Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Thursday, 13th March

Due to weak global cues and rising trade tensions, markets saw abrupt swings on Wednesday as Nifty fell to 22,329 in the first half of the day after starting the day 38 points higher. Nifty achieved a spectacular comeback of 165 points from the day's low. It effectively held support above yesterday's low of 22,314 and completed the session with a small fall of 27 points (0.12%), finishing at 22,470. Although it closed the day up 0.42% at 48,056.65, the Nifty Bank is still circling the 48,000 zone with no discernible trajectory. India VIX, a measure of market anxiety, fell 2.70 per cent to 13.69, indicating a little increase in risk aversion. However, volatility is anticipated to stay confined as long as VIX stays below the crucial 15-level, enabling traders to have a cautiously positive outlook.

Nifty Outlook Today

"Nifty index is demonstrating strength despite global headwinds and sharp intraday pullbacks. A solid defence of the 22,200-22,300-support zone has reinforced bulls' dominance at lower levels. However, for an extended bullish run, the index must decisively hold above 22,550 and surpass its previous day's high. This support zone, strengthened by heavy put writing, serves as a crucial safety net for the index. Meanwhile, the 22,700-22,800-resistance zone remains a significant hurdle due to persistent call writing and technical headwinds. Bulls must safeguard the 22,200 level to lay the groundwork for further upside movement. A clear breakout above 22,700-22,750 is essential to trigger a sustained rally. However, continued call writing and resistance at higher levels may cap the immediate upside potential. Given the market's hesitant momentum, a 'Range Trading' strategy appears most viable. As long as Nifty sustains above 22,200, buying on dips remains a favorable approach, with 22,750 serving as the crucial resistance level that must be breached for an extended breakout," commented Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities.

Bank Nifty Outlook

"Nifty Bank index is showing early signs of relief for the bulls as it holds its ground at a critical support level, closing in positive territory. However, it remains below its short-term moving averages, and sectoral weakness continues to inject uncertainty into the broader trend. As long as bulls defend the 47,800 mark, the possibility of a sustained recovery remains intact. For an extended uptrend to take shape, the index must reclaim 48,200 and establish strong buying momentum beyond this resistance zone. The 47,800-48,000 range continues to act as a critical demand zone, supported by strong put writing, reinforcing a short-term base for the index. Meanwhile, call writers have strengthened their grip on the 48,500-49,000 resistance zone, creating a strong supply area that could limit any sharp rallies. A decisive breakout above 48,200 is necessary to rekindle bullish momentum, while persistent call writing at higher levels remains a roadblock for any substantial upside. Given the prevailing cautious sentiment and lack of a strong directional move, a range-trading approach appears to be the most effective strategy. As long as the index holds above 47,800, buying on dips remains a viable opportunity, while 48,550 serves as the key resistance that must be overcome for a further upside move," suggested Dhupesh Dhameja.

Stocks To Buy Today

On Thursday, March 13, Choice Broking's executive director, Sumeet Bagadia, suggested buying two stocks because the Nifty is currently just below its immediate resistance at the significant 22,500 mark, which has become a tough barrier.

Doms Industries

Buy DOMS in cash @ Rs 2806.1, Stop-loss: Rs 2700, Target: Rs 3000

DOMS showcases a strong bullish momentum, evident from a substantial upward movement and a significant closing around ₹2806.1. 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, DOMS is getting stabilized and moving towards its swing high target of ₹3000 & 3100, 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 DOMS 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 DOMS. Traders and investors may find this analysis indicative of potential continued upward momentum in the stock.

Based on the above analysis we recommend buying DOMS in cash at CMP of 2806.1 for the target of 3000 with a stop loss of 2700.

Pearl Global Industries

Buy PGIL in cash @ Rs 1528.1, Stop-loss: Rs 1470, Target: Rs 1630

PGIL is currently trading at ₹1528.1. After a period of small falls and sideways consolidation, the stock has lately broken the neckline levels of ₹1500 and is rising quickly on the upside with substantial volume... There are expectations of further upward movement, potentially reaching ₹1630 levels. On the downside, substantial support is evident near ₹1470.

Furthermore, PGIL is trading above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This suggests a strong bullish momentum, indicating the potential for continued upward price action. The Relative Strength Index (RSI) stands at 60.21, signalling an upward trajectory and confirming an increase in buying momentum.

To manage risk effectively, it is advisable to set a stop-loss (SL) at ₹1470 to protect the investment in case of an unexpected market reversal.

In summary, considering the technical analysis and prevailing market conditions, PGIL appears to present a promising buying opportunity for those targeting a ₹1630 price objective, contingent upon the implementation of prudent risk management measures.

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.