Intraday Stocks To Buy Today, May 9: Top Picks By Sumeet Bagadia For Profitable Trading On Friday

The previous session's Nifty index was under pressure throughout the entire session, seeing severe sell-offs, particularly in the final hour of trade. It completed the day at 24,273.80, down 0.58% (-140.60 points). Despite substantial losses, the Nifty Bank index ended the day lower by 0.45% (-245.25 points), closing at 54,365.65. The index continued to struggle to maintain higher levels throughout the session, with strong selling pressure impacting in the last hour of trading. The India VIX broke over the psychologically significant 20 mark, rising 10.22% to settle at 21.00. The surge in uncertainty brought on by growing worries about the ongoing disputes is reflected in this rise in volatility. Growing geopolitical tensions along the India-Pakistan border were a major factor in this decline, and the U.S. Federal Reserve's decision to keep interest rates unchanged caused global market sentiment to stay cautious.

Nifty Outlook Today

"As the Nifty struggles to surpass its immediate resistance and shows multiple attempts to defend its support, the bias has gradually tilted toward caution. The sharp selling observed in the final hour hints at potential unwinding, suggesting bulls are losing grip. While the broader trend remains uncertain, the 24,000 level stands as a critical support zone. A move above 24,500 could revive buying momentum, potentially lifting the index toward 25,000. On the contrary, a breakdown below 24,200 could flip sentiment bearish, inviting aggressive sell-offs toward 24,000-23,900. In essence, Nifty appears to be coiling for a decisive move one that depends entirely on whether it can break free from its current range," commented Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"The Nifty Bank's failure to breakout on the upside, despite multiple tests of the base level, suggests participants are turning more cautious. The late-hour selloff hints that unwinding of long bets may continue if no catalyst shows up. Bulls are clearly struggling to reclaim control. With the broader structure staying sideways and a hint of bearishness creeping in, the 53,800 zone becomes a key inflection level. A break above 55,200 would unlock momentum and may push prices toward 56,000. But if the 54,000 or worse, the 53,800 level fails to hold, then the bears might gain traction and drive the index toward 53,300-53,000 range. All said and done, Nifty Bank is at crossroads and gearing up for a decisive move-direction still undecided," commented Dhupesh Dhameja.

Stocks To Buy Today

On Friday, May 9, Choice Broking's executive director, Sumeet Bagadia recommended buying two stocks following India's VIX spike to 21.01, which signaled an abrupt rise in volatility. High VIX levels often signify higher levels of uncertainty and the potential for severe short-term price fluctuations.

KPR Mill

Buy KPRMILL in cash @ Rs 1188, Stop-loss: Rs 1140, Target: Rs 1260

KPRMILL urged by a remarkable 7.96% in Thursday trade. The rally was backed by strong volumes and a sharp bullish candle, suggesting aggressive accumulation at lower levels. The counter has been on a strong uptrend since early March, marking a decisive breakout from a prolonged consolidation phase. A large bullish candle with strong range expansion underscores renewed investor confidence and robust momentum in the stock

Adding to the positive momentum, Importantly, this move came after a brief pullback near the 20-day EMA, which held strong support near ₹1,030, and acted as a springboard for the current rally. Furthermore, KPRMILL is currently trading above its crucial 20-day, 50-day, and 100-day Exponential Moving Average (EMA) levels, reinforcing the bullish trend. Given the overall chart pattern, the analysis suggests a favourable long trading opportunity for investors.

Based on the above analysis we recommend buying KPRMILL in cash at CMP of 1188 for the target of 1260 with a stop loss of 1140.

CRISIL

Buy CRISIL in cash @ Rs 5010, Stop-loss: Rs 4830, Target: Rs 5333

CRISIL has shown signs of resilience in the recent trading sessions, consolidating around key moving averages. The stock is currently trading at ₹5010, with a gain of 6.59% for the session. The chart indicates a steady upward movement after a period of correction, with the stock finding support around the ₹4600-₹4800 zone.

The presence of the 200-day EMA at ₹4790 suggests a near-term support zone, while resistance can be seen around ₹5100. The stock had recently witnessed a phase of consolidation, followed by a breakout attempt. Volume activity remains moderate, indicating that further confirmation of strength is needed for a sustained uptrend.

The recent bullish momentum suggests that if HINDPETRO manages to stay above the ₹5000-₹5100 range, it could witness further upside, potentially testing the ₹5333 mark. However, if selling pressure intensifies, the stock may retest its support levels. The Bollinger Bands suggest that volatility is gradually expanding, which could lead to a decisive move in the coming sessions.

The Relative Strength Index (RSI), a momentum indicator, is hovering around 67.19 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 CRISIL at CMP of 5010 with a SL of 4830 for the target of 5333.

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.