Stocks To Buy Today: BUY/SELL Intraday Calls By Sumeet Bagadia On Thursday - 14th Nov

The Nifty had a flat start on Wednesday but soon gave in to strong selling pressure, ending at 23,559, down 1.36%, or 324.40 points, with a session low of 23,509.60. After opening flat, the Nifty Bank index had early and ongoing selling pressure, which caused it to drop 2.09%, or 1,069.45 points, to end at 50,088 after plunging to a session low of 49,904. The volatility indicator, the India VIX, rose 5.79% to settle at 15.43, suggesting heightened caution. With the VIX at 15, the market is probably going to see further selling activity as volatility rises.

Nifty Outlook

"The Nifty's outlook has turned bearish, with every attempt to rally faces robust resistance from the sellers. The daily chart indicates a break below the crucial 23,800 support, suggesting further caution as the index struggles to recover. With substantial call writing around 24,000 level, this zone remains a formidable resistance, reflecting selling pressure is mounting on upward moves. The 200-day moving average has now become a critical support for the index, as momentum indicator on the intraday chart, reaches to an oversold level. While a short-term pullback cannot be ruled out, failure to hold the 23,500 supports could lead to further declines, with the next major support around 23,300-23,000. Under these conditions, traders may consider a "sell on rise" strategy as long as the index trades below the immediate resistance at 24,000," said Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities.

Bank Nifty Outlook

"The outlook for the Nifty Bank remains cautiously bearish, as its break below the psychological 51,000 level confirms selling dominance at elevated levels. Persistent resistance within the 50,500-51,000 range has capped recent upward movements, with heavy call writing in this zone supporting the bearish stance. As long as the index remains below 51,500, sellers are likely to dictate the trend, and resistance will likely limit any potential rallies. Currently, the index has broken down from its range, indicating a possible continuation of its bearish trajectory. It is now trading near its 200-DMA, which serves as a key support level around 49,900, where strong put positions hint at buyers' attempts to defend this level. However, previous rebound attempts have encountered selling pressure, reinforcing a cautious sentiment. With the momentum indicator in oversold territory and a PCR reading of 0.57, a short-term pullback cannot be ruled out. Traders may consider a "sell on rise" strategy as long as the index remains below the 51,500-resistance level, as upticks are likely to be short-lived amid ongoing selling pressure," said Dhupesh Dhameja.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, recommended buying two stocks on Thursday, November 14th, following the Nifty's breakdown of the crucial 23,800 support level. The index is expected to remain cautious as it attempts to restore its upward momentum.

Vimta Labs

Buy VIMTALABS in cash @ 759.95, SL 735, TGT 810

VIMTALABS showcases a strong bullish momentum, evident from a substantial upward movement and a significant closing around ₹759.95. The stock has been experiencing robust buying interest, leading to consecutive gains that could potentially lead to further upward movement after the recent surge, offering an optimistic outlook for investors

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 VIMTALABS 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 VIMTALABS 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 VIMTALABS in cash at CMP of 759.95 for the target of 810 with a stop loss of 735.

Unichem Laboratories

Buy UNICHEMLAB in cash @ 876.75 SL 844 TGT 930

UNICHEMLAB Limited is currently trading at 876.75 levels, showcasing a notable uptrend from the support levels around 827, in close proximity to its 20 Day Exponential Moving Average (EMA). The stock's positive momentum is further confirmed by its positioning above the short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMA levels, reinforcing its technical resilience.

A significant breakthrough above the resistance at 900, supported by robust volumes, underscores the stock's strength which also marks its all-time high. A breakout above this crucial resistance could set the stage for a rally towards the target of ₹930 in the short term. Traders and investors who entered at lower levels are advised to safeguard their positions by trailing stop losses near 827, aiming for the target of 930 and beyond.

The momentum indicator, Relative Strength Index (RSI), is currently at 67 levels, indicating positive momentum in the stock. For those considering fresh investments, purchasing at the current market price (CMP) is a viable option, targeting 930, with a stringent stop loss set at 844 levels to manage risk effectively.

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.