Petronet LNG vs Power Grid: Day Trading Picks By Sumeet Bagadia On Tuesday, 24th September

The nation's benchmark indices began the day higher, following global trends. Nifty had a strong start to the day and maintained its momentum all day. Index closed the day on Monday at 25939, having reached a new all-time high of 25,956. There was a rise in market volatility as seen by the volatility index, INDIA VIX, which increased by 7.77% and settled at 13.79. Bank Nifty had a strong start to the day and maintained it throughout. After reaching a new all-time high of 54,197.95 points, Bank Nifty ended the day higher at 54106 points. India VIX increased 7.78% from the previous session's closing of 12.79 to 13.78. Even with this rise, the VIX is still below 15, indicating that as long as market volatility remains low and buyer demand remains high, positive momentum is expected to continue to build.

Nifty Outlook

"Technically, the index is oscillating within a rising channel and is trading near the upper trend line resistance of the channel pattern, which is around 25,900-26,000 levels, making them a strong hurdle in the short term. Therefore, on the upside, 26,000 will act as an immediate hurdle for Nifty. If the index sustains above 26,000 it could test the 26,200 levels. On the downside, 25,600 will serve as an immediate support for Nifty," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Bank Nifty Outlook

"Technically, the index is oscillating within a rising channel. The index has also witnessed a fresh rounding bottom pattern breakout. However, in the short-term index might face a hurdle near 54500 levels and if sustains above it then it might test the levels of 55,000-55,500, where the upper trend line resistance of the channel pattern is placed. On the downside, the breakout level of rounding bottom pattern near 53,350 and the Psychological level of 53,000 will serve as support points," said Hrishikesh Yedve

Stocks To Buy Today

On September 24, Choice Broking's executive director Sumeet Bagadia recommended buying two intraday stocks since the Nifty index is currently trading just below its key psychological barrier at 26,000.

Petronet LNG

Buy PETRONET in Cash @ 331.55, stop-loss @ 320, target @ 352

PETRONET is currently trading at 331.55 and shows an overall uptrend. The stock has recently reversed from higher levels and found support at the Fibonacci 0.618 level of 320, indicating strong bullish momentum. Additionally, PETRONET is trading above its 200-day EMA, which further suggests potential strength.

If the stock can sustain above the key resistance level of 335.85, it may aim for a short-term target of 352. The Relative Strength Index (RSI) is currently at 37.99, placing the stock in a neutral zone.

Based on the technical analysis and current momentum, PETRONET presents a potential buying opportunity with a target of 352. Implementing proper risk management by placing a stop-loss at 320 is essential to safeguard your position.

Power Grid

Buy POWERGRID in Cash @ 341.15, stop-loss @ 327.5, target @ 368

POWERGRID is currently trading at Rs 341.15 and appears to be on the verge of a reversal from its support level within a parallel channel, identified at Rs 335.95. This bullish outlook is reinforced by a significant increase in trading volumes. If POWERGRID sustains above the key resistance level of Rs 343, it could target Rs 368 in the short term.

The Relative Strength Index (RSI) is at 57.20, indicating the stock is in a neutral zone, while it is trading above its 200-day Exponential Moving Average (EMA), suggesting potential strength.

In summary, based on the technical analysis and current momentum, POWERGRID presents a viable buying opportunity with a target of Rs 368. It's crucial to implement proper risk management by placing a stop loss at Rs 327.50 to safeguard your position.

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.