Day Trading Guide For Today: Sumeet Bagadia of Choice Broking Recommends 2 Stocks To Buy/Sell On Thursday

At 8.02 a.m. on Thursday, Gift Nifty, formerly known as SGX Nifty, was trading at 19,488, up 9.5 points or 0.05%. The index showed a bullish beginning for Nifty and Sensex today despite mixed global cues, trading between an intraday high and low of 19,490 and 19,436.5, respectively. On Thursday, the Nifty 50 ended at 19,347.45, up 4.80 points or 0.02%, while the Sensex closed at 65,087.25, up 11.43 points or 0.02%. 263 points, or 0.6%, were lost by Bank Nifty while the BSE Midcap index gained strongly by 170.90 points, however, the Smallcap index outpaced the broader indices thanks to a gain of 303.51 points. Top winners included IT, auto, consumer durables, and metals; top losers included banking and oil stocks.

Nifty Outlook

Commenting on Nifty prediction today, Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas said "On the daily charts, we can observe that the Nifty faced resistance at the zone of 19430 - 19450 which is the confluence of the 20-day moving average and also the 61.82% Fibonacci retracement level 19449 of the fall from 19584 - 19229. The daily and the hourly momentum indicator has a positive crossover which is a sell signal. Thus, both price and momentum indicators suggest that it has started the next leg of the fall. Overall, we shall continue to maintain our negative outlook on the index for the target of 19100. In terms of levels, 19250 - 19220 is the crucial support zone while 19420 - 19450 shall act as an immediate hurdle zone."

Bank Nifty Outlook

Commenting on Bank Nifty prediction today, Jatin Gedia said "The pullback rally in Bank Nifty has fizzled out at the 44800 - 44900 zone where resistance in the form of the 78.6% Fibonacci retracement level (44780) of the fall from 44950 - 43984 was placed. The daily and the hourly momentum indicators provide divergent signals and hence a consolidation is likely. It has decisively closed below the 20- and 40-day moving averages which is a sign of weakness. Overall, we expect the bank Nifty to trade with a negative bias for targets of 43600 - 43500."

Stocks To Buy Today

As the article suggests, here are the two stocks that have been recommended by Sumeet Bagadia, Executive Director of Choice Broking for intraday buy.

Maruti Suzuki

Buy MARUTI in cash @ Rs 9796.40, Stop-loss: Rs 9560, Target: Rs 10100

MARUTI stock has a crucial support level at 9565 which is also close to 20 Day EMA levels. A small resistance is witnessed around 9890 levels. If the stock manages to break above the immediate resistance at 9890 it could lead to further upward movement towards the all-time high levels of 10000 and above. The RSI indicator at 62 is in a supportive position, indicating room for potential price gains. The stock is moving above all the important moving averages indicating strength.

Based on the above analysis we recommend buying MARUTI at the CMP of 9796.40 with a stop loss of 9560 for the targets of 10100.

Infosys

Buy INFY in cash @ Rs 1435, Stop-loss: Rs 1408, Target: Rs 1475

The stock of Infosys Limited (INFY) is currently trading at 1435, having found a firm support zone between 1395-1400 levels, from which it has recently rebounded. This price action is indicative of a potential bullish sentiment in the stock. Furthermore, the Relative Strength Index (RSI) stands at 62, demonstrating an upward trend trajectory.

An encouraging sign for traders and investors is the impending breakout and sustaining above the 1425 resistance level, which could catalyze a substantial upward movement in INFY shares. Against this backdrop, a prudent trading strategy may involve initiating a buy position at the current market price of 1435, while maintaining a stop loss at 1408 to mitigate potential downside risks.

With these factors aligning, the envisaged price target of 1475 emerges as a plausible objective.

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.