Intraday Stocks To Buy Today, May 12: Top Picks By Sumeet Bagadia For Profitable Trading On Monday

Amid growing geopolitical tensions between India and Pakistan, Indian market indices saw a dramatic correction last week, with the BSE Sensex ending the week at 79,454.47, falling 1.30%, while the Nifty 50 completed the week at 24,008.00, dropping 1.39%. The surge in the India VIX indicates that market volatility has significantly increased due to elevated geopolitical tensions. With a 2.98% rise, the India VIX settled at 21.63, over the crucial 20-Day mark level. The market's mounting uneasiness, which is fueled by ongoing tensions and uncertainty throughout the globe, is reflected in this increase in volatility. In addition to FII/DII data and the ongoing corporate Q4 earnings season with upcoming results from Tata Steel, SRF, UPL, PVR INOX, Bharti Airtel, Tata Motors, Cipla, GAIL India, Hero Motocorp, Siemens and Bharti Hexacom, investors will be closely watching the publication of key data points this week, including the Consumer Price Index (CPI) and Wholesale Price Index (WPI), which will shape Indian stock market movement.

Nifty Outlook Today

"As the Nifty grapples with overhead resistance and continues to see selling on every uptick, the broader tone has shifted to one of caution. While the index has thus far managed to defend its 24,000 support, the underlying structure has weakened-hinting that the bulls are slowly losing ground. With Put writers reducing exposure and migrating to lower levels, bearish undertones are becoming more prominent. In this evolving scenario, the 24,000 level emerges as the line in the sand. A convincing move above 24,200 could revive bullish momentum and propel the index toward the 24,500 zone. However, a breach below 24,000 would likely open the floodgates for sharper declines toward 23,800-23,600. For now, sellers appear to hold the upper hand," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"Nifty Bank's inability to sustain upward momentum and the breakdown below prior supports signals a tilt toward a more cautious market tone. Though the index still hovers near its crucial support, the structural fragility suggests bulls are running out of steam. The broader trend is gradually shifting to a defensive posture, with 53,450 emerging as the critical battleground. A decisive move above 55,300 may rejuvenate bullish sentiment and lift the index toward 55,800, while a break below 53,450 could trigger sharper declines towards the 53,000-52,800 region. For now, sellers continue to have the upper hand," commented Dhupesh Dhameja.

Stocks To Buy Today

On May 12, Choice Broking's executive director Sumeet Bagadia recommended buying two stocks on Monday after the Nifty's daily RSI dipped below the 60 mark, indicating a slowing pace.

Bharat Forge

Buy BHARATFORG in Cash @ Rs 1165.6, Stop-loss @1125, Target @1247

Bharat Forge is currently trading at ₹1,165.60, having recently rebounded from a key support zone. The stock has broken out of a falling trendline on the weekly timeframe, indicating the formation of a potential reversal pattern. This breakout is backed by rising trading volumes, suggesting strong buying interest. In the short term, Bharat Forge appears well-positioned to target ₹1,247, with the Relative Strength Index (RSI) at 58.24, highlighting a strengthening bullish momentum and room for further upside.

Technically, the stock is trading comfortably above its 20-day and 50-day Exponential Moving Averages (EMAs), and is approaching its 200-day EMA. A sustained move above this longer-term average would further reinforce the positive trend. The stock may face some resistance around the ₹1,200 level, which could also serve as an ideal entry point if breached convincingly.

Traders may consider entering at the current market price of ₹1,165.60, with a target of ₹1,247 and a stop-loss placed at ₹1,125 to manage risk effectively. While the technical setup remains favorable, it is important to remain cautious of short-term volatility and follow strict risk management protocols.

Latent View Analytics

Buy LATENTVIEW in Cash @ Rs 412.45, Stop-loss @398, Target @442

Latent View is currently trading around ₹412.45, displaying a sharp recovery from lower levels and forming a strong bullish candle, which suggests a potential reversal in momentum. The stock is on the verge of breaking out of a flag-and-pole chart pattern, supported by a notable rise in trading volumes-an indication of strong buying interest. A sustained move above the ₹433 level could confirm the breakout and potentially propel the stock towards the ₹442 mark.

The Relative Strength Index (RSI) stands at 58.84 and is trending upwards, signaling strengthening bullish momentum. From a technical standpoint, the stock is trading comfortably above its 20-day and 50-day Exponential Moving Averages (EMAs) and is nearing its 200-day EMA. A sustained move above the 200-day EMA would further affirm the positive trend and strengthen the bullish outlook.

On the downside, ₹403 serves as a key support level, providing a cushion against potential minor pullbacks. Considering the strong technical setup and favorable indicators, Latent View offers a compelling buying opportunity at current levels. Traders may consider entering at ₹412.45 with a target of ₹442, while maintaining a stop-loss at ₹398 to manage risk effectively. This setup offers an attractive risk-to-reward ratio aligned with the prevailing 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.