Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Friday, Nov-29

On Monday, the Nifty experienced buying interest in the first half of the day after opening flat. But the index saw strong selling pressure, ran into resistance at 24,350, and ended the day down at 23,914. The Nifty Bank had a good start and saw buying activity in the first half, but it experienced significant profit taking and ended the day down at 51,907 after that. An increase in market volatility was indicated by the India Vix volatility index, which rose by 3.96% to 15.21. The India VIX, a gauge of market volatility, increased by 5.79% to 15.43, suggesting that market prudence has increased. Given the elevated volatility and VIX above 15, the market is probably going to continue to be under selling pressure.

Nifty Outlook Today

"Technically, on a daily chart, the Nifty has broken the support of 21-Days exponential moving average (DEMA) and formed a big red candle, which indicates weakness. On the downside, the index will find immediate support near 23,800, followed by 23,560, which is the 200-Days exponential moving average (DEMA) support level. Index is still facing strong resistance near 24,350-24,360 levels. As long as the index persists below 24,360, traders should focus on booking profits on bounce and wait for fresh breakout," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company).

Bank Nifty Outlook Today

"Technically, on a daily chart, Bank Nifty has formed a bearish engulfing candle, indicating weakness. On downside, 21-Days exponential moving average (DEMA) is placed near 51,490, will act as immediate support for the Bank nifty followed by 50,980. Traders are advised to book profits on the bounce and wait for a sustained breakout above 52,600," added Hrishikesh Yedve.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, advised purchasing two stocks on Friday, November 29, after the Nifty index's moderately negative attitude after it was unable to maintain above the 24,000 mark.

PGIL

Buy PGIL in cash @ 1197.6, SL @ 1150, TGT @ 1270

PGIL is exhibiting strong bullish momentum, currently trading at an all-time high of 1227.75 levels. The recent breakout above the crucial resistance at 1150 levels is a significant technical development, supported by robust trading volumes, reinforcing the strength in the stock. The breakthrough suggests a potential continuation of the upward trend, offering an optimistic outlook for investors.

Additionally, PGIL 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 73.15 levels.
For traders, keeping an eye on the strong support near 1150 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, PGIL 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 PGIL and the CMP of 1197.6 with a stop loss of 1150 for the target of 1270.

Paytm

Buy PAYTM in cash @ 926.65, SL @ 888, TGT @ 980

PAYTM is exhibiting strong bullish momentum, currently trading at 52 week high of 950 levels. The chart of PAYTM. shows a clear uptrend with strong momentum. The stock has broken past key resistance levels and is now trading around Rs 926.65, above its 20-day, 50-day, 100-day, and 200-day EMAs. This indicates a sustained bullish trend.

The stock's current momentum could continue as long as it maintains support near the Rs 830 range, marked by the 20-day EMAs. The momentum indicator, Relative Strength Index (RSI), is at 70.57 levels.

For traders, keeping an eye on the strong support near 888 & 830 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, PAYTM 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 PAYTM and the CMP of 926.65 with a stop loss of 888 for the target of 980.

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.