Stocks To Buy Today: Day Trading Picks By Sumeet Bagadia of Choice Broking On Wednesday, 15th May

Following the early volatility, the Nifty gained 0.51% to settle at 22,217.85. Nifty maintained its positive trend throughout the day, rising 114 points to settle at 22,218 on Tuesday. It was the first trading session in which the India VIX closed in the red. Bank Nifty, on the other hand, closed higher at 47,859.45, up 0.22%, after navigating a turbulent day with a bullish undertone. Investor caution is in anticipation of the upcoming U.S. CPI data, despite the fact that the domestic market has continued its upward trajectory from recent lows.

Nifty Outlook

" Technically, on the daily scale, the index has sustained above the high of a hammer candle, 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 22,305, 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 22,305, the pullback rally might extend to 22,500 levels," said Neeraj Sharma, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

"Nifty has given a higher close on the daily chart. All Strikes from 21,800 until 22,200 saw call writers (Bears) exiting and put writing, which led to a steady up move in the Nifty today. The 22,200 & 22,300 saw decent put writing (Bulls activity). The maximum put open interest is now placed at the 22,000 Strike, which will act as an immediate support for Nifty. If call writers exit from the 22,200 Strike, Nifty is likely to move higher," said Mr. Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities.

Bank Nifty Outlook

"Technically, the index has sustained above the high of a bullish engulfing candle, indicating strength. As long as the index remains above 46,983, the bullish momentum will continue. On the upside, the 21-DEMA is placed near 48,100, which will serve as the first hurdle for the index, followed by 48,500," Neeraj Sharma further added.
"All Strikes from 46,800 until 47,500 saw call writers (Bears) exiting and put writing, which kept the Bank Nifty steady. The maximum call open interest is placed at the 48,000 Strike in Bank Nifty. Bank Nifty is likely to move higher if call writers exit from the 48,000 Strike ahead of the weekly expiry Wednesday," said Ashwin Ramani.

Stocks To Buy Today

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

BASF India

Buy BASF in cash @ Rs 4617.45, stop-loss @ Rs 4444, target @ Rs 4888

BASF is exhibiting strong bullish momentum, currently trading at an all-time high of 4690.75 levels. The recent breakout above the crucial resistance at 4350 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, BASF 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 72.40 levels.

For traders, keeping an eye on the strong support near 4444 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, BASF 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 BASF and the CMP of 4617.45 with a stop loss of 4444 for the target of 4888.

Kirloskar Brothers

Buy KIRLOSBROS in cash @ Rs 1532.9, stop-loss @ Rs 1477, target @ Rs 1616

KIRLOSBROS is exhibiting strong bullish momentum, currently trading at an all-time high of 1565 levels. This breakout has been accompanied by a consolidation of the upward movement, characterized by higher highs and higher lows, 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, KIRLOSBROS 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 71.85 levels.

For traders, keeping an eye on the strong support near 1477 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, KIRLOSBROS 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 KIRLOSBROS and the CMP of 1532.9 with a stop loss of 1477 for the target of 1616.

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.