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

While Nifty Bank closed the session at 53,117.75, up 1.41%, forming an impressive bullish candle above the descending trendline connecting the previous swing highs, Nifty concluded the previous session at 23,437.20, showing a gain of 0.47% and continuing its rise. With the Nifty Midcap 100 up 0.71% and the Nifty Smallcap 100 up 1.05%, the broader markets continued to perform well. The market's volatility indicator, the India VIX, decreased by 1.61% to 15.86, indicating a calming of concerns about geopolitical threats. While the banking, media, FMCG, real estate, and oil and gas sectors saw substantial gains, the auto and pharmaceutical sectors closed the day in the negative.

Nifty Outlook Today

"The uninterrupted rally into the sixth straight session, accompanied by an unfilled bullish gap, may act as a price magnet in the event of a pullback. For bulls to firmly tighten their grip, a strong follow-through move beyond 23,500 is essential. Simultaneously, protecting the session's low of 23,270 will be crucial to preserving the bullish setup. The formation of a strong-bodied candle, closing near the session high and above resistance, backed by active put writing, supports the case for a continued upward bias. As long as the index sustains above 23,200, the sentiment remains constructive. However, the 23,500-23,600 band now acts as a pivotal hurdle, reinforced by heavy call writer presence. A firm breakout above 23,500 could unleash bullish momentum, while failure to hold above 23,200 may invite near-term selling, dragging the index back toward the 23,000 mark," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"With the Nifty Bank extending its upward trajectory for a sixth straight day, the presence of an unfilled gap may act as a gravitational pull in case of near-term correction. To solidify bullish control, a decisive move past the 53,500 threshold is imperative. Holding above the day's low of 52,470 will also be crucial in maintaining the positive structure. The formation of a long-bodied bullish candle-combined with significant put writing-underlines the importance of defending this level. As long as the index sustains above 52,400, the overall bias remains tilted to the upside. However, the resistance band of 53,500-53,600-fortified by intense call writing-must be decisively taken out for momentum to accelerate. A successful breakout could pave the way for further gains, while a slip below 52,400 could trigger a round of profit booking, potentially dragging the index toward the 53,000 mark," commented Dhupesh Dhameja.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, recommended buying two stocks on Thursday, April 17, after the Nifty easily cleared the 23,400 level amid erratic intraday fluctuations.

Indian Bank

Buy INDIANB in cash @ Rs 567.3, Stop-loss @ 547, Target @ 605

INDIANB is currently positioned at 567.3 levels, has shown robust upward momentum. The stock's showing an impressive turnaround on the charts, as the stock gears up for a fresh upside rally following a strong breakout from its earlier congestion zone. After spending weeks in a sideways to corrective phase, the counter has decisively crossed over multiple critical moving averages, indicating renewed bullish momentum.

The chart reveals a steady climb, with the 20-day EMA trending upward and converging towards the 50-day and 100-day EMAs. This alignment of moving averages suggests a continuation of the bullish trend if supported by further buying pressure., affirming its inherent strength.

While facing a minor resistance at 573 levels, a breakout beyond this threshold could pave the way for further upward momentum. Sustaining levels above 573 may propel the stock towards the next target at 605 levels, presenting a promising outlook for investors.
Reinforcing the positive sentiment, the Relative Strength Index (RSI) comfortably rests at 62.4 levels. Investors may find opportunities in this upward trajectory, particularly on confirmation of a sustained breakthrough above the resistance level.

Based on the above technical analysis we recommend buying INDIANB at CMP of 567.3 for a medium term outlook with a stop loss of 547 for targets of 605.

Narayana Hrudayalaya

Buy NH in cash @ Rs 1793.3, Stop-loss @ 1730, Target @ 1919

NH 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, with the significant breakout above the key resistance level around 1717. 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 NH to attain a target price of ₹1919 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 daily chart signalling a potential continuation of the uptrend. Furthermore, NH 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 1730 levels is advisable, as a breach of this level could signal a shift in sentiment.

Based on the above analysis we recommend buying NH and the CMP of 1793.3 with a stop loss of 1730 for the target of 1919.

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.