Stocks To Buy Today: BUY/SELL Intraday Calls By Sumeet Bagadia On Tuesday - 12th Nov

The Nifty had significant volatility on Monday, started the day downward, and ended the day slightly down at 24,141 levels. The Bank Nifty began the day flat, but following some initial volatility, the index picked up bullish momentum and ended the day higher at 51,877. A drop in market volatility was indicated by the India Vix volatility index, which dropped 1.38% to 14.27. Market volatility decreased, as seen by the India Vix volatility index, which dropped 1.38% to 14.27. The October domestic CPI data, which will be released today, may cause market volatility as investors continue to rely on global variables and muted quarterly performance.

Nifty Outlook Today

"Technically, on a daily basis, the index formed a doji like candle, indicating uncertainty. On the higher side, the 100-Days exponential moving average (DEMA) hurdle is placed near 24,430 followed by 24,540, which was last week's high. On the downside, 150-Days exponential moving average (DEMA) is placed near 24,990, which will act as short term support for the index followed by 23,800, where the recent swing support is placed. In the immediate term, we expect the index will consolidate in the range of 23,800 to 24,500. A decisive breakout on either side will determine the next direction of the index. Until then, traders should aim to buy near support and sell near resistance," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company).

Bank Nifty Outlook Today

"Technically, the index on a daily scale found support near 100- Days exponential moving average (DEMA) and formed a green candle, indicating strength. However, the index has been consolidating in the range of 50,500 to 52,580 from the last few weeks. If the index sustains above 52,580, then only fresh upmove could be possible, otherwise, the index will continue its consolidation," Hrishikesh Yedve added.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, advised purchasing two stocks on Tuesday, November 12th, following the observation on the daily charts that the Nifty remained throughout the psychological support level of 24000. and the Nifty encountered resistance at 24350 on the upside.

Axis Bank

Buy AXISBANK in Cash @ Rs 1171, Stop-loss @ Rs 1133, Target @ Rs 1240

AXISBANK is currently trading at Rs 1171, showing bullish momentum and indicating a upcoming breakout. The stock appears set to break out from a symmetrical triangle pattern on the daily chart, with rising trading volumes further reinforcing this bullish outlook. If AXISBANK can sustain levels above Rs 1195, it may advance toward a target of Rs 1240.

The Relative Strength Index (RSI) stands at 49.25 and is trending upward, suggesting an increase in buying momentum. Furthermore, AXISBANK is trading above key moving averages, including the short-term 20-day EMA and the long-term 200-day EMA, which supports the ongoing bullish trend.

In summary, the favorable technical setup, combined with indicators such as RSI and moving averages, makes a buy at the current market price of Rs 1171 compelling. Setting a stop loss at Rs 1133 and a target of Rs 1240 aligns well with the stock's bullish trajectory and presents an opportunity for potential gains.

VA Tech Wabag

Buy WABAG in Cash @ Rs 1797.3, Stop-loss @ Rs 1730, Target @ Rs 1920

WABAG, currently trading at 1797.3, exhibits a strong uptrend, supported by its consistent position above key exponential moving averages (EMAs). Recent price action indicates a consolidation phase following a notable rally, with the stock maintaining levels near the 20-Day EMA. This setup suggests the potential for continued upward movement. With the stock positioned above its short-, medium-, and long-term EMAs, bullish momentum appears well-supported. If this trend continues, WABAG could reach a short-term target of 1920.

On the downside, immediate support is located at 1750. The Relative Strength Index (RSI) is currently at 61.10 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 1730 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, WABAG presents a promising buying opportunity for those aiming for a 1920 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.