Intraday Stocks To Buy Today, May 28: Top 4 Picks By Sumeet Bagadia For Profitable Trading On Wednesday

In contrast to the Bank Nifty index, which opened negatively, saw volatility, and ultimately finished on a downward trajectory at 55,353, the Nifty index started the previous session on a negative note, saw profit booking following a sharp jump, and finally settled on a negative note at 24,826. A spike in market volatility ahead of the upcoming F&O expiry was indicated by the India VIX volatility index, which jumped 2.85% to 18.54. Amid a tug-of-war between bulls and bears despite mixed global cues, investors are now anticipating the release of the minutes from the most recent FOMC meeting, which may offer clues on the Fed's policy stance.

Nifty Outlook Today

"The index traded with extreme volatility as it formed a bearish candle with a lower low compared to previous session signalling profit booking around the 25,000 levels. Nifty on Tuesday session failed to move above Monday's high (25,079) and gave up its previous session gains to form an intraday low of 24,704. The index continues to consolidate in the range of 25,200-24,400 in the last 11 sessions. We believe index will extend the consolidation, hence dips should be used as buying opportunity. On the lower side 24,700-24,650 is likely to act as immediate support while short term support is seen at 24,400-24,500 being confluence of 20 days EMA, previous breakout area and last 2 weeks lows," as per Bajaj Broking Market.

Bank Nifty Outlook Today

"Bank Nifty formed a second consecutive high wave candle signaling consolidation with corrective bias. The index during current week tested the upper band of the last 4 weeks consolidation range placed around 55,800-56,000 levels. Overall, we expect the index to extend the last 4 weeks' consolidation in the broad range of 56,000-53,500. Only a move above 56,000 levels will signal acceleration of the up move towards 56,700 levels in the coming sessions. In the last 23 sessions, it has retraced just 38.2% of the prior 9-session rally (49,157-56,098), indicating a shallow pullback that suggests underlying strength and potential higher bottom formation. Immediate support is placed at 54,800 levels while the short-term support is seen at 54,000-53,500 being the confluence of key retracement and 50 days EMA," said the research analysts of Bajaj Broking Market.

Stocks To Buy Today

In light of growing concerns about trade tensions, Choice Broking's executive director, Sumeet Bagadia, recommended purchasing two stocks on Wednesday, May 28.

GlaxoSmithKline Pharmaceuticals

Buy GLAXO in cash @ Rs 3104, Stop-loss: Rs 2999, Target: Rs 3310

GLAXO is currently trading at 3104. The stock has shown a remarkable technical resurgence, delivering a notable breakout above the crucial ₹3,000 mark and closed with an intraday gain of 5.33%. GLAXO has delivered a multi-month breakout has triggered fresh buying interest as it marks the highest closing level in nearly 9 months after consolidating for several weeks between ₹2800 and ₹3000 marking a decisive breakout.

The stock has broken past its major resistances and it is now trading firmly above all key exponential moving averages. The price action shows a clear breakout from a horizontal range expansion underscores renewed investor confidence and robust momentum in the stock.

The Relative Strength Index (RSI), a momentum indicator, is hovering around 64.03 levels. This RSI reading suggests that the stock possesses considerable strength and also It signifies a healthy and sustainable uptrend.

Based on the above analysis we recommend buying GLAXO in cash at CMP of 3104 for the target of 3310 with a stop loss of 2999.

Valiant Organics

Buy VALIANTORG in cash @ Rs 415.65, Stop-loss @ Rs 400, Target @ Rs 444

VALIANTORG is currently positioned at 415.65 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 past few sessions 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 200-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 425 levels, a breakout beyond this threshold could pave the way for further upward momentum. Sustaining levels above 425 may propel the stock towards the next target at 444 levels, presenting a promising outlook for investors.

Reinforcing the positive sentiment, the Relative Strength Index (RSI) comfortably rests at 68.37 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 VALIANTORG at CMP of 415.65 for a medium term outlook with a stop loss of 400 for targets of 444.

Sky Gold and Diamonds

Buy SKYGOLD in Cash @ Rs 370.05, Stop-loss @ Rs 357, Target @ Rs 395

SKYGOLD is currently trading at ₹370.05, having recently rebounded from a key support zone. The stock has broken out of a falling trendline on the daily timeframe, signaling a potential trend reversal. This breakout is accompanied by rising trading volumes, indicating strong buying interest and reinforcing the bullish sentiment.

Technically, the stock is trading well above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), confirming the strength of the ongoing uptrend. The Relative Strength Index (RSI) stands at 68.61, reflecting building bullish momentum while still remaining below the overbought threshold, suggesting further upside potential.

In the near term, SKYGOLD appears well-positioned to move towards the target of ₹395. However, the ₹382 level may act as a short-term resistance. A decisive breakout above this level could offer a strong confirmation for bullish continuation and a favorable entry point.

Given the strong technical setup, traders may consider entering at the current market price of ₹370.05, with an upside target of ₹395. To manage risk effectively, a stop-loss should be placed at ₹357. While the outlook remains positive, traders are advised to remain cautious of short-term volatility and follow disciplined risk management strategies.

Sirca Paints India

Buy SIRCA in Cash @ Rs 328.80, Stop-loss @ Rs 317, Target @ Rs 352

SIRCA is currently trading at ₹328.80, having recently rebounded from a key support zone. The stock is on the verge of breaking out from a falling trendline on the daily chart, signaling a potential reversal. A confirmed breakout, supported by increasing trading volumes, would strengthen the bullish outlook and indicate strong buying interest.

Technically, SIRCA is trading comfortably above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), which reinforces the strength of the prevailing uptrend. The Relative Strength Index (RSI) is currently at 75.91, indicating strong bullish momentum. While the RSI is nearing overbought territory, it still suggests there may be additional room for upward movement in the near term.

A sustained move above the critical resistance level of ₹340 could serve as a confirmation for the continuation of the bullish trend and provide an ideal entry opportunity for long positions. In the short term, the stock appears well-positioned to move toward a target of ₹352.

Traders may consider entering at the current market price of ₹328.80, with an upside target of ₹352. To manage risk effectively, a stop-loss can be placed at ₹317. Despite the favorable technical setup, it is essential to remain cautious of short-term volatility and follow disciplined risk management practices.

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.