Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Thursday, 12th December

On Wednesday, the Nifty started the day steady and stayed that way all day, ending the day at 24,642 levels. The Bank Nifty began the day down, rose over the first half of the day, and then ended the day slightly lower at 53,391 levels. A fall in market volatility was shown by the India Vix volatility index, which fell 3.70% to 13.27 levels. Investors will be keeping an eye on the US CPI data, India's November CPI, industrial output statistics, and US November PPI, all of which are scheduled to be released today. These announcements may potentially boost investor optimism and be supported by robust global cues.

Nifty Outlook Today

"Technically, on the daily chart, the index formed a small green candle. However, the index holds above the breakout point of the inverted head and shoulder pattern, showing strength. On the downside, 100-Days Exponential Moving Average (100-DEMA) support is placed near 24,340. As long as index sustains above it, traders are advised to adopt buy on dips strategy. On the upside, index might test the levels of 24,800-25,000 in short term," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company).

Bank Nifty Outlook Today

"Technically, Bank Nifty index has also formed a small red candle on its daily chart. However, the index is still facing short term resistance near the 53,900-54,000 levels. On the downside, the index will find major support at 52,500, where the recent breakout point is placed. As long as index sustains above 52,500 level, traders are advised to adopt buy on dips strategy in Bank Nifty," Hrishikesh Yedve commented.

Stocks To Buy Today

Choice Broking's executive director, Sumeet Bagadia, recommended buying two stocks on Thursday, December 12, after the Nifty maintained its resilience by holding above all significant short-term moving averages.

Piramal Enterprises

Buy PEL in cash @ Rs 1269.8, stop-loss @ Rs 1222, target @ Rs 1333

PEL daily chart analysis offers a favourable view for the following week, indicating a steady higher advance. Notably, the stock has produced a notable higher high and higher low pattern, and the company's recent upward swing has effectively violated the neckline, establishing a new week high. This breakthrough indicates the possibility of a significant follow-through upward increase in the stock price.

Adding to the positive momentum, there has been an increase in trading volume, indicating growing market interest. The stock forming a strong solid bullish trend signifying a potential continuation of the uptrend following and the daily strength indicator RSI (14) is moving upwards and positioned above its reference line indicating a positive bias. Furthermore, PEL is currently trading above its crucial 20-day, 50-day, and 100-day Exponential Moving Average (EMA) levels, reinforcing the bullish trend.

For fresh investments, a disciplined strategy involves waiting for potential dips, considering entry points near 1256 levels. Implementing a strict stop-loss at 1222 levels offers a risk management mechanism, ensuring protection against adverse market movements.

Based on the above analysis we recommend buying PEL at the price of 1269.8 with a stop loss of 1222 for the target of 1333.

360 One Wam

Buy 360ONE in cash @ Rs 1211.1, stop-loss @ Rs 1170, Target @ Rs 1300

360ONE, which is presently trading at an all-time high of 1225.95 levels, is displaying significant bullish momentum. Strong trading volumes have backed the recent breakout above the critical resistance at 1177 levels, which is an important technical development that highlights the strength of the stock. The discovery raises the possibility that the upward trend would continue, providing investors with a positive outlook.

To further support its bullish outlook, 360ONE is also trading above important moving averages, such as the short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMAs. Relative Strength Index (RSI), a momentum indicator, is currently at 69.72 points.

It is advisable for traders to monitor the strong support level around 1170 levels, as a breach of this level may indicate a change in market attitude. 360ONE present technical configuration overall shows a favourable atmosphere for potential upside growth going forward, so long as traders and investors keep a careful eye on important support and resistance levels and are alert to any possible reversals.

We advise purchasing 360ONE at the CMP of 1211.1 and a stop loss of 1170 in order to reach the target of 1300, based on the analysis above.

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.