Intraday Stocks To Buy Today, May 23: Top Picks By Sumeet Bagadia For Profitable Trading On Friday

Throughout the previous session, Nifty saw an unrelenting tide of selling, and it concluded the day at 24,609.70, down 0.82%. The Nifty Bank index was under negative pressure for the majority of the day, with sellers obviously controlling the market from the beginning. Nifty Bank closed at 54,941.30, down just 0.24% (133.80 points) in spite of the chop. The India VIX ended the day at 17.25 after cooling off slightly, falling 1.65%. However, concern persisted in spite of this decline-VIX is still much higher than its comfort level of 15, suggesting underlying tension. Market breadth remained negative with 1,518 stocks advancing, 1,907 declining, and 128 remaining unchanged on the BSE. Domestic markets maintained their downward trend after a small rebound in the middle of the week, driven by bloated valuations, sector-specific weakness, and global uncertainty.

Nifty Outlook Today

"Nifty index has not only broken its crucial support but also wrapped up the session below it, making it the fifth straight day it failed to surpass the previous session's highs. Bears appear firmly in control, using every rise to reload their short bets. The 20-DEMA support near 24,450 has now become a battleground-the index must hold this level or risk steep drawdowns. FPIs have doubled down on their bearish bets, with the long-short ratio deteriorating sharply-a signal of their defensive posture. Unless the index clears the 24,850-25,000 resistance area with strength, bulls are likely to stay on the sidelines. On the downside, breaching 24,450 could amplify selling and drag the index towards 24,150. Overall, the Street's mood remains cautious and skeptical, with every rebound appearing to lure in fresh sellers rather than genuine buyers," commented Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"Even as broader sentiment soured, the Nifty Bank showed some resilience by outperforming the Nifty 50. That said, short trades are being reloaded on every spike, and traders are using the bounces as exits or fresh short entries. The options data suggests a lack of directional bias-but the bias leans mildly to the downside. For now, the zone between 54,450 and 54,500 remains the last line of defense. A clear breakdown below this base would tilt the scales sharply and push the index towards 54,000 or lower. Unless a clean breakout is seen above 55,500, bulls are likely to stay on the sidelines. With volatility still hovering and short interest rising, the mood on the market is one of guarded pessimism-where every uptick may just be another opportunity to fade the rally," Dhupesh Dhameja stated.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, advised purchasing two stocks on Friday, May 23, following the Nifty index's failure to close above the highs of its previous five sessions, a clear indication of diminishing bullish momentum.

Max Financial Services

Buy MFSL in Cash @ Rs 1414, Stop-loss @ Rs 1364, Target @ Rs 1513

MFSL is currently trading at 1414 and continues to follow a strong upward trajectory, marked by a consistent formation of higher highs and higher lows, an indication of sustained bullish momentum. The stock recently touched an all-time high of 1425.9, and a breakout above this level could potentially accelerate buying interest.

The Exponential Moving Averages for the 20, 50, 100, and 200-day periods are all trending upwards, reinforcing the bullish outlook. With the price trading above all key EMAs, overall market sentiment remains positive. A sustained close above the 1425.9 resistance level could open the path toward a short-term target of 1513. Traders are advised to closely monitor price action around this critical level for confirmation of a breakout.

On the downside, immediate support is located at 1390. The Relative Strength Index (RSI) is currently at 77.45 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 1364 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, MFSL presents a promising buying opportunity for those aiming for a 1513 target, provided that appropriate risk management strategies are in place.

Apl Apollo Tubes

Buy APLAPOLLO in Cash @ Rs 1829.5, Stop-loss @ Rs 1765, Target @ Rs 1960

APLAPOLLO is currently trading at 1829.5 and continues to exhibit strong bullish momentum, characterized by a consistent pattern of higher highs and higher lows. The stock recently reached a new all-time high of 1836.5, and a decisive breakout above this level could potentially accelerate buying interest.

The Exponential Moving Averages for the 20, 50, 100, and 200-day periods are all trending upwards, underscoring the strength of the ongoing uptrend. With the price trading above all key EMAs, market sentiment remains firmly positive. A sustained close above the 1836.5 resistance level could pave the way for a short-term move towards 1960. Traders are advised to monitor price action closely around this critical zone for confirmation of a breakout.

On the downside, immediate support is located at 1810. The Relative Strength Index (RSI) is currently at 79.11 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 1765 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, APLAPOLLO presents a promising buying opportunity for those aiming for a 1960 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.