Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Tuesday, 17th December

The Nifty started the day down on Monday, stayed low all day, and ended the day lower at 24,668 levels. Bank Nifty had a bad start to the day, continued to be erratic, and ended the day flat at 53,581 levels. A spike in market volatility was indicated by the 7.41% increase in the India Vix volatility index to 14.02 levels. The India VIX, a measure of market volatility, increased by 7.41% to 14.02, indicating that participants were more worried. Despite the absence of any upward propulsion, the VIX is still below the 15-mark, which keeps an overall outlook slightly optimistic.

Nifty Bank Outlook Today

"Technically, the index has formed a small red candle on a daily chart, indicating profit booking. However, the index maintains above the 100-Days Exponential Moving Average (100-DEMA) support, which is near 24,360. As long as index holds above it, traders are advised to adopt buy on dips strategy. On higher side, 24,860 will act as immediate hurdle for the index followed by 25000 in short term," commented Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company).

Bank Nifty Outlook Today

"Technically, the Bank Nifty Index has formed a modest green candle on its daily chart. However, the index continues to face short-term resistance in 53,800-54,000 range. The index has been consolidating within a narrow range of 52,500-54,000. Index must sustain above 54,000 levels in order to continue its upward trend. Until then, range bound consolidation will continue," stated Hrishikesh Yedve.

Stocks To Buy Today

On Tuesday, December 17, Choice Broking's executive director Sumeet Bagadia recommended buying two stocks after the Nifty index was still above its 9-EMA and 20-EMA, indicating a positive trend.

Affle (India)

Buy AFFLE in cash @ Rs 1852.45, Stop-loss @ Rs 1785, Target @ Rs 1950

AFFLE is exhibiting strong bullish momentum, currently trading at All-time high of 1884 levels. The chart of AFFLE. shows a clear uptrend with strong momentum. The stock has broken past key resistance levels and is now trading around Rs 1852.45, 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 1730 range, marked by the 20-day EMAs. The momentum indicator, Relative Strength Index (RSI), is at 71.25 levels.

For traders, keeping an eye on the strong support near 1785 & 1730 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, AFFLE 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 AFFLE and the CMP of 1852.45 with a stop loss of 1785 for the target of 1950.

Anant Raj

Buy ANANTRAJ in Cash @ Rs 787.2, Stop-loss @ Rs 760, Target @ Rs 835

ANANTRAJ is currently trading at Rs 787.20, showing a clear uptrend with strong bullish momentum as the stock price continues to form higher highs and higher lows. A breakout above the previous resistance zone of Rs 770-Rs 780 has been observed, indicating renewed buying interest. The stock suggests a bullish rectangle pattern and is trading well above all major EMAs, further supporting the strong bullish sentiment. If the bullish rally continues, the stock could achieve a short-term target of Rs 835.

On the downside, immediate support is located at 775. The Relative Strength Index (RSI) is currently at 69.59 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 760 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, ANANTRAJ presents a promising buying opportunity for those aiming for a target of 835, provided that appropriate risk management strategies are in place.

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.