2 Trade Calls By Sumeet Bagadia On Special Trading Session, 2nd March

The metals, financials, banking, oil & gas, and auto sectors supported the benchmark indices' remarkable upward trend on Friday, after India's Q3 GDP growth rate of 8.4%. In intraday trading, the Sensex reached a new all-time high of 73,819.21. It ended the day 1,245.05 points, or 1.72%, higher at 73,745.35. Nifty wrapped up at 22,338.75, up 355.95 points, or 1.62%, after hitting an intraday high of 22,353.30. It is important for traders and investors to know that on March 2, 2024, the National Stock Exchange and the Bombay Stock Exchange will have a special live trading session for the equities and futures and options sections. There will be two sessions: the first starting at 9:15 am and ending at 10 am, and the second starting at 11:30 am and ending at 12:30 pm.

Bank Nifty Outlook Today

Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said, "The Bank Nifty bulls maintained their dominance, leading the index to overcome significant hurdles with notable volumes. The current support for the index is established in the range of 47000-46900, and any pullback towards this support zone is seen as a favorable buying opportunity. There is a strong indication that the index is poised to surpass its all-time high levels, situated at the 48500 mark, in the near term."

Nifty Outlook Today

Rupak De, Senior Technical Analyst, LKP Securities said, "Nifty remained above 22,000 in the early hours, propelling the market upward throughout the day. The index's consolidation breakout, coupled with sustained movement above the moving average, fueled a robust rally. Notably, the Relative Strength Index (RSI) confirmed a bullish crossover, indicating positive momentum in the market. Sentiment is optimistic for potential upward movements, with expectations of buying into dips. On the upper scale, resistance is apparent at 22,400/22,600, while support is placed at 22,200."

Stocks To Buy Today

Today, Saturday, March 2, during a special trading session, Choice Broking's Executive Director Sumeet Bagadia recommended buying or selling two stocks.

Sun Pharma Advanced Research Co Ltd

Buy SPARC in cash @ Rs 379.80, stop-loss: Rs 368.50, target: Rs 400

SPARC is currently trading at Rs 379.80, showing a consistent pattern of bullish candles, indicating an upward trend. This trend is supported by a notable increase in trading volume, reflecting strong market interest and potential for further price appreciation.

Furthermore, SPARC is trading above key Exponential Moving Averages (EMAs) - the 20-day, 50-day, 100-day, and 200-day EMAs. This suggests that the stock has strong positive momentum, indicating potential for further price growth. The Relative Strength Index (RSI) is at 58, indicating an uptrend in prices and confirming the current bullish momentum.

For investors looking to enter the market, buying SPARC at Rs 379.80 is recommended. To manage risk effectively, setting a stop-loss (SL) at Rs 368.50 is advisable. This SL level acts as a protective measure, helping to limit potential losses in case the market reverses.

In conclusion, SPARC presents an attractive opportunity for buyers, with a target price of Rs 400. However, investors should exercise caution and implement risk management strategies, such as setting a stop-loss, to protect their investments.

Karur Vysya Bank

Buy KARURVYSYA in cash @ Rs 186.45, stop-loss: Rs 182, target: Rs 194

KARURVYSYA is currently trading at Rs 186.45, displaying a pattern of bullish candles and recently breaking out on the daily timeframe, signalling a bullish trend. This positive price action is accompanied by a notable surge in trading volume, indicating strong buying interest and suggesting potential further upside in the stock.

Moreover, KARURVYSYA is currently trading above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This alignment suggests a strong positive momentum in the stock, indicating the potential for sustained upward price movement. The Relative Strength Index (RSI) is at 56, further supporting the bullish outlook by showing an uptrend in prices and indicating increased buying pressure.

For investors looking to capitalize on this bullish momentum, initiating a buy position in KARURVYSYA around Rs 186.45 could be a strategic move. To manage risk effectively, it is advisable to set a stop-loss (SL) at Rs 182. This SL level serves as a protective measure, helping to limit potential losses in case of a market reversal. In conclusion, KARURVYSYA appears to offer a compelling buying opportunity, with a target price of Rs 194. However, investors should exercise prudent risk management by implementing strategies like setting a stop-loss to protect their investments.

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.