Intraday Stocks Today: 2 Stock Picks By Sumeet Bagadia of Choice Broking On Thursday, 16th May

Due to strong global cues, the domestic benchmark indices had a bullish opening on Wednesday. After that, Nifty saw profit booking and started with a gap up, ending the day at 22,201. The Bank Nifty had a strong start to the day but struggled to maintain bullish levels, which led to a negative closing value of 47,687. The India VIX had a dismal closing session, closing at 20.27 with a modest rise of 0.38%. The market is being affected by FIIs selling and the higher India Vix, and this pressure could get worse ahead of the election results.

Nifty Outlook Today

"Technically, on the daily scale, the index has encountered resistance near the 22,300 levels, where the 21-Days exponential moving average (21-DEMA) is placed. As long as the index remains below the 22,300 levels, we expect the index to consolidate in the range of 22,000-22,300. If the index sustains above 22,310, then the pullback rally might extend to 22,500 levels," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Bank Nifty Outlook

"Technically, the index is still respecting a bullish engulfing candle, indicating strength. As long as the index remains above 46,983, the bullish momentum will continue. On the upside, the 21-DEMA is placed near 48,060, which will serve as the first hurdle for the index, followed by 48,500," Hrishikesh Yedve further predicted.

Stocks To Buy Today

The executive director of Choice Broking, Sumeet Bagadia, recommended buying or selling two intraday stocks on Thursday, May 16.

ICICI Bank

Buy ICICIBANK in cash @ Rs 1124.35, stop-loss: Rs 1095, target: Rs 1170

ICICI Bank has demonstrated noteworthy resilience, staging a rebound from 1105 levels. The stock has strong support at 1095 in close proximity to its 50-Day Exponential Moving Average (EMA). The stock, currently trading at 1124.35, exhibits a positive trajectory, indicative of underlying strength. Significantly, trading above key moving averages reinforces the stock's robust position.

An observable hurdle surfaces around 1150, constituting a minor resistance. A successful breach of this level holds the potential to propel the stock towards the target of 1170 and beyond. This analysis reflects the stock's resilience, technical strength, and the possibility of continued upward movement, offering valuable insights for investors navigating the dynamic market landscape.

Based on the above analysis we expect ICICIBANK to move higher towards 1170 and hence we recommend buying ICICIBANK at a CMP of 1124.35 with a SL of 1095.

Bharti Airtel

Buy BHARTIARTL in cash @ Rs 1316, stop-loss: Rs 1275, target: Rs 1395

BHARTIARTL, currently trading at Rs 1316, has recently broken out of a daily trendline chart with strong volume. The current price trend suggests robust bullish momentum above Rs 1320, with expectations of further upward movement towards Rs 1395. On the downside, substantial support is evident near Rs 1275. The Relative Strength Index (RSI) stands at 59.54, signaling bullish movement.

To manage risk effectively, it is advisable to set a stop-loss (SL) at Rs 1275 to protect the investment in case of an unexpected market reversal. A prudent strategy involves considering buying opportunities on market dips at levels around Rs 1290.

In summary, considering the technical analysis and prevailing market conditions, BHARTIARTL appears to present a promising buying opportunity for those targeting a Rs 1395 price objective, contingent upon the implementation of prudent risk management measures.

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.