Intraday Trading Stocks: Sumeet Bagadia Recommends 2 Shares To Buy Today

Tuesday's opening of the Indian market is anticipated to be gloomy due to weak global signals. While Asian markets were lower in early trade, the Gift Nifty went lower. The Sensex closed at 66,023.69 on September 25, up 14.54 points or 0.02%. Nifty 50 remained unchanged at 19,674.55. The major gainers were Tata Consumer, Bajaj Finance, Bajaj Finserv, APL Apollo, and Coal India, while the top losers were Hindalco, SBI Life, Hero MotoCorp, Infosys, and M&M.

Market Outlook Today

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "There are two forces influencing the market trend now. On the positive side, the strength of the Indian economy, good corporate earnings trend and flows into the mutual funds, particularly SIPs, are supportive indicators. But the bulls are on the back foot since negative global cues are indicating caution. The US 10-year bond yield climbing to a 10-month high of 4.54 % and the dollar index spiking to 105.94 are headwinds for the market. This is getting reflected in the sustained FII selling which has taken the net FII sell figure in September, so far, to Rs 20593 crores.

"The buying by DIIs, at Rs 13748 crores, is supporting the market but is not strong enough to give confidence to the bulls. It remains to be seen how this tug of war plays out in the near-term. Meanwhile, long-term investors can utilise the weakness in the market as an opportunity to buy high quality stocks in financials, capital goods and autos ignoring the near-term volatility in the market," added V K Vijayakumar.

Nifty Prediction Today

"Nifty witnessed wild swings in both directions ultimately closed absolutely flat and thus forming a doji pattern on the daily charts. Doji pattern indicates indecision among market participants regarding the direction. It is trading right in the support zone 19600 - 19650 and considering the sharp decline in the past few trading sessions a pullback appears highly probable. On the hourly momentum indicator we can observe a positive divergence and also a positive crossover which also suggests that a pullback is likely. The pullback can be till 19820 - 19880 where key hourly moving averages and the gap area formed on 21st September is placed. In terms of levels, 19600 - 19620 is the crucial support zone while 19820 - 19880 shall act as an immediate hurdle zone," said Jatin Gedia - Technical Research Analyst at Sharekhan by BNP Paribas.

Bank Nifty Prediction Today

"Bank Nifty has witnessed a pullback from the 78.6% fiboancci retracement level (44400) and alco closed with decent gains. We expect a pullback in the Bank Nifty as well. On the upside the pullback is likely towards 45000 - 45200. On the hourly charts the momentum indicator has a positive crossover which is a buy signal and the positive divergence suggest that the momentum on the downside is weakening," stated Jatin Gedia.

Stocks To Buy Today

Sumeet Bagadia - Executive Director - Choice Broking has picked up the below stocks with a buy rating for Tuesday's trading session.

Grasim Industries

Buy GRASIM in cash @ Rs 1939.85, stop-loss: Rs 1889, target: Rs 2030

GRASIM, currently trading at ₹1939.85, has recently formed a morning star candlestick pattern on the daily chart. Over the past week, the stock has shown strong support at the ₹1889 level, indicating significant price stability. Additionally, GRASIM is currently trading above critical Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This highlights its bullish momentum and suggests the potential for further upward price movement.

The Relative Strength Index (RSI) is currently at 64.7 and is on an upward trajectory, indicating increasing buying momentum. Furthermore, the Stochastic Relative Strength Index (Stoch RSI) is displaying a positive crossover. This combination of technical factors suggests that GRASIM may have the potential to reach a target price of ₹2030 in the near term.

To manage risk effectively, it is advisable to set a stop-loss (SL) at ₹1889 to protect your investment in case the market takes an unexpected turn. Overall, considering the technical analysis and current market conditions, GRASIM appears to be a promising buying opportunity for those targeting a ₹2030 price level, provided prudent risk management measures are in place.

Bank of Baroda

Buy BANKBARODA in cash @ Rs 217.40, stop-loss @ Rs 207, target @ Rs 235

BANKBARODA's stock suggests a potentially bullish scenario. At its current trading price of 217.40, the stock has exhibited several positive indicators.

Firstly, a strong support level near 207 indicates that the stock tends to find buying interest when it approaches this level, which can act as a floor for potential price declines. Additionally, the formation of a strong bullish candle on the daily charts signals buying momentum and optimism among investors.

A notable point is that the stock has moved above the previous resistance level at 215, which can now act as support, further strengthening the bullish sentiment. There is also a smaller resistance around 219.60, which, if overcome, could propel the stock towards its target price of 235 or higher.

Furthermore, the fact that the stock is trading above essential moving averages and the Relative Strength Index (RSI) is comfortably at 66 levels suggests that the stock has underlying strength. In combination, these factors hint at a positive outlook for BANKBARODA's stock, with potential for further gains in the near term.

Based on the above analysis we recommend buying BANKBARODA at CMP of 217.40 with a medium term target price of 235. Our analysis will be deemed void if price closes below 207 levels.

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.