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

While Nifty Bank completed the day at 48,627.70, reporting a small gain of 0.28%, Nifty concluded the session at 22,544.70, recording a gain of 0.93% and continuing its rebound for the second day in a row on Thursday. The market's volatility indicator, the India VIX, increased by 0.40% to 13.72, suggesting a slight rise in risk appetite. Traders are advised to exercise caution as volatility is expected to stay confined as long as the VIX stays below the crucial 15 threshold.

Nifty Outlook Today

"Nifty index's resurgence signals a firm revival of bullish momentum from lower levels. After nearly a month of trading below its 10-DEMA, the index has now reclaimed this level, hinting at a potential trend reversal. The 22,700-22,750 zone emerges as a key supply area, with the RSI recovering above 40, showing momentum is building. The bounce from oversold conditions further strengthens this bullish setup. The recent short-covering rally and the breach of immediate resistance hint at more upside if call writers continue rolling up their positions and if the index maintains its support zones. The 22,200 mark remains a pivotal support for bulls, offering a strong foundation for potential pullbacks. However, a decisive breakout above 22,700 is crucial for sustaining the rally, as lingering call writing and technical hurdles could pose challenges. Given the promising turnaround and improved market sentiment, adopting a 'Buy on Dips' strategy appears prudent. With immediate resistance at 22,700 and strong support at 22,200, as long as the index trades above 22,200, buying interest is expected to emerge at lower levels, presenting strategic opportunities for bulls," as per Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"The Nifty Bank index is demonstrating sustained strength, maintaining its bullish momentum and indicating towards a potential market turnaround. Having consistently closed below its 10-day EMA for almost four weeks, the index has now regained this critical technical level, suggesting a change in trend. The 48,900-49,000 zone remains a crucial supply area, with the Relative Strength Index (RSI) bouncing back above 40, showing that momentum is on the rise. The recovery from technical reversal points aligns well with this bullish narrative. The index's potential for a further rally hinge on whether call writers continues to adjust to higher strikes and the support levels remains intact. The 47,800 mark is pivotal as a strong support base for bulls, enabling potential pullbacks. However, without a clear breakout above 49,000, any rally could face significant headwinds from ongoing call writing and technical obstacles. Considering the favourable turnaround setup and renewed market sentiment, a 'Buy on Dips' strategy appears wise. The immediate resistance lies at 49,000, with robust support at 47,800. Maintaining a level above 47,800 is crucial to attract buying interest at lower levels, offering strategic opportunities for bullish traders," commented Dhupesh Dhameja.

Stocks To Buy Today

Choice Broking's executive director, Sumeet Bagadia, suggested buying 2 stocks on Friday, March 7, following the Nifty's recovery of the 9 EMA whereas the daily RSI remains above the crucial 40 mark, indicating momentum strength.

Pearl Global Industries

Buy PGIL in cash @ Rs 1467.7, Stop-loss: Rs 1414, Target: Rs 1585

PGIL showcases a bullish momentum, evident from a notable uptrend from the support levels around, in close proximity to its 50 Day Exponential Moving Average (EMA). substantial upward movement and a significant closing around ₹1467.7. 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 PGIL 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 PGIL. Traders and investors may find this analysis indicative of potential continued upward momentum in the stock.

Based on the above analysis we recommend buying PGIL in cash at CMP of 1467.7 for the target of 1585 with a stop loss of 1414.

Camlin Fine Sciences

Buy CAMLINFINE in cash @ Rs 168.55, Stop-loss @ Rs 161, Target @ Rs 180

CAMLINFINE is exhibiting strong bullish momentum, currently trading at a 52-week high of 169.75 levels. The recent breakout above the crucial resistance at 160 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, 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 67.23 levels.
For traders, keeping an eye on the strong support near 161 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 168.55 with a stop loss of 161 for the target of 180.

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.