Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Monday, 30th December

Over the past week, the BSE Sensex climbed by 0.84% to close at 78,699, while the Nifty50 surged by about 1% to close at 23,813. An important measure of market volatility, the India VIX, fell precipitously by 12%, indicating a recovery in investors' sentiment. US Pending Home Sales (Nov), UK S&P Global Manufacturing PMI, US Fed Balance Sheet, US Initial Jobless Claims, India's Infrastructure Output, India's Current Account Q3, HSBC Manufacturing PMI of India (Dec), India Bank Loan Growth, India FX Reserves (USD), and US ISM Manufacturing PMI are some of the key domestic and global economic data that will impact the market's outlook in the coming sessions starting from today.

Nifty Outlook Today

"Nifty index continues to exhibit a constrained sideways-to-bullish trajectory. Its narrow price movement, accompanied by repeated indecisive candlestick formations, underscores a lack of clear direction. However, the absence of pronounced weakness and consistent recovery attempts from lower levels provide solace to bulls. The 23,900-24,000 zone, fortified by heavy call writing, poses a significant hurdle. Meanwhile, the 200-DEMA and the pivotal 23,700-23,600 band, bolstered by notable put writing, form a sturdy foundation for the bulls. A breakout above 24,000 could spark a short-covering rally, driving the index toward 24,500. However, until such a breakout materializes, a "buy on dips" strategy remains prudent. A breakdown below 23,500, on the other hand, could amplify bearish momentum, dragging the index toward the 23,150-23,000 zone, where robust put writing offers additional support," Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities commented.

Bank Nifty Outlook Today

"Nifty Bank index continues to demonstrate a sideways-to-bullish trajectory. Its constrained price action and repeated indecisive candlestick formations signal a lack of clear direction. However, the index shows no signs of significant weakness, with recovery attempts from lower levels keeping bearish forces at bay. Persistent resistance in the 51,700-51,800 zone, reinforced by substantial call writing, poses a challenge for bulls. Conversely, the 51,000-support level, backed by heavy put writing, remains a stronghold for a bullish stance. For a definitive reversal, the index must achieve sustained buying above this resistance zone. A conclusive breakout above 51,800 could ignite short-covering rallies, propelling the index toward the 52,500 milestone. Until such a breakout materializes, a "buy on dips" strategy appears prudent. Conversely, a breach below the 51,000 level could trigger intensified bearish momentum, dragging the index to the 50,000-50,300 range, where significant put writing offers additional support," said Dhupesh Dhameja.

Stocks To Buy Today

On Monday, December 30, Choice Broking's executive director, Sumeet Bagadia, recommended buying two stocks since the Nifty index was still below its 200-day and 9-day moving averages, indicating cautious mood and minimal bullish momentum.

Biocon

Buy BIOCON in Cash @ 352.55, Stop-loss @ 340, Target @ 377

BIOCON is currently trading at Rs 352.55, demonstrating robust bullish momentum following a decisive breakout above the major resistance level of Rs 350. The stock recently broke out of a short-term falling trendline pattern, signaling a potential bullish reversal from a key support zone. Additionally, BIOCON is trading comfortably above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), reinforcing its positive trend.

The Relative Strength Index (RSI) stands at 51.44, suggesting a healthy uptrend with room for further growth. If the stock sustains its position above the critical resistance level of Rs 360, it would confirm a stronger bullish trajectory and offer an ideal entry point for long positions. This optimistic technical setup is further validated by a noticeable increase in trading volume, reflecting strong buying interest.

Traders may consider entering the stock at the current price of Rs 352.55, with a stop loss at Rs 340 and a target of Rs 377. While the technical indicators present a compelling opportunity for potential gains, traders should remain cautious of short-term volatility. Adhering to proper risk management strategies is essential to navigate this trade effectively.

Lupin

Buy LUPIN in Cash @ 2227.80, Stop-loss @ 2150, Target @ 2384

Lupin's stock is currently trading at 2,227.8, exhibiting a strong bullish trend characterized by the formation of higher highs and higher lows. Recently, the price broke above a key resistance level, signaling renewed buying interest. The breakout pattern suggests the potential for continued upward momentum as the stock hovers near its all-time high levels. The exponential moving averages (EMAs) indicate a bullish alignment, with the 20-day EMA crossing above the 50-day and 200-day EMAs. This configuration underscores the stock's strong upward momentum and trend strength. Based on the current technical setup, a short-term target of 2,384 appears achievable.

On the downside, immediate support is located at 2200. The Relative Strength Index (RSI) is currently at 65.04 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 2150 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, LUPIN presents a promising buying opportunity for those aiming for a 2384 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.