Sumeet Bagadia of Choice Broking Recommends 2 Stocks To Buy On Friday, 10th Nov

For the third straight day, markets were stuck in a range, and on Thursday they settled modestly lower. The Sensex dropped 143.41 points, or 0.22 per cent, to close at 64,832.20, while the Nifty went down 48.20 points, or 0.25 per cent, to conclude at 19,395.30. This was the second day that the stock indices had flat closings.

On the Nifty, the major losers were Adani Enterprises, HUL, Tata Consumer Products, Adani Ports, and ONGC; the top winners were M&M, Apollo Hospitals, Coal India, Hero MotoCorp, and Power Grid Corporation. Regarding the broader market, the BSE Midcap index ended unchanged, whilst the Smallcap index had a 0.27 per cent decline.

Nifty Outlook Today

Mr. Om Mehra, Technical Analyst, SAMCO Securities said, "Benchmark indices of the Indian bourses, settled marginally lower and it seems to have entered in consolidation mode. The Sensex settled at 64,832.20 losing 0.22 per cent, Nifty ended at 19,395.30 slipping by 0.25 per cent while Bank Nifty, on the other hand closed the session with a marginal gains at 43,683.60.

The Realty sector continued to outshine, while the Nifty IT and FMCG sectors faced downward pressure. Technically, Nifty breached the lower channel support, indicating a slight shift in momentum. The key threshold for the Nifty to watch is the 19,300 level; a close below this point, could trigger a more pronounced sell-off in the index."

Bank Nifty Outlook Today

"On the other front, Bank Nifty exhibits strength by holding above the 20-day Simple Moving Average (SMA), with immediate support at 43,200 and resistance at 44,100. Options data reveals the highest Open Interest (OI) on the call side at 19,600 and 19,700 strike prices, while the put side highest OI remains at 19,200. The market may navigate choppiness in the coming days, as it currently is following global trend," stated Om Mehra.

Stocks To Buy Today

Choice Broking's executive director, Sumeet Bagadia, recommended two stocks for trade on Friday, November 10.

Metropolis Healthcare

Buy in cash @ Rs 1623.75, stop-loss: Rs 1455, target: Rs 1760

METROPOLIS is presently trading at Rs 1624, and a recent breakout of the rounding bottom pattern on the daily chart, accompanied by substantial trading volumes, signals heightened buying interest. Immediate support levels at Rs 1570 and Rs 1530 provide favorable buying opportunities on price dips. The stock exhibits the potential to reach short-term targets of Rs 1760 and Rs 1800.

The Relative Strength Index (RSI) is currently at 66 and exhibits an upward trajectory, indicating an increasing buying momentum. Additionally, the Stochastic Relative Strength Index (Stoch RSI) is displaying a positive crossover from oversold region. This combination of technical factors suggests that METROPOLIS may have the potential to achieve a target price of Rs 1760 in the near term.

To manage risk prudently, it's recommended to set a stop-loss (SL) at Rs 1455. This precautionary measure can help safeguard your investment in case of an unexpected market reversal. In summary, considering the technical analysis and the current market conditions, METROPOLIS appears to present an appealing buying opportunity for those aiming for a Rs 1760 price target, as long as appropriate risk management strategies are implemented.

MFSL

Buy MFSL in Cash @ Rs 929.25, stop-loss: Rs 900, target: Rs 980

MFSL, currently trading at 929.25 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 980 and beyond.

Based on the above analysis we recommend buying MFSL at CMP of 929.25 with a stop loss of 900 for the target of 980.

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.