Stocks To Buy Today: Day Trading Picks By Sumeet Bagadia of Choice Broking On Tuesday, 14th May

Nifty had a significant sell-off to start the Monday session. But it rapidly recovered, closing the day at 22,104, indicating a modest gain of 0.22%, while Bank Nifty ended an eight-day losing run, closing 333 points higher at 47,754. India VIX, a measure of the current degree of market volatility, jumped by around 11% intraday and ended the trading session at 20%, suggesting an overall perception of worry. India VIx has been climbing for 13 days running and jumped dramatically by 100% from 10 to 20 levels.

Nifty Outlook Today

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd said, "Domestic benchmark indices opened lower on Monday and stayed under pressure in the first half. However, in the second half, the index recovered and closed on a positive note at 22,104. Technically, on the daily scale, the index found support near the 100-Days Exponential Moving Average (100-DEMA) as anticipated and formed a hammer candle near the support zone, indicating strength. As per the hammer candlestick pattern, as long as the index holds the support of 21,820, the relief rally will continue. The 21-DEMA is placed near 22,315, which will act as an immediate hurdle for the index. Thus, for the short term, we expect a pullback towards 22,300 levels. If the index sustains above 22,315, the pullback rally might test 22,500 levels."

Bank Nifty Outlook Today

"The Bank Nifty opened on a negative note and faced intense selling pressure in the first half. However, in the second half, the index had a big pullback and concluded the day on a positive note at 47,754. Technically, the index has respected the support of the 100-Day Exponential Moving Average (100-DEMA), which is currently placed near 47,068. Moreover, the index formed a bullish engulfing candle near the trendline support, suggesting strength. As long as the index remains above 46,983, the bullish momentum will continue. On the upside, the 21-DEMA is placed near 48,120, which will serve as the first hurdle for the index, followed by 48,500," stated Hrishikesh Yedve.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, recommended buying or selling two intraday stocks on Tuesday, May 14.

Tejas Networks

Buy TEJASNET in cash @ Rs 1199.85, stop-loss @ Rs 1155, target @ Rs 1288

TEJASNET is exhibiting strong bullish momentum, currently trading at an all-time high of 1219 levels. The recent breakout above the crucial resistance at 1150 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, TEJASNET 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 72.69 levels.

For traders, keeping an eye on the strong support near 1155 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, TEJASNET 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 TEJASNET and the CMP of 1199.85 with a stop loss of 1155 for the target of 1288.

Heritage Foods

Buy HERITGFOOD in cash @ Rs 363.05, stop-loss: Rs 350, target: Rs 388

HERITGFOOD has recently exhibited a robust breakout from the critical resistance zone of 330 - 350 on the daily chart, consolidating the move with higher highs and higher lows. This breakout is supported by a notable increase in trading volume, indicating strong bullish sentiment.

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 HERITGFOOD price action.

In summary, the decisive breakout, coupled with favourable volume and a positive alignment of key technical indicators, suggests a bullish outlook for HERITGFOOD. Traders and investors may find this analysis indicative of potential continued upward momentum in the stock.

Based on the above analysis we recommend buying HERITGFOOD in cash at CMP of 363.05 for the target of 388 with a stop loss of 350.

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.