Day Trading Guide: Stocks To Buy Today As Recommended By Sumeet Bagadia of Choice Broking

Amidst weak global cues and FII sell-off pressure, benchmark indices closed down for the third consecutive day. The Nifty was down 159.10 points or 0.80% at 19,742.30, and the Sensex was down 570.60 points or 0.85% at 66,230.24. On the sectoral front, Realty, Banking, Auto, and Financial Services all had significant losses on Thursday, while the BSE Midcap and Smallcap indices declined by 1%, respectively, across the broader market.

Market Outlook Today

Commenting on the prediction of Nifty today, Rupak De, Senior Technical analyst at LKP Securities said "Nifty extended its decline as the benchmark index slipped towards 19,700. The Nifty index closed below the 20EMA, signalling a diminishing bullish sentiment. Weakness appears evident with a bearish crossover in the RSI. Selling on rallies remains the favoured strategy as long as it stays below 20,000. On the downside, support is situated in the range of 19,700/ 19,630."

On Bank Nifty prediction today, Kunal Shah, Senior Technical & Derivative analyst at LKP Securities said "Bank Nifty experienced a significant correction during the day, with the Banking benchmark Index dropping below the 45,000 mark for the first time in several days. Furthermore, it fell below both the 20EMA and 50EMA on the daily timeframe. The RSI is signalling bearishness with a bearish crossover on the daily timeframe. In the short term, it could potentially move towards 44,000 on the lower end, while encountering resistance at 45,000 on the higher end."

Stocks To Buy Today

Sumeet Bagadia, Executive Director at Choice Broking has picked up 2 intraday stocks with a buy call for Friday's trading session.

Bank of India

Buy BANKINDIA in cash @ Rs 107, stop-loss: Rs 104.5, target: Rs 111.5

BANKINDIA is exhibiting promising signs of an upward trajectory, quoting 107 with a positive trend. The stock has demonstrated robust support and consolidation at the 105 level, indicating a favourable momentum. Additionally, it is trading above its key moving averages, including the 20, 50, 100, and 200-day averages, further bolstering its potential. The Relative Strength Index (RSI) stands at 71, suggesting a strong buying momentum.

Considering these indicators, a prudent investment strategy would be to consider a purchase at the current price of 107, with a target price of 111.5 in mind.

Tata Consumer Products

The stock is slowly holding around the 20 and 40 EMA, which act as crucial support. The RSI has been holding steady at 54 and might continue to move higher. In an extended period of time, the stock is rising and following the HH-HL formation. Additionally, the price is holding at the middle Bollinger band in daily chart.

Based on technical parameters, one can initiate a long position at CMP 871 for the target price of 897 with an SL of 855.

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.