Stocks To Buy Today: Day Trading Guide By Sumeet Bagadia of Choice Broking On 16th Nov

The benchmark Indian indices, the Sensex and the Nifty 50, saw modest advances at the close of Wednesday's trading session. While Nifty rose 231.90 points, or 1.19%, to settle at 19,675.45, the BSE Sensex added 742.06 points, or 1.14%, to close at 65,675.93. Eicher Motors, Tech Mahindra, Hindalco, Infosys, and Tata Motors were the top five gainers on the Nifty pack, while the top five losers were Bajaj Finance, Power Grid, IndusInd Bank, Dr. Reddy's Laboratories, and Cipla.

All sectoral indices ended the day in the green, with the best-performing sectors being IT, auto, realty, metals, and oil and gas. The GIFT Nifty on Thursday is up at a premium of around 40 points from the closing of Nifty Futures on Wednesday, suggesting that the Indian market is poised to a positive start.

Market Outlook Today

Mr. Aditya Gaggar Director of Progressive Shares said, "Following strong domestic as well as global cues, Nifty50 commenced the day on a firm note and gradually compounded its gains to settle at 19,675.45, advanced by 231.90 points. All the sectors ended the day in green with Realty, IT, and Auto being the outperformers. A mixed trend was seen in the Broader markets where Smallcap outperformed while Midcap marginally underperformed.

On a daily chart, the Index has made a long-legged DOJI candlestick pattern and not only breached its falling trendline but also gave a convincing close above its 50DMA (19,580) which shows bullishness in the markets. Now the next critical hurdle for the Index stands at 19,840 while the downside is protected at a strong support zone of 19,550-19,580."

Nifty Outlook Today

Rupak De, Senior Technical analyst at LKP Securities said, "Nifty has witnessed a robust upward movement, propelled by a strong global equity market sentiment, particularly following a gap-up opening. On the daily chart, the index has shown significant upward momentum after a consolidation phase, indicating an increase in optimism. The overall trend appears positive, with the index consistently maintaining levels above the critical moving average. Looking ahead, bullish sentiment is likely to persist as long as the index remains above 19,500. On the upper side, resistance is anticipated in the range of 19,700 to 19,850."

Bank Nifty Outlook Today

"Bank Nifty exhibited a predominantly sideways movement subsequent to a gap-up commencement. Nevertheless, the index has consistently maintained its position above the crucial moving average on the daily chart, indicating a positive trend. Key support is situated at 44,000, and the sentiment is expected to stay optimistic as long as it remains above this level. On the upside, there is a potential movement towards 44,750," stated Rupak De.

Stocks To Buy Today

On Thursday, November 16, Choice Broking's executive director Sumeet Bagadia recommended trading in 2 stocks with a buy rating. See the whole technical data below, encompassing the entry, stop-loss, and target price.

Reliance Industries

Buy RELIANCE in cash @ Rs 2356.45, stop-loss @ Rs 2320, target @ Rs 2450

RELIANCE is currently trading at 2356.45 levels. The stock has strong support at 2320 levels which is just below its 200-day EMA levels. We can also witness small resistance near 2368 levels. Once stock maintains a higher level than 2368, it may advance upward and approach the 2450 level. Also, the stock is trading above all the important moving averages indicating strength. The RSI indicator is comfortably trading at 56 levels which indicates that the stock has the potential to move upwards.

Based on the above technical analysis we recommend buying RELIANCE at CMP of 2356.45 for a medium-term outlook with a stop loss of 2320 for targets of 2450.

Jubilant FoodWorks

Buy JUBLFOOD in cash @ Rs 515.75, stop-loss: Rs 505, target: Rs 540.

The stock is currently trading at 515.75 and has exhibited some encouraging signs for potential investors. It successfully breached the 514.5 level on a closing basis, a key technical level which is also 50 Day EMA level, and did so with robust trading volumes, suggesting underlying strength in the stock.

Furthermore, the stock is currently trading above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs). This indicates a positive trend in the short, medium, and long term, respectively.

There is a minor resistance level at 520, but if the stock can overcome this barrier, it may have the potential to reach 540 and potentially higher. This breakout could signify a bullish move in the stock.

Additionally, the Relative Strength Index (RSI), a momentum indicator, is hovering around 51. This suggests that there is strength in the stock's current trend, though it's not yet in overbought territory.

With a medium-term outlook, one can buy JUBLFOOD at a CMP of 515.75 with an SL of 505 for a target price of 540.

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.