Stocks To Buy Today: Day Trading Guide By Sumeet Bagadia of Choice Broking On 17th Nov

On November 16, benchmark indices closed higher for a second straight day, mirroring strong global cues and following the lead from IT and real estate shares. The Nifty gained 89.70 points or 0.46 per cent to close at 19,765.20, while the Sensex surged 306.55 points or 0.47 per cent to settle at 65,982.48.

Axis Bank, Coal India, ICICI Bank, Tata Consumer Products, and Adani Enterprises were the losers on the Nifty, while Hero MotoCorp, Tech Mahindra, TCS, HCL Technologies, and Infosys were the top gainers. With 2.69%, the information technology index outperformed all other sectors, with PSU Bank having the poorest performance.

Nifty Outlook Today

Rupak De, Senior Technical analyst at LKP Securities said, "The index encountered resistance near 19850, the consolidation high, on the daily chart, resulting in a sharp intraday decline. However, the index displayed strength by closing above the previous session's high. In the short term, the market outlook suggests a 'buy on dips' strategy as long as the index maintains levels above 19500. A breakthrough above 19850 could propel the Nifty towards the 20000 mark."

Bank Nifty Outlook Today

Kunal Shah, Senior Technical & Derivative analyst at LKP Securities said, "The Bank Nifty index encountered resistance at 44,500, where notable selling pressure emerged in the last half-hour of trading. The index continues to adopt a "buy on dip" strategy, with a support level at 43,700, aligning with its 20-day moving average (20 DMA). A close above 44,500 is anticipated to trigger additional short-covering, potentially propelling the index towards the 45,000 mark."

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, recommended trading in two stocks with a buy recommendation on Friday, November 17. Read all of the technical details, including the entry, stop-loss, and target price, below.

Datamatics Global Services

Buy DATAMATICS in cash @ Rs 593.9, stop-loss: Rs 569, target: Rs 642

The current trading price of DATAMATICS is Rs 593.9. The stock has recently undergone a bullish reversal, forming a neutral candlestick with a significant increase in trading volume. If the price manages to close above the Rs 600 level, it may have the potential to reach near-term targets of Rs 625 and Rs 642. On the other hand, immediate support levels are situated at Rs 569.

The Relative Strength Index (RSI) currently stands at 50.66 and is trending upward, signaling increasing buying momentum. Furthermore, the Stochastic Relative Strength Index (Stoch RSI) has recently experienced a positive crossover, moving out of the oversold region. These technical indicators, considered together, suggest that DATAMATICS has the potential to reach a target price of Rs 642 in the near future.

To prudently manage risk, it is advisable to set a stop-loss (SL) at Rs 569 and consider buying on dips around Rs 580 and Rs 575 levels. This precaution will help protect your investment in case of an unexpected market reversal. In summary, considering the technical analysis and current market conditions, DATAMATICS appears to present an appealing buying opportunity for those aiming for a Rs 642 price target, provided that appropriate risk management measures are in place.

Max Financial Services

Buy MFSL in Cash @ Rs 927, stop-loss: Rs 900, target: Rs 968

MFSL, currently trading at 927 levels, presents a positive technical outlook. The stock benefits from robust support at 900 levels, which coincides with the 50-Day Exponential Moving Average (EMA). This alignment enhances the stock's stability and reinforces its potential for an upward trajectory.

Notably, MFSL is trading above all significant moving averages, indicative of a strong bullish trend and positive market sentiment.

The Relative Strength Index (RSI), a momentum indicator, is currently trading around 56 levels. This RSI reading suggests a moderate level of strength in the stock, providing room for potential further upward movement without being excessively overbought.

A minor resistance is observed at 950 levels. If the stock successfully surpasses this resistance, it has the potential to ascend towards the target level of 968 and beyond.

Based on the above analysis we recommend buying MFSL at CMP of 927 with a stop loss of 900 for the target of 968.

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.