Sumeet Bagadia of Choice Broking Recommends 2 Shares To Buy/Sell Today

The Indian stock market closed on a negative note on Thursday as a result of the rise in oil prices and weak global cues. Sensex dropped 610.37 points or (0.92%) to settle at 65,508.32, while Nifty dropped 165 points (-0.8%) to close at 19551 levels. On Friday, benchmark indices are likely to open on a flat note as Gift Nifty traded lower in the early session.

Nifty Prediction Today

"On the daily charts we can observe that the Nifty has closed below 19600 - 19550 zone where multiple supports were placed. This is a sign of further weakness. On the way down it can slip further towards 19500 - 19440 which is the 78.6% Fibonacci retracement level of the rise from 19224 - 20222. Daily and hourly momentum indicator has a negative crossover which is a sell signal.

Thus, both price and momentum indicator suggest that there is a further downside possible over the next few trading sessions. In terms of levels, 19500 - 19440 is the crucial support zone while 19625 - 19650 shall act as an immediate hurdle zone," said Jatin Gedia - Technical Research Analyst at Sharekhan by BNP Paribas.

Bank Nifty Prediction Today

"Bank Nifty also witnessed sustained selling pressure throughout the day to close around the lows for the day. The daily momentum indicator has a negative crossover which is a sell signal. On the downside we expect the Bank Nifty to drift towards 43800. On the upside 44700 - 44800 shall act as an immediate hurdle zone," said Jatin Gedia.

Stocks To Buy Today

Lupin

Buy LUPIN in cash @ Rs 1133.05, stop-loss: Rs 1105, target: Rs 1175

The technical analysis provided for LUPIN stock suggests a generally positive outlook. LUPIN is currently trading at 1133.05 levels, having recently rebounded from a support level at 1105 levels. This bounce indicates that buyers are active at this level, potentially providing a foundation for further price gains.

Furthermore, the fact that the stock is trading above key moving averages, including the 20-day, 50-day, and 200-day EMAs, indicates that it has exhibited consistent upward momentum across various timeframes. This is often seen as a bullish sign.

The Relative Strength Index (RSI) at 57 suggests that there is strength in the stock, but it is not yet overextended, leaving room for further price appreciation. However, there is a smaller resistance level at 1145 that the stock needs to overcome. If it successfully surpasses this resistance, it could potentially target higher levels, specifically 1175 and beyond.

According to the aforementioned technical analysis, we advise buying LUPIN at a CMP of 1133.05 for the target of 1175 levels, if the stock closes below 1105, our analysis will be invalid.

L&T

Buy LT in cash @ Rs 3010, stop-loss: Rs 2945, target: Rs 3145

Based on a comprehensive technical analysis of LT, it is recommended to initiate a cash position at the current market price of 3010, with a stop-loss set at 2945 and a target price of 3145. The stock has exhibited a notable positive momentum following a breakout at the 3010 level, a significant milestone after a two-week consolidation period. Furthermore, LT is currently trading above critical moving averages, including the 20, 50, 100, and 200-day, indicating a robust bullish sentiment.

Additionally, the stock is displaying an expansion in Bollinger Bands, signifying increased volatility and potential for further upward movement. The Relative Strength Index (RSI) stands at 75, highlighting a strong bullish trend. In light of these factors, the buy recommendation at 3010 presents an opportune entry point for investors aiming for a target of 3145.

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.