Stocks To Buy Today: Intraday Technical Picks By Sumeet Bagadia On Friday - 8th Nov

The Nifty entered the day flat on Thursday, experienced strong selling pressure, and ended the day down at 24199 levels. The Bank Nifty suffered profit booking, started the day down and ended the day lower at 51,917. Increased market volatility was indicated by the INDIA VIX volatility index, which rose 1.05% to 15.03. The primary measure of market volatility, the India VIX, closed at 14.94, up 0.49%. Since lower volatility usually encourages buying activity, there is a higher probability of prolonged positive momentum if VIX values stay below 15.

Nifty Outlook Today

"Technically, on a daily basis, the index formed a red candle, suggesting weakness. Thus, 24500 will serve as the index's initial hurdle for the index, followed by 24700. However, the index continues to respect 150-Days exponential moving average (DEMA) support near 23,990, as well as recent swing support near 23,800. In the immediate term, we expect the index will consolidate in the range of 23,800 to 24,700. A decisive breakout on either side will determine the next direction of the index. Until then, traders should aim to buy near support and sell near resistance." said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company).

Bank Nifty Outlook Today

"Technically, the index is consolidating in the band of 50,400 to 52,580 since last one week. The index has forming higher lows but unable to cross the barrier of 52,580. On the downside, index is respecting 150-Days exponential moving average (DEMA) which is placed near 50,540 levels. If the index sustains above 52,580, then only fresh upmove could be possible, otherwise, the index will continue its consolidation," said Hrishikesh Yedve.

Stocks To Buy Today

The prognosis for the Nifty index has changed to a bearish-to-sideways bias, with strong resistance at 24,500 because of aggressive call writing and the 20 DEMA, according to Choice Broking's executive director Sumeet Bagadia, who recommended buying two stocks on Friday, November 8.

eClerx Services

Buy ECLERX in cash @ Rs 3295.35, Stop-loss: Rs 3175, Target: Rs 3500

ECLERX is currently trading at Rs 3295.35. After a period of small falls and sideways consolidation, the stock has lately broken the neckline levels of Rs 3150 and is rising quickly on the upside with substantial volume. There are expectations of further upward movement, potentially reaching Rs 3500 levels. On the downside, substantial support is evident near Rs 3175.

Furthermore, ECLERX is trading above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This suggests a strong bullish momentum, indicating the potential for continued upward price action. The Relative Strength Index (RSI) stands at 69.83, signalling an upward trajectory and confirming an increase in buying momentum.

To manage risk effectively, it is advisable to set a stop-loss (SL) at Rs 3175 to protect the investment in case of an unexpected market reversal.

In summary, considering the technical analysis and prevailing market conditions, ECLERX appears to present a promising buying opportunity for those targeting a Rs 3500 price objective, contingent upon the implementation of prudent risk management measures.

Manorama Industries

Buy MANORAMA in cash @ Rs 1106.4, Stop-loss @ Rs 1065, Target @ Rs 1180

MANORAMA is exhibiting strong bullish momentum, currently trading at an all-time high of 1133 levels. The recent breakout above the crucial resistance at 1025 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, 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 73.1 levels.

For traders, keeping an eye on the strong support near 1065 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 1106.4 with a stop loss of 1065 for the target of 1180.

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.