Intraday Stocks To Buy Today, May 16: Top Picks By Sumeet Bagadia For Profitable Trading On Friday

The Nifty finished the previous trading session at 25,062.10, with a strong gain of 1.60% (+395.20 points). The index not only crossed the significant 25,000 level, but also soared comfortably above all of its key moving averages. At 55,355.60 at the conclusion of the day, Nifty Bank had gained 1.01%. India VIX ended the day at 16.89, down 1.93%. Compared to the previous four sessions, that is a notable decline. The cooling VIX indicates a soothing of tensions and less panic in the market. After a protracted seven-month struggle, the Nifty 50 has finally recovered the 25,000 milestone. The Indian stock market is expected to start 98 points higher, as predicted by Gift Nifty as of 07:01 AM, given the present favorable global and domestic trends.

Nifty Outlook Today

"Nifty showed solid follow-through buying today, maintaining its footing and cleanly piercing through a major supply ceiling. With strong call unwinding and a firm close above short-term moving averages, sentiment has turned overtly positive. As call writers roll up their strikes and unwind at lower levels, the bullish narrative is getting stronger. Going forward, 25,250 is the level to watch. Holding above 24,800 keeps the structure healthy and may lead to a surge toward 25,500. Any dip below 24,800 might lead to a brief pullback, but it's likely to be short-lived and seen as a chance to reload long trades-especially near 24,500, which could act as a new demand base. For now, the bulls are clearly setting the tone," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"With Nifty Bank bouncing off its support levels and holding its ground strongly, the sentiment has swung clearly in favour of the bulls. A round of call unwinding and index's firm trade above its 10-day EMA is highlighting strength beneath the surface. The broader setup appears to be shifting gears toward bullishness, with bulls now taking the driver's seat. As call writers shift their hedges higher, the undertone is turning more upbeat. Heading into the next session, 55,500 will act as a key level to cross. Staying above 54,500 keeps the structure healthy and might trigger another upward wave toward 56,000. However, if the index dips below 54,800, some intraday selling may appear-but that could just be another buying setup near 54,500 support zone," commented Dhupesh Dhameja.

Stocks To Buy Today

On Friday, May 16, Choice Broking's executive director Sumeet Bagadia suggested buying two stocks after the Nifty broke above the 25,000 barrier with a Relative Strength Index (RSI) of 66, suggesting strong momentum.

Info Edge (India)

Buy NAUKRI in Cash @ Rs 1504, Stop-loss @ Rs 1451, Target @ Rs 1610

NAUKRI is currently trading at ₹1,504 and is exhibiting a strong bullish trend, marked by the formation of higher highs and higher lows. The stock has recently broken out above a critical resistance level at ₹1,500, confirming upward momentum. This breakout is supported by a noticeable surge in trading volumes, signaling strong buying interest from market participants. With this positive price action, the stock is likely to aim for a near-term target of ₹1,610.

The Relative Strength Index (RSI) stands at 63.27, indicating sustained bullish strength. Additionally, NAUKRI is comfortably trading above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), further validating the ongoing uptrend.

On the downside, immediate support is placed at ₹1,475, which may act as a cushion during minor pullbacks. Investors may consider initiating a long position at current levels with a target of ₹1,610, while maintaining a stop-loss at ₹1,451 to manage risk effectively. Given the elevated RSI and potential for short-term volatility, disciplined risk management remains essential.

Dalmia Bharat

Buy DALBHARAT in Cash @ Rs 2085.80, Stop-loss @ Rs 2012, Target @ Rs 2232

DALBHARAT is currently trading at 2085.8, maintaining a strong upward trajectory. The stock has consistently formed higher highs and higher lows, reflecting sustained bullish momentum. It recently reached a 52-week high of 2093, with a key resistance level around 2110. A breakout above this level could further accelerate buying interest.

The Exponential Moving Averages (EMAs) for the 20, 50, 100, and 200-day periods are all trending upwards, reinforcing the bullish outlook. The price is trading above all major EMAs, indicating strong positive sentiment and continued strength in the stock.

If DALBHARAT manages to close above the 2110 resistance level, it could gain further traction toward a short-term target of 2232. Traders should monitor price action around this resistance zone for confirmation of a breakout.

On the downside, immediate support is located at 2050. The Relative Strength Index (RSI) is currently at 70.83 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at Rs 2012 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, DALBHARAT presents a promising buying opportunity for those aiming for a 2232 target, provided that appropriate risk management strategies are in place.

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.