Intraday Stocks To Buy Today, May 29: Top Picks By Sumeet Bagadia For Profitable Trading On Thursday

At 24,752.45, down 0.30%, the Nifty formed a small bearish candle at the close of the previous session. Constant selling pressure at higher levels was reflected in the index's march toward the 20 EMA after it was unable to regain the 9 EMA. On the other hand, Nifty Bank formed a small-bodied green candle along a constrained trading range, closing the day at 55,417.00, up 0.12%. Calmly, the India VIX dropped 2.79% to close at 18.01. Even while the index is still moving cautiously, the VIX remaining above the comfortable 15 zone indicates the concern isn't fully subsiding. On the home front, market observers are now anticipating Q4GDP amid the persistent worries about trade ties between the US and India.

Nifty Outlook Today

"The index keeps trapping both bulls and bears in its sideways mess, with no clean break showing up and sellers ramping up their firepower. Bulls, meanwhile, are fiercely defending their last-stand base. Structurally, Nifty remains in an uptrend as long as it floats above the 20-day EMA, but, it's struggling hard to crack resistance. Unless the 25,100 lid is blown off with force, bulls might keep running into headwinds. On the downside, a sharp break below 24,700 could let loose fresh selling waves. Overall, the street's mood stays indecisive, spiked with high volatility. Until a clear breakout or breakdown unfolds, expect more sideways grind, bull traps, and stop-hunting whipsaws to dominate the battlefield," said Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"For nearly two weeks, the index has been boxed into a narrow sideways grind, with sellers stacking heavy resistance layers overhead. Bulls, for their part, have been fiercely defending key supports, clinging onto their bases. The 10-day EMA has turned into a lifeline, and as long as the index stays perched above it, bulls hold onto a thin edge of hope. Structurally, Nifty Bank's uptrend remains intact, with the index still floating above the 20-day EMA - but it's clearly struggling to punch through overhead hurdles. Unless bulls can decisively smash past the 55,500 ceiling, they'll keep running into stubborn headwinds. On the downside, a decisive break below 55,000 could open the door to heavier selling waves. In short, the market's pulse stays directionless, laced with sharp swings and jittery volatility. The setup hints at more range-bound, trap-heavy action ahead - with either a breakout or breakdown being the key to unlocking the next real move. Until then, traders may keep finding themselves caught in frustrating churn and whipsaw trades," stated Dhupesh Dhameja.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, advised buying two stocks on Thursday, May 29, as investors eagerly await the F&O expiry day.

Paradeep Phosphates

Buy PARADEEP in cash @ Rs 168.25, Stop-loss @ Rs 162, Target @ Rs 180

PARADEEP is exhibiting strong bullish momentum, currently trading at an all-time high of 169.85 levels. PARADEEP Ltd surged nearly 5%, indicating firm buying interest throughout the session. PARADEEP has been on a robust upward trajectory since its March low, where the stock bottomed out around the ₹83.25 zone. Since then, it has rallied more than 104% in a little over two months, consistently forming higher highs and higher lows-a classic bullish pattern.

Additionally, PARADEEP is trading above key moving averages, including the short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMAs, further affirming its bullish stance. The momentum indicator, Relative Strength Index (RSI), is at 71.66 levels.

For traders, keeping an eye on the strong support near 165 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, PARADEEP current technical setup suggests a favourable environment for further upside potential, provided traders and investors remain vigilant to potential reversals and closely monitor key support and resistance levels.

Based on the above analysis we recommend buying PARADEEP and the CMP of 168.25 with a stop loss of 162 for the target of 180.

Garware Hi-Tech Films

Buy GRWRHITECH in cash @ Rs 4505, Stop-loss: Rs 4350, Target: Rs 4800

GRWRHITECH showcases a strong bullish momentum, evident from a substantial upward movement and a significant closing around ₹4505. The stock witnessed strong price action was marked by strong buying momentum. After a prolonged downtrend that bottomed out in early April, GRWRHITECH has shown a strong reversal, forming a steady pattern of higher highs and higher lows.

This shift indicates a transition from bearish to bullish territory, signalling strong participation from investors. The stock is consolidating near the psychological ₹4500 mark. Today strong close near this level suggests a potential breakout. A confirmed move above ₹4,500 could open the path for further upside toward 4,700 and 4,800 level.

Key technical indicators, particularly the Relative Strength Index (RSI), emphasize the stock's positive momentum. The RSI not only signals positive trends but also aligns with the stock trading above crucial moving averages, including the 20-day, 50-day, and 200-day Exponential Moving Averages (EMA). This convergence underscores the sustained strength in GRWRHITECH price action.

The trend remains bullish, with this upward price action also indicates strong interest and a potential continuation of the rally if the momentum sustains a bullish outlook for GRWRHITECH. Traders and investors may find this analysis indicative of potential continued upward momentum in the stock.

Based on the above analysis we recommend buying GRWRHITECH in cash at CMP of 4505 for the target of 4800 with a stop loss of 4350.

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.