Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Friday, 31st Jan

The Nifty gained 86 points (0.37%) to close at 23,249, extending its positive run for the third straight day on Thursday. The January derivatives expiry day featured a lot of intraday trading volatility, however, the benchmark index fell 2.1% for the January series, marking its fourth consecutive loss. The Nifty Smallcap 100 recorded minor gains of 0.12%, while the Nifty Midcap 100 Index ended flat, indicating that broader markets lagged. With a BSE advance-decline ratio of 1.19, market breadth stayed positive. Likewise, the Bank Nifty index began the day flat, showed buying interest, and ended the day higher at 49,312. The India VIX, a measure of market volatility, fell 6.70% to 17.39, suggesting that market volatility has subsided.

Nifty Outlook Today

"Technically, Nifty formed a green candle on the daily chart, indicating strength, with immediate resistance near 23,340, where the 21-Days Simple Moving Average (21-DSMA) is placed, and strong support at 23,000. As long as Nifty holds above 23,000, a short-term pullback toward 23,340 and 23,500 remains possible, favoring a buy-on-dips strategy," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company).

Bank Nifty Outlook Today

"On the technical front, Bank Nifty on a daily chart has formed a green candle, indicating strength. Moreover, Bank Nifty index has crossed and sustained above its 21-Days Simple Moving Average (21-DSMA) of 49,200, making it an immediate support level, while the previous breakdown point of 49,650 which will act as a key hurdle. As long as Bank Nifty holds above 49,200, bullish momentum is likely to continue, supporting a buy-on-dips approach," stated Hrishikesh Yedve.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, suggested purchasing two stocks on Friday, January 31, following the Nifty's strong momentum as indicated by the bullish crossover of the daily RSI.

Zensar Technologies

Buy ZENSARTECH in cash @ 860.05, Stop-loss: 830, Target: 920

ZENSARTECH showcases a strong bullish momentum, evident from a notable uptrend from the support levels around 800, in close proximity to its 20 Day Exponential Moving Average (EMA). substantial upward movement and a significant closing around ₹860.05. The stock has been experiencing robust buying interest, leading to consecutive gains that could potentially lead to further upward movement after the recent surge, offering an optimistic outlook for investors

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 ZENSARTECH 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 ZENSARTECH Industries. Traders and investors may find this analysis indicative of potential continued upward momentum in the stock.

Based on the above analysis we recommend buying ZENSARTECH in cash at CMP of 860.05 for the target of 920 with a stop loss of 830.

Jindal Drilling and Industries

Buy JINDRILL in Cash @ 893.75, Stop-loss @ 860, Target @ 960

JINDRILL is currently trading at 893.75, demonstrating a strong bullish trend. This is supported by a recent breakout above key resistance levels, reaching a 52-week high of 907.95. The chart has formed a cup-and-handle pattern, which is a bullish continuation formation, indicating the potential for further upward momentum. Additionally, there has been a significant increase in volume, reflecting strong buying interest. The stock is trading well above its 20-day, 50-day, 100-day, and 200-day exponential moving averages, reinforcing the bullish outlook. Key resistance levels are identified in the range of 900 to 915. If the stock successfully surpasses this resistance zone, it may achieve a short-term target of 960.

On the downside, immediate support is located at 888 - 880. The Relative Strength Index (RSI) is currently at 68.85 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 860 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, JINDRILL presents a promising buying opportunity for those aiming for a 960 target, provided that appropriate risk management strategies are in place.

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.