Stocks To Buy Today: BUY/SELL Intraday Calls By Sumeet Bagadia On Wednesday - 13th Nov

Nifty had a flat start on Tuesday but was soon hammered by strong selling pressure that continued all day, causing the index to drop to a session low of 23,839.15 before closing 1.07% down at 23,883, down 257.85 points. Although the Bank Nifty had a good start, the index saw heavy selling pressure in the second half. Consequently, the Bank Nifty ended the day at 51,158, down. The India VIX, which gauges market volatility, increased by 2.40% to close the day at 14.60. Since lower volatility typically encourages buying activity, conditions are generally favourable for a bullish mood as long as VIX levels remain below 15.

Nifty Outlook Today

"The Nifty's outlook has shifted to a bearish-to-neutral stance, with each rally attempt met by strong seller resistance. The index remains below its 10-day EMA, reflecting limited buying interest, while sustained call writing above 24,000 suggests that price upswings continue to draw selling activity. The index's close below the 24,000 level, where strong put writers had previously defended positions, signals growing aggressiveness among sellers. With the index approaching immediate support at 23,800, sentiment has turned cautious due to its ongoing struggle to rebound from this area. Should the index fail to hold this support, further declines could target the next significant support around 23,500-23,550. In this environment, traders may consider a "sell on rise" strategy as long as the index remains below its immediate resistance at 24,200," said Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"The outlook for Nifty Bank remains cautiously bearish, as the index has fallen below the psychological 52,000 level, affirming seller dominance at elevated levels. Persistent resistance within the 52,000-52,500 range has limited recent upward movement, with strong call writing in this area further supporting a bearish stance. As long as the index remains below 52,500, sellers are likely to control the trend, and resistance will cap any potential rallies. Currently, the index is trading near its critical support zone of 51,000-50,800, with strong put positions indicating buyer attempts to defend this level. However, multiple rebound attempts have faced significant sell-offs, adding to the cautious sentiment. Traders may consider a "sell on rise" strategy as long as the index remains below the 52,500-resistance level, as upticks are short-lived with sellers maintaining control. A break below the 50,800 level could trigger further downside momentum, intensifying profit booking and potentially pushing the index to the 50,400-50,500 support range," commented Dhupesh Dhameja.

Stocks To Buy Today

Choice Broking's executive director, Sumeet Bagadia, recommended buying two stocks on Wednesday, November 13th, as the Nifty index tested immediate support at 23,800 and indicated a cautious view because of its ongoing challenges recovering from this zone.

PNB Housing Finance

Buy PNBHOUSING in cash @ Rs 983.15, Stop-loss: Rs 947, Target: Rs 1030

PNB Housing Finance chart reflects a steady rise, with the stock closing at Rs 983.15. The stock is gradually recovering after a period of sideways movement. It is now approaching an important resistance level around Rs 1,000. This level is significant as breaking above it could lead to a stronger upward movement. If the stock can stay strong and move above the current range, especially by breaking past Rs 1,000, it may have room for further upward movement, potentially reaching Rs 1030 levels. On the downside, substantial support is evident near Rs 947.

Furthermore, PNBHOUSING is trading above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. The Relative Strength Index (RSI) stands at 54.44, signalling an upward trajectory and confirming an increase in buying momentum.

In summary, considering the technical analysis and prevailing market conditions, PNBHOUSING appears to present a promising buying opportunity for those targeting a Rs 1030 price objective. To manage risk effectively, it is advisable to set a stop-loss (SL) at Rs 947 to protect the investment in case of an unexpected market reversal.

Sasken Technologies

Buy SASKEN in cash @ Rs 1946.45, Stop-loss @ Rs 1870, Target @ Rs 2070

SASKEN is exhibiting strong bullish momentum, currently trading at an all-time high of 2055.25 levels. The recent breakout above the crucial resistance at 1860 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, SASKEN 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 71.14 levels.
For traders, keeping an eye on the strong support near 1870 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, SASKEN 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 SASKEN and the CMP of 1946.45 with a stop loss of 1870 for the target of 2070.

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.