Intraday Stocks To Buy Today, April 16: Top Picks By Sumeet Bagadia For Profitable Trading On Wednesday

While Nifty Bank ended the session with significant gains, growing 2.70% to close at 52,379.50, the index not only exceeded its previous swing high of 52,064 but also closed above these levels, indicating the persistence of the bullish outlook. Nifty ended the previous session on a positive note, gathering 2.19% to close at 23,328.55. A significant decrease in market concern about global disputes was shown by the India VIX, the benchmark volatility index, which fell precipitously by 19.81% to 16.12. Following US President Trump's declaration of a temporary tariff relief on phones, laptops, and other popular consumer items, attention will also be on the major Q4 results reports, such as those from Wipro and Angel One today.

Nifty Outlook Today

"Technically, Nifty formed a small red candle with a big bullish gap on the daily chart, highlighting a strong support zone at 22,920. On the upside, 23,390 will act as a key hurdle, where the 100-Day Simple Moving Average is placed. A sustained move above 23,390-23,400 could propel the index towards the 23,700-23,800 zone. Traders are advised to adopt a "buy on dips" strategy," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company).

Bank Nifty Outlook Today

"Technically, the Bank Nifty index decisively crossed the key resistance of 52,000 levels and formed a small green candle on daily chart, indicating strength. The breakout level of 52,000 will now act as immediate support, and as long as the index sustains above this level, it has the potential to rally towards 52,700-52,800 levels, where the trend line resistance is placed. Hence, traders are advised to adopt a "buy on dips" strategy," commented Hrishikesh Yedve.

Stocks To Buy Today

On Wednesday, April 16, Choice Broking's executive director, Sumeet Bagadia suggested purchasing two stocks following U.S. President Donald Trump's announcement of tariff exemptions for computers and smartphones and a potential halt to auto tariffs.

Poonawalla Fincorp

Buy POONAWALLA in Cash @ Rs 382.25, Stop-loss: Rs 369, Target @ 410

POONAWALLA is currently trading at ₹382.25 and displaying strong bullish momentum, as evidenced by the consistent formation of higher highs and higher lows. The stock has recently broken out of a rangebound consolidation phase, confirmed by a robust bullish candle on the daily chart-signaling a shift in sentiment and reinforcing the ongoing uptrend.

This breakout is further supported by a notable surge in trading volumes, highlighting increased buying interest among market participants. The Relative Strength Index (RSI) stands at 73.19 and continues to trend upwards, reflecting strengthening momentum. Technically, POONAWALLA is trading above all key Exponential Moving Averages (20-day, 50-day, and 200-day), which further confirms the strength and sustainability of the prevailing uptrend.

A decisive move above the immediate resistance at ₹400 could unlock further upside potential, with a short-term target of ₹410. Investors are encouraged to initiate fresh positions at the current market price, while maintaining a stop-loss at ₹369 to safeguard against any short-term pullbacks.While the technical setup is highly favorable, adopting prudent position sizing and effective risk management strategies is essential to navigate potential market volatility.

Chambal Fertilisers and Chemicals Ltd

Buy CHAMBLFERT in Cash @ Rs 664, Stop-loss @ 641, Target @712

CHAMBLFERT is currently trading at ₹664 and exhibiting a strong upward trajectory. The stock has been consistently forming higher highs and higher lows, indicating a sustained bullish trend. It recently marked a fresh 52-week high at ₹665, with a crucial resistance level seen near ₹680. A decisive breakout above this resistance zone could attract increased buying interest and potentially drive the price towards the short-term target of ₹712.

The overall technical structure remains positive, supported by the upward slope of the 20, 50, 100, and 200-day Exponential Moving Averages (EMAs). The stock's position above all key EMAs reflects solid investor sentiment and confirms the strength of the ongoing trend. Furthermore, the Relative Strength Index (RSI) is currently at 70.96 and trending upward, indicating strong buying momentum.

On the downside, immediate support is placed around ₹650, while a protective stop-loss can be maintained at ₹641 to mitigate risk in case of any unexpected market correction.Considering the strong technical setup and favorable market sentiment, CHAMBLFERT offers a promising buying opportunity. However, traders are advised to implement proper risk management strategies to handle short-term market fluctuations effectively.

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.