Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Friday, 7th Feb

Positive global signals caused the Nifty index to start with a positive gap, but profit booking caused it to close down at 23,603 on Thursday. Likewise, the Bank Nifty began the day gapping higher, encountered resistance at a higher level and ultimately ended the day marginally up at 50,382 levels. The market is expecting the newly appointed RBI governor, Sanjay Malhotra, to lower the repo rate by 25 basis points during today's RBI MPC meeting.

Nifty Outlook Today

"Technically, Nifty formed a red candle of daily scale, indicating weakness. The major support for the index lies at 23,430, while resistance remains at 23,810. Traders are advised to adopt a cautious approach, buying near support and selling near resistance," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company).

Bank Nifty Outlook Today

"Technically speaking, the Bank Nifty has formed a small red candle near its previous resistance point of 50,600. On the downside, immediate support for the Bank Nifty is placed near 50,000 levels. Thus, the index is expected to consolidate in the 50,000-50,600 range in the short term. A breakout in either direction will further set the next move for the index," commented Hrishikesh Yedve.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, advised purchasing two stocks on Friday, February 7 amid the focus on the RBI monetary policy committee's decision today.

Camlin Fine Sciences

Buy CAMLINFINE in cash @ Rs 138.74, Stop-loss @ 133, Target @ 150

CAMLINFINE is exhibiting strong bullish momentum, currently trading at an all-time high of 143 levels. The chart depicts a healthy uptrend backed by improving sentiment. The stock has maintained a strong upward momentum, as highlighted by the series of higher highs and higher lows. Recently, the price has approached ₹138.74, riding the wave of bullish strength. supported by robust trading volumes, reinforcing the strength in the stock.

Additionally, CAMLINFINE 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 62.27 levels.

For traders, keeping an eye on the strong support near 133 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, CAMLINFINE 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 CAMLINFINE and the CMP of 138.74 with a stop loss of 133 for the target of 150.

Bajaj Healthcare

Buy BAJAJHCARE in cash @ Rs 696.7, Stop-loss @ 670, Target @ 750

BAJAJHCARE daily chart analysis offers a favourable view for the following week, indicating a steady higher advance. Notably, the stock has produced a notable higher high and higher low pattern, and the company's recent upward swing has effectively violated the neckline, with the significant breakout above the key resistance level around 650. This breakthrough indicates the possibility of a significant follow-through upward increase in the stock price.

This trend signals strong momentum in the stock. There is potential for BAJAJHCARE to attain a target price of ₹750 in the near term.

Adding to the positive momentum, there has been an increase in trading volume, indicating growing market interest. The stock formed a strong bullish momentum on daily chart signalling a potential continuation of the uptrend. Furthermore, BAJAJHCARE is currently trading above its crucial 20-day, 50-day, and 100-day Exponential Moving Average (EMA) levels, reinforcing the bullish trend.

For traders, keeping an eye on the strong support near 650 levels is advisable, as a breach of this level could signal a shift in sentiment.

Based on the above analysis we recommend buying BAJAJHCARE and the CMP of 696.7 with a stop loss of 670 for the target of 750.

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.