Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Wednesday, 18th December

On Tuesday, the Nifty started the day lower, continued to be under pressure, and ended the day lower at 24,336 levels, while the Bank Nifty also started the day lower, continued to be under pressure, and ended the day lower at 52,835 levels. An increase in market volatility was indicated by the India Vix volatility index, which rose by 3.31% to 14.49 levels. The India VIX, a measure of market volatility, surged by 3.14% to 14.45, indicating that though the trend up seems limited, VIX is still below the 15-level despite the rise, allowing for cautious expectations.

Nifty Outlook Today

"Nifty index's bias has turned bearish, following a decisive break down below the crucial 24,500 support and a close beneath the 20-day DEMA, which heightens concerns for buyers. Currently trading near the pivotal support of 24,300, this level must hold for any meaningful recovery to materialize. Options activity echoes this view, with aggressive call writing at 24,500 reinforcing it as a formidable resistance. While the PCR in oversold territory hints at a potential bounce, a sustained move above 24,500 is essential for triggering short-covering rallies toward the psychological 25,000 level. Until the index decisively moves above this resistance, a "sell on rise" strategy is advised. On the downside, a breakdown below 24,300-24,250 could pave the way for further declines toward the 24,000-24,150 zone, where substantial put writing offers marginal support," commented Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities.

Nifty Bank Outlook Today

"Nifty Bank index has tilted toward a bearish trajectory after breaking below the key psychological support of 53,000. This breakdown has heightened caution among buyers. The index is currently hovering near its immediate support at 52,700-52,500, where the 20-day DEMA also resides. Holding this level is critical for any potential pullback. Elevated call writing at 53,000 highlights strong resistance, and the daily RSI dropping below 60 signals diminishing bullish strength. On the downside, the 52,700-52,500 range, reinforced by robust put writing, serves as a vital support zone. A breakout above 53,000 could trigger short-covering rallies, pushing the index toward the psychological 53,700 level. However, as long as the index remains below this resistance, sellers are likely to maintain control, supporting a "sell on rise" approach. A breach of the 52,700-52,500 zone could expose the index to further declines toward 52,200-52,000," stated Dhupesh Dhameja.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, advised purchasing two stocks on Wednesday, December 18 after the Nifty index reached a crucial support zone at 24,300; a fall below this level could spark negative sentiment.

Healthcare Global Enterprises

Buy HCG in Cash @ Rs 528.3, Stop-loss @ Rs 510, Target @ Rs 560

HCG is currently trading at Rs 528.30, reflecting a strong bullish trend. The stock has maintained a consistent upward trajectory, forming higher highs and higher lows. It has broken out of a consolidation zone and reached a new all-time high of 537, indicating robust buying momentum. The stock is trading above its 20-Day EMA, 50-Day EMA, and 200-Day EMA, showing strong support from both short-term and long-term trends. This breakout is further validated by increased trading volume, adding strength to the move. If the stock continues its upward momentum, it could achieve a short-term target of Rs 560.

On the downside, immediate support is located at 520 - 515. The Relative Strength Index (RSI) is currently at 73.64 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 510 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, HCG presents a promising buying opportunity for those aiming for a 560 target, provided that appropriate risk management strategies are in place.

Godrej Properties

Buy GODREJPROP in Cash @ Rs 2992.95, Stop-loss @ Rs 2888, Target @ Rs 3202

GODREJPROP is currently trading at Rs 2,992.95, The stock is on the verge of breaking out of a consolidation range on the daily chart, supported by a significant increase in trading volumes, which further strengthens the bullish outlook. If the stock manages to hold above the key resistance level of Rs 3,050, it could witness an upward movement towards a target of Rs 3,202.

The Relative Strength Index (RSI) currently stands at 60.21 and is trending upward, reflecting increasing buying momentum. Furthermore, GODREJPROP is trading above its key moving averages, including the short-term 20-day EMA, medium-term 50-day EMA, and long-term 200-day EMA, reinforcing the ongoing bullish trend.

In summary, the favorable technical setup, combined with key indicators such as RSI and moving averages, suggests a strong buying opportunity. Entering GODREJPROP at the current market price of Rs 2,992.95, with a stop loss at Rs 2,888 and a target of Rs 3,202, presents a compelling strategy to capitalize on the stock's bullish momentum.

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.