Intraday Stocks To Buy Today, May 8: Top Picks By Sumeet Bagadia For Profitable Trading On Thursday

After a poor start, the index made a strong comeback and surpassed the previous swing low of 24,200, and ultimately, the Nifty ended the previous session at 24,414.40, recording a modest gain of 0.14%. On the other hand, Nifty Bank produced a piercing line formation on the daily chart, signalling fresh buying activity, and closed the day at 54,610.90, up 0.63%. The India VIX indicated high implied volatility levels as it rose by 0.44% to close at 19.06. The VIX, which is still far above 15, indicates the ongoing volatility in markets brought on by global geopolitical tensions and economic headwinds.

Nifty Outlook Today

"With Nifty failing to conquer its immediate resistance, the index remains caught in a sideways grind. The formation of indecisive candlesticks on the daily chart, along with repeated rejection at higher levels, signals that bulls are struggling to seize control. While the underlying structure stays constructive above the 24,000-24,200 support zone, a strong move above 24,500 is essential to unlock a rally toward 25,000. Conversely, slipping below the 24,350 mark could shift the sentiment bearish and invite accelerated selling pressure. In essence, the index is laying the groundwork for its next significant directional move-one that hinges on a clear breakout or breakdown from its current range," commented Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"Although the index is beginning to show signs of vulnerability, its ability to hold support and attract buying on dips suggests indecision rather than weakness. Nifty Bank remains stuck in a sideways consolidation phase, repeatedly failing to breach its immediate resistance zone. The presence of indecisive candlesticks and multiple rejections at higher levels highlights the lack of conviction among bulls. As long as the index holds above the 54,000-53,800 zone, the broader trend remains constructive. However, a strong move above 55,200 is crucial to confirm bullish continuation toward the 56,000 level. Conversely, a drop below 53,800 could swing momentum in favor of bears and invite swift downside pressure. In conclusion, the index appears to be laying the groundwork for a significant move. Whether it unfolds as a bullish breakout or a bearish breakdown will depend on how the index behaves near its key support and resistance levels in the upcoming sessions," commented Dhupesh Dhameja.

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Stocks To Buy Today

Following a significant influx of Foreign Institutional Investors (FII), with FII inflows totaling Rs 43,940 crore over the previous 14 days, and the US Federal Reserve, headed by chair Jerome Powell, maintaining the benchmark rate in the 4.25-4.5% target range at the FOMC meeting on Wednesday, Sumeet Bagadia, executive director of Choice Broking, recommended buying two stocks on Thursday, May 8.

GE Vernova T&D India

Buy GVT&D in Cash @ Rs 1621.80, Stop-loss @ Rs 1565, Target @ Rs 1735

GVT&D is currently trading at ₹1,621.80 after rebounding from a key support zone and forming a bullish engulfing candle on the daily chart-a strong indication of a potential trend reversal. A sustained move above the immediate resistance level of ₹1,650 could further validate the bullish momentum, opening the door for a potential upside towards ₹1,735.

This positive outlook is reinforced by a noticeable surge in trading volumes, signaling strong buying interest from market participants. The Relative Strength Index (RSI) stands at 61.32 and is trending upwards, suggesting strengthening bullish sentiment with room for further upside. Moreover, the stock is comfortably trading above its 20-day, 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs), indicating a well-established uptrend.

On the downside, the immediate support is placed at ₹1,600, which is likely to act as a cushion against minor pullbacks. Given the technical setup, traders may consider initiating long positions at the current market price of ₹1,621.80, with a stop-loss placed at ₹1,565 to manage downside risk effectively and a target of ₹1,735 on the upside. While the chart structure appears favorable, it is advisable to maintain strict risk management practices, considering possible short-term volatility.

India Cements

Buy INDIACEM in Cash @ Rs 315, Stop-loss @ Rs 303, Target @ Rs 340

INDIACEM is currently trading at ₹315, having recently reversed from a key support zone and formed a bullish candlestick on the daily chart. The stock is approaching the upper boundary of its consolidation range between ₹302 and ₹320, and a sustained breakout above ₹320 would confirm the reversal and potentially trigger further upside.

This breakout scenario is supported by a rise in trading volumes, indicating strong buying interest from market participants. The Relative Strength Index (RSI) is at 68.23, reflecting bullish momentum with scope for continued upward movement. Additionally, INDIACEM is trading above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), further reinforcing the bullish trend.

Should the stock hold above the critical resistance of ₹320, it may offer a favorable entry point for long positions. Traders may consider buying at the current price of ₹315, setting a stop-loss at ₹303 to manage downside risk, and targeting ₹340 in the short term. While the technical setup appears favorable, it's important to stay alert to short-term market fluctuations and adhere to disciplined risk management for effective trade execution.

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.