Stocks To Buy Today For Intraday: 2 Stock Picks By Sumeet Bagadia of Choice Broking On Thursday, 23rd May

The domestic benchmark indexes had a strong opening gap and held steady all on Wednesday. Consequently, Nifty ended the day higher at 22,598. The Bank Nifty index had a positive start but was unable to maintain its momentum, which led to a negative closing price of 47,782 for the day. The India VIX wrapped up at 21.46, down 1.57%, after hitting an intraday low of 18.19. The market volatility has gone up and will likely persist in the upcoming weeks since the results of the General Assembly election are just two weeks away.

Market Outlook Today

"Technically, Nifty is holding above the 34-day exponential moving average (34-DEMA), which is placed near 22,340, and continued its upward move as expected. However, around 22,800, the index has formed a bearish engulfing candle earlier. Therefore, the index is likely to consolidate in the band of 22,300-22,800 in the short term. Traders should remain cautious at higher levels," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

"Technically, the Bank Nifty closed below its 21-day exponential moving average (21-DEMA) of 48,040 levels and sustained below it, indicating weakness. On the downside, the 100-day exponential moving average (100-DEMA) is near 47,180. Thus, in the short term, we expect the index to consolidate in the range of 47,180-48,260," the analyst stated.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, presented a recommendation on Thursday, May 23, concerning buying or selling of two intraday stocks.

TVS Holdings

Buy TVSHLTD in cash @ Rs 11005.85, stop-loss @ Rs 10650, target @ Rs 11666

TVSHLTD is exhibiting strong bullish momentum, currently trading at an all-time high of 11295.95 levels. The recent breakout above the crucial resistance at 10200 levels is a significant technical development, supported by robust trading volumes, reinforcing the strength in the stock. The breakthrough suggests a potential continuation of the upward trend, offering an optimistic outlook for investors.

Additionally, TVSHLTD is trading above key moving averages, including the short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMAs, further affirming its bullish stance. The momentum indicator, Relative Strength Index (RSI), is at 85.61 levels.

For traders, keeping an eye on the strong support near 10650 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, TVSHLTD current technical setup suggests a favourable environment for further upside potential, provided traders and investors remain vigilant to potential reversals and closely monitor key support and resistance levels.

Based on the above analysis we recommend buying TVSHLTD and the CMP of 11005.85 with a stop loss of 10650 for the target of 11666.

Strides Pharma Science

Buy STAR in cash @ Rs 899.55, stop-loss: Rs 865, target: Rs 950

STAR has recently experienced a significant breakthrough above the crucial resistance zone ranging from 835 to 865 on the daily chart. This breakout has been accompanied by a consolidation of the upward movement. The strong bullish sentiment is further validated by a noticeable surge in trading volume.

Key technical indicators, particularly the Relative Strength Index (RSI), highlight the positive momentum in the stock. The RSI not only indicates favourable trends but also aligns with the stock trading above important moving averages, including the 20-day, 50-day, and 100-day Exponential Moving Averages (EMA). This convergence underscores the continued strength in STAR price action.

In summary, the decisive breakout, along with encouraging volume and the positive alignment of key technical indicators, suggests a bullish outlook for STAR. Traders and investors may interpret this analysis as indicative of potential sustained upward momentum in the stock.

Considering the above analysis, we recommend STAR in cash at the current market price (CMP) of 899.55, setting a target of 950, and implementing a stop loss at 865.

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.