Stocks To Buy: Intraday BUY/SELL Calls By Sumeet Bagadia On Monday, 2nd Dec

Despite suffering a great deal of volatility, the Indian stock market closed the week on an upward trajectory. The week ended with the BSE Sensex up 0.87% and the Nifty50 up almost 1%, wrapping up at 24,131 and 79,802, respectively. Following the BJP-led NDA's resounding victory in the Maharashtra elections--strong investor optimism propelled the Indian benchmark indices to continue their rise for a second week in a row.

Market Outlook This Week

"The outlook for the market will be guided by the major domestic and global economic data such as India Nikkei S&P Global Manufacturing PMI (Nov), India Nikkei Services PMI (Nov), India Interest Rate Decision, US S&P Global Composite PMI (Nov), US Manufacturing PMI (Nov), US ISM Non-Manufacturing PMI (Nov), US Services PMI (Nov), US JOLTS Job Openings (Oct), US Nonfarm Payrolls (Nov), US Initial Jobless Claims, US Unemployment Rate (Nov)," said Ms. Palka Arora Chopra, Director of Master Capital Services Ltd.

"Looking ahead, markets are likely to react to the disappointing GDP growth of 5.4% on Monday. However, much of the slowdown appears to be priced in, and the weak data may compel the Reserve Bank of India (RBI) to consider rate cuts sooner than expected. The upcoming RBI policy on October 6 will be crucial, with both the interest rate decision and commentary being key focus areas. On the global front, geopolitical tensions, particularly the Russia-Ukraine situation, remain a concern. However, the cooling of the dollar index and US bond yields in recent days is generally favorable for emerging markets like India. Important macroeconomic data such as Manufacturing PMI from India, the US, and China, along with US job data and Fed Chair Jerome Powell's speech, will also influence market sentiment," said Santosh Meena, Head of Research, Swastika Investmart Ltd.

Nifty Prediction

"From a technical perspective, Nifty is positioned above its 20-DMA and 200-DMA, but it faces an immediate resistance zone between 24,350 and 24,415. A breakout above this level could push it towards 24,625-24,770. On the downside, 23,850 acts as the first support, followed by a major zone at 23,650-23,500," said Santosh Meena.

"Nifty 50 closed above the 21-day EMA, respecting the 23,800 level as support, and ended positive for the second consecutive week. The 23,800-23,850 zone remains a crucial support; a breach below this could trigger a fall toward 23,400. On the upside, breaking above 24,300 may initiate a fresh rally toward 24,800. The current trend suggests a "buy on dips" approach, with key levels guiding traders for entry and exit. Maintaining support above 23,800 is critical to sustain the bullish momentum," stated Palka Arora Chopra.

Nifty Bank Prediction

"Bank Nifty looks relatively stronger, trading above its key moving averages, but it is struggling to sustain above the 52,600 level. A decisive move beyond this could take it to 53,300, while 51,600-51,400 serves as immediate support, with 50,800 as the next critical level," commented Santosh Meena.

"Bank Nifty closed positive for the second consecutive week, gaining 1.80%, and formed a spinning top candle on the weekly chart. The index respects the 51,750-51,850 support zone, suggesting a "buy on dips" approach until trading above this level. A breach below could lead to a sharp fall toward 51,100. On the upside, 52,400 acts as resistance; crossing this level could drive the index to 53,000. Maintaining support above 51,750 is critical to sustain bullish momentum, with traders eyeing key levels for directional cues," predicted Palka Arora Chopra.

Stocks To Buy On Monday

On Monday, December 2, Choice Broking's executive director, Sumeet Bagadia, suggested buying two stocks after a bullish harami candlestick pattern emerged in the daily time frame, suggesting a potential short-term bullish trend for the Nifty.

Caplin Point Laboratories

Buy CAPLIPOINT in cash @ Rs 2196.35, Stop-loss @ Rs 2121, Target @ Rs 2350

CAPLIPOINT is exhibiting strong bullish momentum, currently trading at an all-time high of 2200 levels. The recent breakout above the crucial resistance at 2121 levels is a significant technical development, supported by robust trading volumes, reinforcing the strength in the stock. The breakthrough suggests a potential continuation of the upward trend, offering an optimistic outlook for investors.

Additionally, CAPLIPOINT 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 66.94 levels.

For traders, keeping an eye on the strong support near the 2121 level is advisable, as a breach of this level could signal a shift in sentiment. Overall, CAPLIPOINT 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 CAPLIPOINT and the CMP of 2196.35 with a stop loss of 2121 for the target of 2350.

Lloyds Metals And Energy

Buy LLOYDSME in cash @ Rs 1039.5, stop-loss: Rs 999, Target: Rs 1111

LLOYDSME is presently trading at 1039.5 levels. On the daily chart, the stock has formed a strong bullish momentum candle, signifying a resurgence of strength in its price action.
A robust support level is situated at 999 levels. This confluence of support factors enhances the stock's stability and resilience.

Furthermore, LLOYDSME is trading above all the important moving averages, which underscores its overall bullish posture and trend.

The Relative Strength Index (RSI), a momentum indicator, is hovering around 64.77 levels. This RSI reading suggests that the stock possesses considerable strength and also It signifies a healthy and sustainable uptrend.

A minor resistance level is noticeable in the vicinity of 1050 levels. Once the stocks successfully surpass this resistance, it has the potential to advance towards the target level of 1111. This could present a favourable trading opportunity for investors and traders alike.

Based on the above analysis we recommend buying LLOYDSME at CMP of 1039.5 with a SL of 999 for the target of 1111.

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.