Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Friday, 21st March

Amid strong global cues, benchmark indices ended the day with an abrupt rise, continuing their winning streak for the fourth consecutive session. The Nifty was up 283 points, or 1.24%, at 23,190.65, and the Bank Nifty gained for the sixth consecutive session. The Bank Nifty index began the day with a bullish gap, saw persistent buying interest, and ended the day on a positive note at 50,063. The volatility index, India VIX, cooled off by 5.22% to 12.60, indicating a drop in market volatility.

Nifty Outlook Today

"Technically, Nifty broke past the trendline resistance with a bullish gap, triggering a fresh breakout and forming a strong bullish candle, which signals continued strength. Immediate support for the index is placed near 22,940-22,974, where it has formed a bullish gap. As long as Nifty remains above 22,940, it could extend its rally towards 23,500-23,600. Given the overall bullish setup, traders are advised to follow a "buy on dips" strategy in the short term," 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 Bank Nifty index managed to hold key support at 49,650 and successfully crossed the 50,000-resistance level, forming a green candle. The next major resistance for the index is placed near 50,640, which coincides with its previous swing high. As long as Bank Nifty remains above 49,650, the bullish momentum is expected to continue. Traders are advised to adopt a "buy on dips" approach to capitalize on short-term opportunities," said Hrishikesh Yedve.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, advised purchasing two stocks on Friday, March 21, despite the ferocity of FII selling. DII buying is still robust, and the upcoming month will be centred on the Q4FY25 results.

JSW Infrastructure

Buy JSWINFRA in cash @ Rs 295.7, Stop-loss: Rs 285, Target: Rs 316

JSWINFRA showcases a strong bullish momentum, evident from a substantial upward movement and a significant closing around ₹295.7. The stock has been experiencing robust buying interest, leading to consecutive gains and an attempt to consolidate after the recent surge.

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 JSWINFRA price action.

The surge in volume associated with this upward price action also indicates strong interest and a potential continuation of the rally if the momentum sustains a bullish outlook for JSWINFRA. Traders and investors may find this analysis indicative of potential continued upward momentum in the stock.

Based on the above analysis we recommend buying JSWINFRA in cash at CMP of 295.7 for the target of 316 with a stop loss of 285.

Avanti Feeds

Buy AVANTIFEED in cash @ Rs 931.6, Stop-loss @ Rs 898, Target @ Rs 997

AVANTIFEED is exhibiting strong bullish momentum, currently trading at a 52-Week high of 942.5 levels. The recent breakout above the crucial resistance at 900 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, AVANTIFEED 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 75.45 levels.

For traders, keeping an eye on the strong support near 898 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, AVANTIFEED 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 AVANTIFEED and the CMP of 931.6 with a stop loss of 898 for the target of 997.

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.