Stocks To Buy Today For Intraday: Day Trading Picks By Sumeet Bagadia of Choice Broking On Monday, 27th May

The Nifty and Sensex reached all-time highs on Friday of last week, with the Nifty crossing the 23,000 barrier for the first time. In the previous week, Nifty Bank added 2%; the primary contributor is HDFC Bank. The Reserve Bank of India (RBI) announced a transfer of the highest ever Rs 2.11 lakh crore dividend for the fiscal year 2023-2024 to the government which caused the major benchmark indices, the Nifty and Sensex, to continue rising for a second week in a row. The Nifty50 had an outstanding rise of about 2 per cent from the previous week, reaching a new high of 23,026.40 before closing at 22,957. In the same vein, the Sensex reached a new record high of 75,636.50, up 1,400 points. The nation's monthly CPI Indicator will be released on Wednesday of this week. In addition, a number of companies, including some well-known ones like DIVISLAB, TATASTEEL, APOLLOHOSP, Salesforce, Kohls Corp, Costco Wholesale Corp, Nordstrom, Marvell Technology, and Zscaler, will release their financial results this week, which may influence the market trajectory.

Market Outlook

Pravesh Gour, Senior Technical Analyst at Swastika Investmart Ltd said, "Nifty witnessed a breakout of 22800 with strong momentum. 23123 is an immediate target; above this, we can expect a move towards the 23500 level. The structure is now bullish with a buy-on-dip approach, where 22780 is the first support and 22500 is the next support level."

"Banknifty has finally taken out its 20-DMA with strong bullish momentum. 49050 and 49600 are immediate target levels, while 51000 is the next target level. On the downside, 48300/47700 is support level. On the derivatives front, the long exposure of FIIs in index futures stands at 49%, whereas the put-call ratio is sitting at the 1.14 mark, suggesting a bullish bias," he further added.

"In Nifty, the market has effectively broken through the short-term resistance level of 22,800. Following this breakout, there has been a notable increase in positive momentum. The formation of a long bullish candle on the weekly charts, along with breakout patterns observed on both daily and weekly charts, indicates a continued upward trend from the current level. Above the 23100 level, the market has the potential to advance to the 23,250-23,350 range," said Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd.

"The Bank Nifty has decisively broken through its upward-sloping resistance trendline, indicating a potential move towards the 49,500 - 49,700 range in the short term. The banking index is currently trading above all key moving averages and has formed a long bullish candlestick pattern on the weekly charts. Additionally, a positive crossover in the RSI momentum indicator further supports the likelihood of continued upward movement," commented Arvinder Singh Nanda.

Stocks To Buy Today

Choice Broking's executive director, Sumeet Bagadia, presented recommendations on Monday, May 27, concerning buying or selling of two intraday stocks.

TCNS Clothing Co

Buy TCNSBRANDS in cash @ Rs 503.95, stop-loss @ Rs 485, target @ Rs 535

TCNSBRANDS is exhibiting strong bullish momentum, currently trading at an all-time high of 507.6 levels. The recent breakout above the crucial resistance at 500 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, TCNSBRANDS 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 75 levels.

For traders, keeping an eye on the strong support near 485 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, TCNSBRANDS 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 TCNSBRANDS and the CMP of 503.95 with a stop loss of 485 for the target of 535.

Solar Industries India

Buy SOLARINDS in cash @ Rs 10007.3, stop-loss @ Rs 9650, target @ Rs 10666

SOLARINDS is exhibiting strong bullish momentum, currently trading at an all-time high of 10450 levels. This breakout has been accompanied by a consolidation of the upward movement, characterized by higher highs and higher lows, supported by robust trading volumes, reinforcing the strength of the stock. The breakthrough suggests a potential continuation of the upward trend, offering an optimistic outlook for investors.

Additionally, SOLARINDS 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 71.2 levels.

For traders, keeping an eye on the strong support near 9650 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, SOLARINDS 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 SOLARINDS and the CMP of 10007.3 with a stop loss of 9650 for the target of 10666.

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.