Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Friday, 6th December

While the Bank Nifty started the day on a good note, saw significant volatility, and ended the day on a positive tone around 53,604 levels, the Nifty opened on a bullish note, had considerable volatility, and ended the day on a positive note around 24,708 levels on Thursday. However, because of RBI MPC policy, Friday morning's market opening might be erratic.

Nifty Outlook Today

"The index formed a long-legged bullish candle, indicating strong buying momentum, while the previous resistance at 24,500 has now turned into strong support. A breakout above a declining trendline on the hourly chart triggered a strong upward rally. Nifty bounced off from the daily middle Bollinger Band and is now hovering near the upper band, signalling a potential upside toward the 25,000 level in the short to medium term. While the primary trend remains bullish, one should remain cautious of sharp intraday corrections. The immediate support is positioned at 24,550," said Om Mehra, Technical analyst, SAMCO Securities.

Bank Nifty Outlook Today

"The index is now just 864 points away from its 52-week high of 54,467.35. After a prolonged consolidation and breakout above 52,800, the primary bullish trend has been confirmed, with the index holding above the previous swing high. The short-term moving averages (SMAs) have crossed above the medium-term SMAs, forming multiple positive crossovers that further strengthen the bullish outlook. The daily RSI is comfortably positioned above 65, indicating the strong momentum. The support level has shifted upward to 53,200, while immediate resistance is seen in the 54,100-54,200 range," added Om Mehrs.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, recommended purchasing two stocks on Friday, December 6, in anticipation of the RBI's dovish MPC.

Wipro

Buy WIPRO in cash @ Rs 299.3, Stop-loss @ Rs 288, Target @ Rs 316

WIPRO daily chart analysis offers a favourable view for the following week, indicating a steady higher advance. Notably, the stock has produced a notable higher high and higher low pattern, and the company's recent upward swing has effectively violated the neckline, with the significant breakout above the key resistance level around 288. This breakthrough indicates the possibility of a significant follow-through upward increase in the stock price.

This trend signals strong momentum in the stock. There is potential for WIPRO to attain a target price of Rs 316 in the near term.

Adding to the positive momentum, there has been an increase in trading volume, indicating growing market interest. The stock formed a strong bullish momentum on daily chart signalling a potential continuation of the uptrend. Furthermore, WIPRO is currently trading above its crucial 20-day, 50-day, and 100-day Exponential Moving Average (EMA) levels, reinforcing the bullish trend.

For traders, keeping an eye on the strong support near 288 levels is advisable, as a breach of this level could signal a shift in sentiment.

Based on the above analysis we recommend buying WIPRO and the CMP of 299.3 with a stop loss of 288 for the target of 316

Zomato

Buy ZOMATO in Cash @ Rs 299, Stop-loss @ Rs 288, Target @ Rs 320

Zomato is currently trading at Rs 299 and is showing a bullish trend, marking new all-time highs. The stock has recently broken out of a rounding bottom pattern, signaling a potential bullish reversal from a key support zone. This breakout is further validated by a significant surge in trading volumes, indicating strong buying interest from investors. Given this momentum, Zomato appears poised for further gains in the short term, with a potential target of Rs 320.

The Relative Strength Index (RSI) stands at 68.98 and is trending upward, suggesting robust buying momentum and a healthy uptrend. Moreover, the stock is trading above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), reinforcing the ongoing positive trend. If Zomato sustains above the key resistance level of Rs 305, it could provide a favorable entry point for long positions.

Traders may consider buying Zomato at the current price of Rs 299, targeting Rs 320. To manage risk, a stop loss can be set at Rs 288 to account for potential short-term volatility. This setup presents a compelling opportunity for traders, supported by strong technical indicators and market momentum.

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.