Sumeet Bagadia of Choice Broking Recommends 2 Stocks To Buy On Wednesday, 15th Nov

The market momentum supports losses with an advance-decline ratio at 2:3, as seen by the lower closing trade session on Monday, November 13, for the Indian benchmark indexes Nifty 50 and Sensex. Sensex closed 325.58 points or (0.50%) lower at 64,933.87 while Nifty closed 82.00 points or (0.42%) lower at 19,443.55 level. With the exception of the Metal and PSU Bank indices, all sectoral indices ended trading on a red note. The Nifty IT and Nifty Consumer Durables indices suffered the most fall.

Market Outlook

Aditya Gaggar Director of Progressive Shares said, "After a tepid opening, the Benchmark Index remained range-bound throughout the day and finally settled at 19,443.55 with a loss of 82 points. Among the sectors, PSU Banking was the best performer followed by Energy while IT remained a laggard. Media and FMCG sectors also corrected over 0.40%.

The Broader markets extended their streak of outperformance with Smallcaps ending the day with gains of 0.68% while Midcap advanced by 0.07%. On a daily chart, the Index has made a bearish candle but remained in the rising channel with a higher top higher bottom formation. A zone of 19,340 will offer a strong support area that converges with 21DMA as well as a lower end of the rising channel while immediate resistance stands at 19,550."

Nifty Outlook Today

Rupak De, Senior Technical analyst at LKP Securities said, "Nifty struggled to maintain levels above 19,500, facing selling pressure that caused the index to retreat towards 19,400. Towards the upper limit, it encountered resistance near an important Fibonacci Retracement level of the previous decline from 19,850 to 18,837, indicating a potential for bearish movement in the short term. Support at the lower end is positioned at 19,300, while resistance is observed at 19,550."

Bank Nifty Outlook Today

"Bank Nifty was unable to maintain levels above the psychological milestone of 44,000 and concluded its session below this mark. Nevertheless, the index managed to close above the crucial moving average. Additionally, the Relative Strength Index (RSI) is exhibiting a bullish crossover. In the short term, it is anticipated that the index will exhibit sideways movement. Support is positioned at 43,500 on the lower end, while resistance is noted at 44,200 on the higher end," stated Rupak De.

Stocks To Buy Today

The executive director of Choice Broking, Sumeet Bagadia, recommended trading in two stocks with a buy rating on November 15, a Wednesday. Read the full technical details, which include the entry, stop-loss, and target price, below.

Birlasoft

Buy BSOFT in cash @ Rs 583, stop-loss: Rs 576, target: Rs 605

BSOFT is currently trading at Rs 583 After a consolidation phase at the resistance level, the stock broke out of the Rs 560 level and formed a hammer candlestick pattern on the daily chart, accompanied by significant trading volume. Additionally, BSOFT is currently trading above critical Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs, highlighting its bullish momentum and suggesting the potential for further upward price movement.

The Relative Strength Index (RSI) is presently at 75 and is trending upwards, indicating an increase in buying momentum. Furthermore, the Stochastic Relative Strength Index (Stoch RSI) is displaying a positive crossover. This combination of technical factors suggests that BSOFT may have the potential to reach a target price of Rs 608 in the near term.

To manage risk effectively, it is advisable to set a stop-loss (SL) at Rs 576 to protect your investment in case the market takes an unexpected turn. Overall, considering the technical analysis and current market conditions, BSOFT appears to be a promising buying opportunity for those aiming for a Rs 605 price level, provided prudent risk management measures are in place.

Tata Steel

Buy TATASTEEL in cash @ Rs 121, stop-loss: Rs 118, target: Rs 128.5

TATASTEEL has formed a green candle today. The stock has overcome above its 200- and 20-Day EMA levels. We can witness a small resistance near 122.20 levels which is also close to its 50 Day EMA levels. Once stock surpasses the above-mentioned resistance it can move further towards the target of 128.5 levels and above. The stock has a strong base near 118 levels which is also the lower end of strong consolidation. On daily charts, RSI is also comfortably trading near 48 inching higher levels indicating strength.

Based on the above analysis we recommend buying TATASTEEL near 121 levels with an SL of 118 for the target of 128.5 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.