a higher high and higher low signalling buying demand from the lower band of the last 8 sessions range. The index on expected lines in the last eight sessions is seen consolidating in the range 56,500-57,600. We expect the index to extend the same and only a move above 57,600 will signal extended rally towards 58,500 levels in the coming weeks. Key short-term term support is placed at 56,000-55,500 region, representing a confluence of the 50-day EMA and the key retracement level. The broader trend remains positive, and the current consolidation should be viewed as buying opportunities," stated the technical research team of Bajaj Broking Research.

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Stocks To Buy Today

On Wednesday, July 16, Choice Broking's executive director, Sumeet Bagadia, recommended buying two stocks following a notable decrease in market volatility, as seen by the India VIX volatility index cooling by 4.17% to 11.48.

Thejo Engineering

Buy THEJO in Cash @ Rs 2339.9, Stop-loss @ Rs 2270, Target @ Rs 2500

THEJO, is currently trading at 2339.9, extending its recent uptrend with another strong session. The stock has broken out of its long-term downtrend. After forming a solid base between April and June 2025, THEJO started building higher lows, indicating accumulation. The recent surge in volumes has further validated the strength behind this rally.

The breakout above 2,130 - a key horizontal resistance from January 2025 - was crucial. Today's price action confirms a successful retest and continuation, with a strong bullish candle and above-average volume, adding conviction to the move. The 6-day rally, led by consistent volume spikes, shows institutional interest and strengthens the case for a medium-term uptrend.

One can look for entries on minor dips towards ₹2310. On the downside, immediate support is located at 2288. The Relative Strength Index (RSI) is currently at 78.03 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 2270 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, THEJO presents a promising buying opportunity for those aiming for a 2500 target, provided that appropriate risk management strategies are in place.

Manorama Industries

Buy MANORAMA in cash @ Rs 1607.3, Stop-loss @ Rs 1550, Target @ Rs 1717

MANORAMA is exhibiting strong bullish momentum, currently trading at an all-time high of 1618 levels. MANORAMA surged nearly 5%, indicating firm buying interest throughout the session. MANORAMA has convincingly broken past a multi-month consolidation zone, decisively crossing its resistance zone around ₹1515. The price action indicates strength, with candles exhibiting a strong bullish body and minimal upper wick-suggesting buyers remained in control throughout the day.

Additionally, MANORAMA is trading above key moving averages, including the short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMAs, further affirming its bullish stance. The momentum indicator, Relative Strength Index (RSI), is at 70.66 levels.

For traders, keeping an eye on the strong support near 1515 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, MANORAMA current technical setup suggests a favourable environment for further upside potential, provided traders and investors remain vigilant to potential reversals and closely monitor key support and resistance levels.

Based on the above analysis we recommend buying MANORAMA and the CMP of 1607.3 with a stop loss of 1550 for the target of 1717.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.