Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Monday, 9th December

Despite suffering an enormous amount of volatility, the Indian stock market closed the week on a positive note. For the third consecutive week, the domestic stock indices saw significant advances during the week. This week, the India VIX, or India Volatility Index, which gauges anticipated stock market volatility, dropped 14.14 (-1.98%). Global cues, domestic economic trends, and the influx of investments from both domestic and foreign institutional investors are likely to affect the Indian stock market this week. On the economic front, major macroeconomic releases, such as US Core CPI and unemployment data, retail inflation and industrial production data from India, are anticipated to impact sentiment among investors broadly.

Nifty Outlook Today

"Nifty 50 has reclaimed a bullish stance after five weeks of trading below the 21-week EMA, closing above it for the first time. The strong support is at 24,250, aligned with the 21-day EMA, making it a key level for traders. Buying is favourable around 24,500 with a stop loss at 24,250. On the upside, the index may aim to reclaim the psychological 25,000 level. However, if it breaches 24,250, further downside toward 23,900 is possible. The current trend indicates cautious optimism, with opportunities for buying on dips and clear risk levels for managing trades effectively," said Mr. Puneet Singhania, Director at Master Trust Group.

Bank Nifty Outlook Today

"Bank Nifty has established a strong base around the 49,800-50,000 range, followed by a breakout from consolidation, closing the week robustly above the 21-week and daily EMAs. This signals a bullish undertone, with the market favour buy-on-dips as long as it trades above 51,700. The immediate upside target is set at 54,200, which aligns with the ongoing positive momentum. However, a breach below 51,700 could trigger a correction toward the 51,000 mark. The overall trend appears sideways to bullish in the short term," added Puneet Singhania.

Stocks To Buy Today

On Monday, December 9, Choice Broking's executive director Sumeet Bagadia advised buying two stocks considering geopolitical concerns, especially the current war between Russia and Ukraine, are still problematic.

HBL Power Systems

Buy HBLPOWER in cash @ Rs 674.5, Stop-loss: Rs 650, Target: Rs 715

HBLPOWER showcases a strong bullish momentum, evident from a substantial upward movement and a significant closing around Rs 674.5. The stock has been experiencing robust buying interest, leading to consecutive gains and an attempt to consolidate after the recent surge.

Key technical indicators, particularly the Relative Strength Index (RSI), emphasize the stock's positive momentum. The RSI not only signals positive trends but also aligns with the stock trading above crucial moving averages, including the 20-day, 50-day, and 200-day Exponential Moving Averages (EMA). This convergence underscores the sustained strength in HBLPOWER price action.

The surge in volume associated with this upward price action also indicates strong interest and a potential continuation of the rally if the momentum sustains a bullish outlook for HBLPOWER Industries. Traders and investors may find this analysis indicative of potential continued upward momentum in the stock.

Based on the above analysis we recommend buying HBLPOWER in cash at CMP of 674.5 for the target of 715 with a stop loss of 650.

Persistent Systems

Buy PERSISTENT in cash @ Rs 6174.25, Stop-loss @ Rs 5959, Target @ Rs 6500

PERSISTENT daily chart analysis offers a favourable view for the following week, indicating a steady higher advance. Notably, the stock has produced a notable higher high and higher low pattern, and the company's recent upward swing has effectively violated the neckline, establishing a new week high. This breakthrough indicates the possibility of a significant follow-through upward increase in the stock price.

This trend signals strong momentum in the stock. There is potential for PERSISTENT to attain a target price of Rs 6500 in the near term.

Adding to the positive momentum, there has been an increase in trading volume, indicating growing market interest. The stock formed a strong bullish momentum on weekly chart signalling a potential continuation of the uptrend. Furthermore, PERSISTENT is currently trading above its crucial 20-day, 50-day, and 100-day Exponential Moving Average (EMA) levels, reinforcing the bullish trend.

For traders, keeping an eye on the strong support near 5959 levels is advisable, as a breach of this level could signal a shift in sentiment.

Based on the above analysis we recommend buying PERSISTENT and the CMP of 6174.25 with a stop loss of 5959 for the target of 6500.

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.