Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Monday, 24th Feb

While Nifty Bank finished at 48,981.20 on Friday, down 0.72% for the session and 0.24% for the week, Nifty concluded at 22,795.90, down 0.51% for Friday and 0.58% for the week, falling below the pivotal 22,800 mark. The market's volatility indicator, the India VIX, fell 1.04% to 14.53, indicating a modest reduction in risk appetite. Nonetheless, volatility is anticipated to be modest as long as VIX remains below the crucial 15 mark, maintaining a cautious outlook. The market is in a cautious mood since investors are closely monitoring impending key data including the US Core PCE Price Index and India's GDP growth rate.

Nifty Outlook Today

"Nifty continues to oscillate within a narrow range, holding key support levels while facing steady selling pressure on rallies. The 23,000 mark remains a formidable resistance, with RSI hovering below 40, enhancing the probability of an extended downward move. Additionally, the index remains below its short-term moving averages, making it vulnerable to sudden volatility spikes. The 22,800-22,700 zone remains a crucial support region, providing temporary relief. However, unless the index decisively clears the 23,000 barrier, any upward move is likely to face selling pressure due to persistent call writing and technical hurdles. Given the current market structure and prevailing uncertainties, a 'Sell on Rise' strategy remains favourable. Immediate resistance stands at 23,000, while key support lies at 22,700. A clear breakout beyond this range will determine the next directional trend," said Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"Nifty Bank index continues to oscillate within a sideways trading range, holding key support levels but facing persistent selling pressure on rallies. Strong resistance is observed near the 49,500-49,800 zone, coupled with RSI trading below 50, increasing the probability of a continued downward trajectory. Furthermore, the index remains below its short-term moving averages, leaving it vulnerable to sudden volatility spikes. The 48,500-48,800 region has emerged as a crucial support zone, reinforcing attempts at recovery. However, unless the index clears the 50,000 mark decisively, any upward move is likely to face selling pressure due to persistent call writing and technical resistance levels. Given the current market setup and ongoing uncertainty, a 'Sell on Rise' strategy remains favourable. Immediate resistance is seen at 50,000, while key support rests at 48,500. A breakout beyond this range will determine the market's next directional move," commented Dhupesh Dhameja.

Stocks To Buy Today

On Monday, February 24th, Choice Broking's executive director, Sumeet Bagadia, suggested purchasing two stocks after a possible reversal was indicated by the Nifty index forming a standard Doji on the weekly chart.

SARDAEN

Buy SARDAEN in cash @ 489.65 SL @ 470 TGT @ 525

SARDAEN is currently positioned at 489.65 levels, has shown robust upward momentum. The stock's recent breakout was supported by significant trading volume, indicating strong investor interest. The chart reveals a steady climb, with the 20-day EMA trending upward and converging towards the 50-day EMAs. This alignment of moving averages suggests a continuation of the bullish trend if supported by further buying pressure , affirming its inherent strength.

While facing a minor resistance at 500 levels, a breakout beyond this threshold could pave the way for further upward momentum. Sustaining levels above 500 may propel the stock towards the next target at 525 levels, presenting a promising outlook for investors.
Reinforcing the positive sentiment, the Relative Strength Index (RSI) comfortably rests at 61.71 levels, indicating a favourable balance between buying and selling pressures. The technical parameters collectively suggest a constructive environment for SARDAEN, encouraging potential bullish movements in the near term. Investors may find opportunities in this upward trajectory, particularly on confirmation of a sustained breakthrough above the resistance level.

Based on the above technical analysis we recommend buying SARDAEN at CMP of 489.65 for a medium term outlook with a stop loss of 470 for targets of 525.

FSL

Buy FSL in cash @ 368.05 SL 354 TGT 395

FSL showcases a strong bullish momentum, evident from a substantial upward movement and a significant closing around ₹368.05. The stock has been experiencing robust buying interest, the stock has shown consistent higher highs and higher lows, a classic pattern of a strong uptrend. Notably, the trading volume during upward price movements has been substantial, reinforcing the strength of the rally. In recent sessions, FSL is getting stabilized and moving towards its swing high target of ₹400, indicating consolidation and a potential setup for another breakout.

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 FSL price action.

The trend remains bullish, with this upward price action also indicates strong interest and a potential continuation of the rally if the momentum sustains a bullish outlook for FSL. Traders and investors may find this analysis indicative of potential continued upward momentum in the stock.

Based on the above analysis we recommend buying FSL in cash at CMP of 368.05 for the target of 395 with a stop loss of 354.

M&M

Buy M&M in Cash @2839.45 SL @ 2740 TGT @ 3038

M&M is currently trading at ₹2839, having recently rebounded from a key support zone. The stock has formed a bullish candlestick pattern and is on the verge of breaking out from a short-term falling trendline on the daily timeframe. A successful breakout would confirm a trend reversal, supported by rising trading volumes, indicating strong buying interest.

In the short term, M&M appears poised to target ₹3038, with the Relative Strength Index (RSI) at 40.40, suggesting a strengthening trend and potential for further upside. Additionally, the stock has closed above its 200-day EMA and is approaching the 20-day and 50-day EMAs. A decisive close above these levels would further validate the bullish outlook.

A sustained move above the ₹2900 resistance level could serve as an ideal entry point for long positions. Traders may consider entering at the current price of ₹2839.45, with a target of ₹3038 and a stop-loss at ₹2740 to manage risk effectively.While the technical setup appears promising, traders should remain mindful of potential short-term volatility and adhere to disciplined risk management strategies.

Hindalco

Buy HINDALCO in Cash @638.80 SL @ 616 TGT @ 684

HINDALCO is currently trading at 638.80 and is displaying signs of a trend reversal after a prolonged downtrend. Recent price action indicates a shift in momentum, with the stock forming higher lows and breaking above key moving averages. The formation of a double-bottom pattern further reinforces the potential for a bullish reversal. Additionally, the stock has taken strong support from all major EMA levels, and today's price action confirms a breakout above these indicators. On the upside, immediate resistance is positioned at 650. A decisive breakout above this level could propel the stock toward a short-term target of 684, signalling further strength in the ongoing uptrend.

On the downside, immediate support is located at 626. The Relative Strength Index (RSI) is currently at 66.36 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 616 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, HINDALCO presents a promising buying opportunity for those aiming for a 684 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.