Stocks To Buy Today For Intraday: 2 Stock Picks By Sumeet Bagadia of Choice Broking On Friday, 24th May

Thursday's Nifty had an impressive rise throughout the day, setting a new record high of 22,994 before wrapping up 370 points higher at 22,968. Bulls felt more confident when the India VIX reached a high of 24.22 and then calmed down to 21.38. Throughout the day, Bank Nifty saw significant gains, closing 987 points higher at 48,769. Resilient industries including financial services, pharmaceuticals, healthcare, and infrastructure have been the main drivers of the recent boom. Nonetheless, the RBI's payout of Rs 2.11 lakh crores dividend to the government can be primarily attributed to the record rally.

Market Outlook Today

Jatin Gedia - Technical Research Analyst at Sharekhan by BNP Paribas said, "Nifty opened on a flat note and continued to inch higher throughout the day to close at an All Time High of 22952.45. It has decisively broken above the previous resistance zone of 22750 - 22800 and is now heading towards the upper end of the rising channel placed at 23100 - 23150. Beyond which it can stretch towards 23510. The zone of 22750 - 22800 shall now act as a support as per the principle of role reversal. The Midcap Index made an All-time high on the 17th May, Nifty on 23rd May while the Bank Nifty is still lagging and well below its All Time high."

"Bank Nifty led from the front and closed with gains of ~2% for the day. It is likely to head towards 49330 - 49500 from a short term perspective. The trailing stoploss for the long positions should be kept at 48500," the analyst further added.

What Should Investors Do?

According to Neeraj Chadawar, Head - Fundamental and Quantitative Research at Axis Securities, "There was enthusiasm in the equity market after the RBI approved a Rs 2.1 lakh crore dividend to the government. This indicates a better fiscal position and softer bond yields going forward. As a result of this positive move, we are seeing some short covering in the market. If the election outcome aligns with current market expectations, we expect Nifty to reach new highs in the first week of June. Therefore, we recommend that investors stay invested in the market and maintain good liquidity (10%) to take advantage of market dips and gradually build positions in high-quality companies with strong earnings visibility with an investment horizon of 12-18 months."

Stocks To Buy Today

On Friday, May 24, Sumeet Bagadia, executive director of Choice Broking, made a recommendation concerning buying or selling two intraday stocks.

UNO Minda

Buy UNOMINDA in cash @ Rs 829.95, stop-loss: Rs 800: target: Rs 880

UNOMINDA daily chart analysis reveals a notable shift in market dynamics, transitioning from a period of minor declines and sideways consolidation to a promising upside bounce. This breakout has been accompanied by a consolidation of the upward movement, characterized by Bullish Engulfing Pattern. The strong bullish sentiment is further validated by a noticeable surge in trading volume.

Key technical indicators, particularly the Relative Strength Index (RSI), highlight the positive momentum in the stock. The RSI not only indicates favourable trends but also aligns with the stock trading above important moving averages, including the 20-day, 50-day, and 100-day Exponential Moving Averages (EMA). This convergence underscores the continued strength in UNOMINDA price action.

In summary, the decisive breakout, along with encouraging volume and the positive alignment of key technical indicators, suggests a bullish outlook for UNOMINDA. Traders and investors may interpret this analysis as indicative of potential sustained upward momentum in the stock.

Considering the above analysis, we recommend UNOMINDA in cash at the current market price (CMP) of 829.95, setting a target of 880, and implementing a stop loss at 800.

Techno Electric & Engineering Company

Buy TECHNOE in cash @ Rs 1161.25, stop-loss: Rs 1115, target: Rs 1250

The analysis suggests a positive outlook for TECHNOE based on the daily chart. The stock has exhibited a consistent pattern of higher highs and higher lows over the past several days., with a recent breakout above the neckline indicating a potential upward movement. The increase in trading volume and the stock trading above the Volume Weighted Average Price (VWAP) for short term is 1152 further supports a bullish scenario.

Additionally, TECHNOE is trading above its 20-day, 50-day, and 100-day Exponential Moving Average (EMA) levels, reinforcing the bullish trend. Given these factors, the recommendation is to buy TECHNOE in cash at the current market price (CMP) of 1161.25, targeting 1250, with a stop-loss at 1115.

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.