Intraday Stocks To Buy Today, 17th July: Top Picks By Sumeet Bagadia For Profitable Trading On Thursday

While Nifty Bank gained 162 points to close at 57,168.95, continuing its rise along the upward trendline that has held since May, Nifty closed the previous session at 25,212.05, up 0.06%, following a strong intraday rebound from lower levels. The India VIX fell another 2.09% to close at 11.24, staying well below the crucial 15-point threshold. This extended period of low volatility indicates that there is no panic in the market, even though sellers are still aggressive at higher levels. The muted VIX suggests a controlled consolidation rather than a fear-driven selloff, highlighting a lack of directional conviction.

Nifty Outlook Today

"The Nifty has shown early indications of a possible reversal by closing above the 25,200 mark and forming a higher low structure. However, a decisive breakout above 25,350 remains the key to confirming a directional uptrend. As long as the index remains below its 20-day EMA and faces resistance within the 25,250-25,330 range, any rally is likely to encounter supply pressures," commented Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"The prevailing derivatives setup, with aggressive call writing at higher strikes and relatively muted Put writing, continues to favour a cautious-to-bearish view. The RSI hovering near the midpoint further adds to the indecision in market sentiment. For a sustainable uptrend to take hold, the index must close firmly above 25,350. Until then, Nifty is expected to oscillate between the 25,000-25,350 range, offering short-term opportunities on both sides but lacking a definitive trend," the analyst further added.

Nifty Bank Outlook Today

"Nifty Bank has raised hopes of a potential reversal by reclaiming the 57,100 level and establishing a higher low pattern, indicating buying interest at declines. Yet, a breakout above the 57,350 mark remains critical for confirmation of a bullish trend. As long as the index trades above its 10-day and 20-day exponential moving averages, immediate support is likely to be found between 56,800-57,000, making dips attractive for buyers," Dhupesh Dhameja added.

"The current derivative structure, with strong positioning by both call and put writers near their respective strike levels, suggests the market remains in a consolidation phase. With RSI positioned near the midpoint and FPI behavior still cautious, a clear directional move is unlikely unless there's a breakout above 57,350. Until then, expect the Nifty Bank index to oscillate between 56,800 and 57,350, offering range-bound opportunities but lacking a clear trend bias," Dhupesh Dhameja further stated.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, advised purchasing two stocks on Thursday, July 17 after the India VIX, a crucial indicator of market volatility, dropped 2.09% to 11.24, which indicated both a decline in volatility and an increase in market participant concerns.

Tata Power Company

Buy TATAPOWER in Cash @ Rs 414.7, Stop-loss @ Rs 400, Target @ Rs 450

Tata Power is currently trading near ₹414.70 and is moving within a rising parallel channel, forming higher highs and higher lows which is a classic sign of an ongoing uptrend. The stock recently reversed from the lower boundary of this channel, accompanied by a strong bullish candle, indicating renewed buying interest and the potential for continued upward momentum. If Tata Power sustains above the ₹417 level, it is well-positioned to advance further, with a potential upside target of ₹450.

The Relative Strength Index (RSI) is trending upward at 64.49, highlighting growing buying strength. Additionally, the stock is trading above its key exponential moving averages - the 20-day, 50-day, and 200-day EMAs which further reinforcing the prevailing bullish sentiment.

On the downside, immediate support is seen near ₹410. Traders looking to enter may consider initiating positions at the current market price, with a stop-loss set at ₹400 to manage risk effectively.

Given the current technical setup, rising RSI, and favorable alignment of moving averages, Tata Power offers an attractive buying opportunity. The risk-reward ratio remains favorable, with a recommended target of ₹450 and a protective stop-loss at ₹400.

Bank of Baroda

Buy BANKBARODA in Cash @ Rs 249.08, Stop-loss @ Rs 240, Target @ Rs 270

Bank of Baroda is currently trading at ₹249.08 and is demonstrating strong bullish momentum, supported by a steadily rising price structure. On the daily chart, the stock is on the verge of breaking out from a symmetrical triangle pattern. A decisive close above the key resistance level of ₹258 would confirm the breakout and signal a continuation of the prevailing uptrend.

All major Exponential Moving Averages which are 20-day, 50-day, 100-day, and 200-day all are trending upward, and the stock is trading well above these levels. This alignment reflects underlying strength in the price action and reinforces the bullish sentiment. The Relative Strength Index (RSI) stands at 61.39 and is moving higher, indicating increasing buying strength and sustained positive momentum.

On the downside, immediate support is placed at ₹235, while a stop-loss at ₹240 is recommended to manage risk in the event of an unexpected pullback.

In summary, the current technical setup offers a favorable risk-reward opportunity. Traders may consider entering long positions at the current price, targeting ₹270 in the short term. A breakout above ₹258, especially if supported by strong volumes, would further validate the bullish outlook.

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.