Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Monday, 17th March

On the weekly expiry, the Nifty index had a dismal session and ended the week on a muted note, ending at 22,397.20, down 0.33% (-73.30 points). The Nifty Bank index had a tumultuous session and ended the week lower. It formed a Doji candlestick pattern, which highlights its ongoing ambiguity. The index closed at 48,060.40, barely rising by 0.01% (+3.75 points). The market's fear indicator, the India VIX, dropped by 3.10% to 13.28, suggesting a slight drop in risk appetite. Volatility is expected to remain low as long as VIX stays below the crucial 15 mark, enabling traders to take a cautiously optimistic approach.

Nifty Outlook

"The Nifty index too continued to exhibit lacklustre movement, with volatile intraday swings and limited directional momentum. A solid defence of the 22,200-22,300-support zone underscores bulls' strength at lower levels. However, for an uptrend to gain traction, the index must decisively breach 22,550 and trade above its 20-day EMA. This support zone, reinforced by substantial put writing, serves as a key safety net for the index. Conversely, the 22,500-22,650-resistance range remains a formidable barrier due to persistent call writing and technical constraints. Bulls must safeguard the 22,200 level to pave the way for a sustained rally. A confirmed breakout above 22,550 could trigger a sharp upside move. However, continued call writing and supply pressure at higher levels may limit near-term gains. Given the current hesitant price action, a 'Range Trading' strategy remains the most viable approach. As long as Nifty sustains above 22,200, buying on dips remains favourable, with 22,650 acting as the crucial resistance level that must be breached for a significant breakout," commented Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities.

Bank Nifty Outlook

"Nifty Bank index continues to exhibit lacklustre performance, marked by intraday volatility and choppy price action. The bulls have firmly defended the 47,800-48,000 support zone, reinforcing buyer interest at lower levels. However, for any sustainable bullish momentum to emerge, the index must break above 48,500 and hold above its 10-day EMA. This support zone, fortified by heavy put writing, acts as a crucial safety net for the index. Meanwhile, the 48,500-49,000 resistance zone continues to be a major hurdle, as persistent call writing and technical barriers limit further upside. Bulls must safeguard the 47,800 level to lay the groundwork for an extended uptrend. A decisive breakout above 48,500 is essential to trigger a sustained rally, but continued call writing and resistance at higher levels could restrict immediate upside potential. Given the current hesitant momentum, a 'Range Trading' strategy appears the most suitable approach. As long as Nifty Bank sustains above 47,800, buying on dips remains a favourable strategy, with 48,500 serving as the key breakout level that must be surpassed to unlock further gains," as per the analysis of Dhupesh Dhameja.

Stocks To Buy Today

As investors' attention is focused on the US Federal Reserve's monetary policy review on March 19, Choice Broking's executive director, Sumeet Bagadia, recommended purchasing two stocks on Monday, March 17.

EIH

Buy EIHOTEL in Cash @ Rs 359.1, Stop-loss @ Rs 346, Target @ Rs 384

EIHOTEL is currently trading at ₹359.1 and is showing early signs of recovery after a prolonged downtrend. The stock has formed a potential bottom reversal pattern, indicating the possibility of a trend reversal. Recent price action, supported by strong trading volumes, suggests renewed buying interest. Additionally, it has closed above its 20-day and 50-day EMAs and is approaching the 200-day EMA. A decisive close above this level would further reinforce the bullish outlook.

The immediate resistance level is at ₹368, and a successful breakout above this mark could propel the stock toward a short-term target of ₹384. On the downside, immediate support is observed at ₹350, with a stop-loss recommended at ₹346 to mitigate potential risks. The Relative Strength Index (RSI) currently stands at 58.27 and is trending upward, reflecting growing buying momentum.

In conclusion, based on technical indicators and current market conditions, EIHOTEL presents a promising buying opportunity with a target of ₹384. However, traders should maintain disciplined risk management strategies to navigate potential market fluctuations.

Chennai Petroleum Corporation

Buy CHENNPETRO in Cash @ Rs 570.15, Stop-loss @ 550, Target @ 610

CHENNPETRO is currently trading at ₹570.15, exhibiting strong bullish momentum after rebounding from a key support zone. The stock has formed a bullish candlestick on the daily timeframe, accompanied by a notable increase in trading volume, indicating strong buying interest.In the short term, CHENNPETRO appears poised for an upward move toward ₹610, supported by increasing momentum. The Relative Strength Index (RSI) stands at 64.74, suggesting further upside potential. Additionally, the stock has closed above its 50-day and 20-day EMAs and is approaching the 200-day EMA. A decisive close above these levels would further strengthen the bullish outlook.

On the downside, immediate support is seen at ₹560. A sustained move above the ₹590 resistance level would act as an ideal confirmation for a breakout. Traders may consider entering at the current price of ₹570.15, targeting ₹610, with a stop-loss set at ₹550 to manage risk effectively.While the technical setup appears favorable, traders should remain cautious of short-term volatility and adhere to disciplined risk management strategies for optimal trade execution.

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.