Trade Call: 2 Technical Stock Picks By Sumeet Bagadia On Friday, 1st March

The market was under pressure all day long, but it made a comeback towards the end of the trading session to close at 21,982.80, up 0.14%. The fear indicator, the India VIX, continues to hover around 15.57, indicating higher market unpredictability and a rise in volatility. After opening at 72,220.57 and plunging as low as 72,099.32, the Sensex gained to close higher as it was up 195.42 points, or 0.27%, at 72,700.30 at the closing. On the Nifty 50, the top gainers were Adani Enterprises, Adani Ports & SEZ, IndusInd Bank, Tata Consumer Products, and Britannia; the top losers were Apollo Hospital Enterprises, Bajaj Auto, LTIMindtree, Eicher Motors, and UPL. All the sectoral indices ended in green except IT and media. The top performing sector was PSU Bank followed by metal.

Market Outlook

Sheersham Gupta, Director and Senior Technical Analyst at Rupeezy said, "The short-term trend for Nifty is still bullish as it rebounded taking support at its 20-EMA. On a 30-minute timeframe, Nifty formed bullish rejection candles to decisively close above 22,000. Right now, Nifty is at 38.2 percent Fib level of yesterday's fall. Strength will return to Nifty once it crosses the 61.8 percent Fib level at 22,110. On the downside, 22,000 is likely to act as a strong support now, followed by support at 21,900."

Mr. Om Mehra, Technical Analyst, SAMCO Securities said, "Technically, Nifty exhibited resilience by holding onto the crucial 21,800 mark following a sharp one-day decline and this level is now perceived as immediate support. The 50-day Simple Moving Average (SMA) is hovering around the 21,700 level providing additional support. On the higher side, resistance remains at 22,250."

"The India VIX, regarded as the fear gauge, remains steady at 15.57 levels, signalling an uptick in volatility and heightened market uncertainty. Bank Nifty concluded the session at 46,120.90 inching higher by 0.34%. Index remains below 20-day moving average indicates slight weakness. RSI has also slipped below neutral levels, currently at 47. Bank Nifty is expected to get Support around 45,200-45,350 which resembles the 200 DMA, while resistance is placed at 46,800," Om Mehra further added.

Stocks To Buy Today

Sumeet Bagadia, Executive Director of Choice Broking, believes that shares of Torrent Pharmaceuticals and Ingersoll-Rand (India) are attractive for intraday trading on Friday, March 1. The expert gave both equities a buy call for today's trading session.

Torrent Pharmaceuticals

Buy TORNTPHARM in Cash @ Rs 2666.10, stop-loss: Rs 2605, target: Rs 2770

TORNTPHARM is presently valued at Rs 2666.10, exhibiting a consistent pattern of forming higher highs and higher lows, indicative of a bullish trend. This trend is further bolstered by a notable surge in trading volume, signifying heightened market interest and the potential for further price appreciation.

Additionally, TORNTPHARM is currently trading above critical Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This suggests a strong positive momentum in the stock, implying the likelihood of continued price uptrends. The Relative Strength Index (RSI) is at 63.5, indicating an upward price trend and validating the existing bullish momentum.

For investors contemplating market entry, purchasing TORNTPHARM at Rs 2666.10 is recommended. To effectively manage risk, setting a stop-loss (SL) at Rs 2605 is advisable. This SL level serves as a protective measure, mitigating potential losses in the event of a market reversal.

In summary, TORNTPHARM presents an appealing prospect for buyers, with a target price set at Rs 2770. Nevertheless, investors should exercise caution and implement risk management strategies, such as setting a stop-loss, to safeguard their investments.

Ingersoll-Rand (India)

Buy INGERRAND in cash @ Rs 3658.15, stop-loss: Rs 3575, target: Rs 3799

INGERRAND is currently trading at Rs 3658.15. After a period of small falls and sideways consolidation, the stock has lately broken the neckline levels of Rs 3555 and is rising quickly on the upside with substantial volume. There are expectations of further upward movement, potentially reaching Rs 3799 levels. On the downside, substantial support is evident near Rs 3575.

Furthermore, INGERRAND is trading above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This suggests a strong bullish momentum, indicating the potential for continued upward price action. The Relative Strength Index (RSI) stands at 71.03, signalling an upward trajectory and confirming an increase in buying momentum.

In summary, considering the technical analysis and prevailing market conditions, INGERRAND appears to present a promising buying opportunity for those targeting a Rs 3799 price objective, contingent upon the implementation of prudent risk management measures.

To manage risk effectively, it is advisable to set a stop-loss (SL) at Rs 3575 to protect the investment in case of an unexpected market reversal.

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.