Day Trading Stocks: Sumeet Bagadia of Choice Broking Recommends 2 Shares To Buy/Sell Today

At 08:27 AM, on Wednesday, Gift Nifty, formerly SGX Nifty, was trading at 19,534.5, up 23.5 points or 0.12%. The index began trading at 19,425.50 and ranged from an intraday high of 19,434.0 to a low of 19,305.0, indicating that Sensex and Nifty 50 will begin with a gap-up today. Sensex closed at 65,075.82 on Tuesday, up 79.22 points or 0.12%, while Nifty 50 closed at 19,342.65 on Tuesday, up 36.60 points or 0.19%. As a result of gains of 137.61 points and 249.19 points, respectively, the BSE Midcap and Smallcap indices outpaced the benchmarks.

Nifty Outlook

Commenting on Nifty prediction for today, Rupak De, Senior Technical analyst at LKP Securities said that the Tuesday trading session began with a gap up, followed by range-bound trades as the Indian equities experienced a lacklustre performance. The support at the lower end remains solid at 19245, serving as a barrier to prevent further declines. On the upper end, resistance is placed at 19425; a breach of this level might lead to a more dependable rally. Expect a range-bound trading unless a clear breakout occurs on either side.

Bank Nifty Prediction

Commenting on Bank Nifty outlook, Kunal Shah, Senior Technical & Derivative analyst at LKP Securities said, "The Bank Nifty index remains engaged in a struggle between bulls and bears, resulting in a phase of sideways trading. The option data reflects a broad range, with notable open interest concentrations at both the 44000 put option and the 45000 call option. In terms of immediate technical levels, the index faces a resistance obstacle at 44650. A decisive breach above this level is anticipated to ignite a fresh upward movement, potentially steering the index towards the 45000 mark."

Stocks To Buy Today

Here are the two 2 stock picks with buy ratings as recommended by Sumeet Bagadia, Executive Director of Choice Broking.

Oberoi Realty

The stock is trading with a higher high - higher low in daily chart and is holding strong support around 2800 levels. As we see in the chart in a broader time frame it has formed a soccer pattern, which confirms the bullish trend in line. The stock has a minor resistance around 1104-1105, once it crosses and sustains further upside movement is expected in the coming days. Scrip is trading higher than 20 and 40 EMA as well. Currently, RSI remains above 55 levels. As stock witnessed a gradual increase in volume participation that confirms the bullishness in trend.

Based on the above parameter, one can initiate a long position at cmp 1099.8, keeping SL as 1080 for the target price of 1135.

SBI

Buy SBIN in cash @ Rs 574.85, Stop-loss @ Rs 565, Target @ Rs 595

SBIN has strong support at 566 levels which is also 200 Day EMA level. Currently, the stock is trading around 574.85. A smaller resistance is visible on the charts at 581 levels which is also 50 Day EMA levels. Once the stock overcomes the previously mentioned resistance level, it will be able to move closer to the target price of 595 and higher. The RSI is trading comfortably at 46 levels and is bouncing from lower levels indicating strength.

Based on the above technical analysis we recommend buying SBIN at CMP of 574.85 with a SL of 565 for the target of 595.

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.