Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Monday, 10th Feb

The last trading session saw Nifty close at 23,559.95, down 0.18%, but holding steady on a weekly basis, ending 0.33% higher. Meanwhile, Nifty Bank closed at 50,158.85, down 0.44% during the day, but recorded a weekly gain of 1.32%. The much-needed stability was brought about by the India VIX cooling by 3.46% and landing at 13.69. The India VIX, a crucial indicator of market worry, rose 3.46% to 13.68, suggesting a modest rise in volatility.

Nifty Outlook Today

"Nifty index continues its sideways movement, hovering within a well-defined range, with resistance at the 50-day EMA and support at the 20-day EMA. Persistent selling pressure at higher levels has dimmed the bullish outlook, reinforcing the ongoing consolidation phase. As long as the index remains confined to this tight trading band, directional momentum will be subdued, and volatility is expected to stay elevated. The 23,800-23,850 resistance zone, strengthened by fresh call writing and a descending trendline, serves as a major barrier to further upside. Meanwhile, the 23,400-23,350 support region, actively defended by aggressive put writers, remains critical to sustaining the current range. As the market remains range-bound, a "Range Trading" strategy is likely to be the preferred approach, with a decisive breakout on either side determining the index's trajectory for the coming week," said Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"Nifty Bank index continues to hover within a tight consolidation zone, sustaining above the breakout level of the Double Bottom pattern. However, persistent selling at higher levels dampens the bullish momentum. The index faces stiff resistance at 50,500-50,600, where fresh call writing has intensified. Meanwhile, the 50,000-49,700 support zone remains pivotal, reinforced by aggressive put writers defending their positions. Until the index escapes this congestion zone, a range-bound trading strategy is likely to remain dominant. A decisive breakout in either direction will dictate the trajectory for the upcoming sessions," added Dhupesh Dhameja.

Stocks To Buy Today

On Monday, February 10, Choice Broking's executive director, Sumeet Bagadia, suggested buying two stocks after the Nifty created a hammer candle on the daily chart, suggesting possible positive momentum.

Supriya Lifescience

Buy SUPRIYA in cash @ Rs 773.6, Stop-loss: 750, Target 830

SUPRIYA showcases a strong bullish momentum, evident from a notable uptrend from the support levels around 720, in close proximity to its 20 Day Exponential Moving Average (EMA). substantial upward movement and a significant closing around ₹773.6. 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 SUPRIYA 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 SUPRIYA. Traders and investors may find this analysis indicative of potential continued upward momentum in the stock.

Based on the above analysis we recommend buying SUPRIYA in cash at CMP of 773.6 for the target of 830 with a stop loss of 750.

Wonder Electricals

Buy WEL in cash @ Rs 198.18, Stop-loss @ 190, Target @ 210

WEL is exhibiting strong bullish momentum, currently trading at an all-time high of 198.99 levels. This breakout has been accompanied by a consolidation of the upward movement, characterized by higher highs and higher lows, 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, WEL 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 71.95 levels.

For traders, keeping an eye on the strong support near 190 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, WEL 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 WEL and the CMP of 198.18 with a stop loss of 190 for the target of 210.

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.