Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Thursday, 16th Jan

While Bank Nifty opened favourably, saw an oscillating move on both sides and ended the day marginally higher at 48,752, the domestic benchmark index, Nifty, opened on a positive note amid encouraging global cues but was unable to hold above the 23,270 resistance and ended the day flat at 23,213. Lower market volatility was indicated by the India VIX volatility index, which dropped 1.37% to 15.26. The market's indicator of volatility, the India VIX, fell 1.37% to 15.25, suggesting that investor anxiety is subsiding. Selling pressure is frequently triggered by VIX values above 15, which historically indicate more market instability.

Nifty Outlook Today

"Technically, on the daily chart, Nifty formed a small red candle, indicating uncertainty, with resistance around 23,270-23,300 zone and support at 23,047. A break above 23,300 could push the index to 23,500, while sustaining below 23,047 may lead to 22,900-22,800. However, the index is still placed below 23,550 hurdle, where the 250-Days Simple Moving Average (250-DSMA) is located. As long as Nifty maintains below 23,550 levels, traders are advised to follow a sell-on-rise strategy," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company).

Bank Nifty Outlook Today

"Technically speaking, Bank Nifty on a daily scale has formed a small red candle, indicating uncertainty. However, the index is still placed below its 250-Days Simple Moving Average (250-DSMA) hurdle, which is around 49,900 levels. On the downside, 47,900 levels will act as immediate support for the index. As long as Bank Nifty maintains below 49,900 levels, traders are advised to follow a sell-on-rise strategy," commented Hrishikesh Yedve.

Stocks To Buy Today

On Thursday, January 16, Sumeet Bagadia, executive director of Choice Broking, suggested purchasing two stocks after the index developed a small candle and moved in a narrow range, reaching a high of 23,293.65 and a low of 23,146.45.

Orient Technologies

Buy ORIENTTECH in cash @ 635.3, Stop-loss @ 610, Target @ 680

ORIENTTECH is exhibiting strong bullish momentum, currently trading at an all-time high of 645.3 levels. The chart depicts a healthy uptrend backed by improving sentiment. The stock has maintained a strong upward momentum, as highlighted by the series of higher highs and higher lows. Recently, the price has approached Rs 635.3, riding the wave of bullish strength. supported by robust trading volumes, reinforcing the strength in the stock.

Additionally, ORIENTTECH is trading above key moving averages, including the short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMAs, further affirming its bullish stance. The momentum indicator, Relative Strength Index (RSI), is at 72.43 levels.
For traders, keeping an eye on the strong support near 610 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, ORIENTTECH current technical setup suggests a favourable environment for further upside potential, provided traders and investors remain vigilant to potential reversals and closely monitor key support and resistance levels.

Based on the above analysis we recommend buying ORIENTTECH and the CMP of 635.3 with a stop loss of 610 for the target of 680.

Kotak Mahindra Bank

Buy KOTAKBANK in Cash @ 1789.6, stop-loss @ 1727, Target @ 1915

KOTAKBANK is currently trading at Rs 1789.6, displaying a strong uptrend after reversing sharply from lower levels. The formation of a bullish candle suggests robust upward momentum, which is further confirmed by increased trading volumes, indicating the strength of the move. Additionally, the stock is trading above its 20-day, 50-day, and 200-day exponential moving averages (EMAs), reflecting solid support across both short-term and long-term trends.

If KOTAKBANK maintains its position above the critical level of Rs 1810, it is well-positioned to target Rs 1951 in the short term. On the downside, immediate support is observed at Rs 1750. The Relative Strength Index (RSI) stands at 53.29 and is trending upward, signaling growing buying interest in the stock.

To manage risk effectively, a stop-loss at Rs 1727 is recommended to safeguard against potential market reversals. Given the favorable technical indicators and current market conditions, KOTAKBANK presents a promising buying opportunity with a target price of Rs 1915, provided proper risk management strategies are implemented.

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.