Stocks To Buy: BUY/SELL Intraday Calls By Sumeet Bagadia On Monday - 18th Nov

The Nifty began Thursday's trading session down, saw tight band consolidation, and ended the day little lower at 23,533 levels. A decrease in market volatility was indicated by the India Vix volatility index, which cooled off by 4.27% to 14.78. After experiencing initial volatility, the Bank Nifty experienced buying activity and ended the day on a positive note around 50,180 levels after starting the day flat to negative. A drop in market volatility was indicated by the India Vix volatility index, which cooled off by 4.27% to 14.78. The volatility indicator, the India VIX, fell 4.28% to close at 14.77. The market is being cautious, even if the VIX is still around 15, which supports optimistic positive outlook.

Nifty Outlook

"The outlook for Nifty has turned bearish-to-sideways as every rally faces firm resistance from sellers. The index's close below the 200-day moving average and its previous week's low of 23,800 signals caution, suggesting that follow-through selling could confirm a continued downtrend. However, if the index holds support around 23,500, a possible fake-out structure may emerge. In the event of a pullback, failure to hold the 23,500-support level could lead to a further decline, with the next major support near 23,300-23,200. Under current conditions, traders may consider a "sell on the rise" strategy, particularly if the index remains below the immediate 24,000 resistance level," said Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities.

Bank Nifty Outlook

"The outlook for the Nifty Bank index remains cautiously bearish, with each rally attempt facing strong resistance from sellers, affirming their dominance at higher levels. Persistent resistance between the 50,500-51,000 range has limited recent upward moves, with heavy call writing in this area supporting the bearish perspective. As long as the index remains below 51,500, sellers are likely to control the trend, and resistance levels are expected to cap any potential rallies. The index has done a pullback of trading range breakdown and follow through of downside can signal a possible continuation of the bearish trend. Currently trading near its 200-DMA at approximately 49,900, this level serves as essential support, with strong Put positions indicating buyer efforts to defend it. However, past rebounds have been met with selling pressure, which maintains a cautious outlook. Traders may consider a "sell on rise" strategy if the index remains below the 51,500-resistance level, as upward movements are likely to encounter continued selling pressure," said Dhupesh Dhameja.

Stocks To Buy On Monday

Choice Broking's executive director, Sumeet Bagadia, recommended buying two stocks on Monday, November 18th, after the Nifty closed below the crucial 23,800 support level, which was low from the previous week, on the daily chart. This indicated a cautious outlook as recovery efforts encounter more difficulties. Market watchers should be aware that stock market is to remain closed on Friday - 15th November on account of Prakash Gurpurb Sri Guru Nanak Dev Jayanti.

Ganesha Ecosphere

Buy GANECOS in cash @ Rs 2338.5, Stop-loss: Rs 2255, Target: Rs 2500

GANECOS showcases a strong bullish momentum, evident from a substantial upward movement and a significant closing around Rs 2,338.5. The stock has been experiencing robust buying interest, leading to consecutive gains and an attempt to consolidate after the recent surge.

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 GANECOS price action.

The surge in volume associated with this upward price action also indicates strong interest and a potential continuation of the rally if the momentum sustains a bullish outlook for GANECOS Industries. Traders and investors may find this analysis indicative of potential continued upward momentum in the stock.

Based on the above analysis we recommend buying GANECOS in cash at CMP of 2338.5 for the target of 2500 with a stop loss of 2255.

Tips Music

Buy TIPSMUSIC in Cash @ Rs 924.5, Stop-loss: Rs 888, Target @ Rs 985

TIPSMUSIC is demonstrating strong upward momentum, currently trading at 924.5 with a solid uptrend that reflects increased buying interest. The recent formation of a bullish candlestick suggests that buyers are actively stepping in, driving the stock higher. Following a slight pullback from its recent highs, the stock found support at the 20-day Exponential Moving Average (EMA) level of 862.42, from which it rebounded decisively, indicating a strong base and renewed buying pressure. If TIPSMUSIC continues this upward trajectory, it is well-positioned to potentially achieve a short-term target of 985, supported by strong technical indicators and positive market sentiment.

On the downside, immediate support is located at 900. The Relative Strength Index (RSI) is currently at 67.10 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 888 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, TIPSMUSIC presents a promising buying opportunity for those aiming for a 985 target, provided that appropriate risk management strategies are in place.

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.