Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Thursday, 20th Feb

At 22,932.90 at the end of the previous session, the Nifty saw a slight decrease of 0.05%. Interestingly, the index broke through the previous two sessions' high, peaking intraday at 23,049.95, suggesting that momentum is slowly turning upward. At 49,570.10, Nifty Bank, on the other hand, closed the session with a robust rise of 0.98%. On the daily chart, the development of a bullish engulfing pattern signifies a more bullish view. The market's fear gauge, the India VIX, fell 1.56% to 15.42, suggesting that risk perception has somewhat moderated.

Nifty Outlook Today

"Nifty is gradually shifting towards a sideways-to-bullish stance, as it continues to respect key support zones while attracting consistent buying interest on dips. The formation of a strong base on the 1-hour chart, coupled with RSI's positive divergence, enhances the likelihood of a short-term upside move. However, the index remains below its short-term moving averages, leaving it vulnerable to sudden volatility spikes. The 22,800 zone has evolved into a crucial support level, reinforcing the ongoing recovery attempt. However, unless the index decisively surpasses the 23,200 barrier, upward movements are likely to face stiff resistance due to continued call writing and technical hurdles. With market volatility remaining elevated, the 22,900-22,800 range has emerged as a key inflection zone where put writers are holding firm. Given the current market structure and ongoing uncertainties, a 'Buy on Dips' approach remains favourable. Immediate resistance is noted at 23,200, while key support rests at 22,800. A decisive breakout beyond this trading range will be crucial in determining the market's next directional trend," said Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"The Nifty Bank index is showcasing signs of relative strength as compared to the Nifty index, hinting at a shift toward a bullish bias. Most banking stocks are displaying reversal formations from their recent lows, reinforcing positive sentiment. Dip-buying continues to be a dominant theme, as strong support levels provide a safety net against extended corrections. The index has confirmed a bullish reversal candlestick pattern alongside a descending trendline breakout, while a strong base formation on the 1-hour chart increases the probability of a sustained pullback. Additionally, the daily RSI remains above 40, lending further support to the bullish outlook. However, despite these encouraging signals, the index remains below immediate resistance, keeping it vulnerable to volatility. The 48,600-48,800 zone has consistently acted as a critical support region, bolstering prospects of a recovery rally. However, unless the index decisively crosses the pivotal 50,000 mark, any upside attempt is likely to encounter strong resistance due to fresh call writing and technical hurdles. As volatility continues to rise, the 48,600-48,800 range remains a key battleground, with put writers aggressively defending their positions. Given the prevailing market structure and cautious sentiment, a 'Buy on Dips' strategy appears favourable," added Dhupesh Dhameja.

Stocks To Buy Today

Choice Broking's executive director, Sumeet Bagadia, recommended buying two stocks on Thursday, February 20th, after the Nifty technically established a green candle, signifying strength, on the daily scale.

MPS

Buy MPSLTD in cash @2854.4 SL 2750 TGT 3050

MPSLTD is presently trading at 2854.4 levels. On the daily chart, the stock has formed a strong bullish momentum candle, signifying a resurgence of strength in its price action.

A robust support level is situated at 2750 levels. This confluence of support factors enhances the stock's stability and resilience.

Furthermore, MPSLTD is trading above all the important moving averages, which underscores its overall bullish posture and trend.

The Relative Strength Index (RSI), a momentum indicator, is hovering around 71.83 levels. This RSI reading suggests that the stock possesses considerable strength and also It signifies a healthy and sustainable uptrend.

A minor resistance level is noticeable in the vicinity of 2900 levels. Once the stocks successfully surpass this resistance, it has the potential to advance towards the target level of 3050. This could present a favourable trading opportunity for investors and traders alike.

Based on the above analysis we recommend buying MPSLTD at CMP of 2854.4 with a SL of 2750 for the target of 3050.

Global Health

Buy MEDANTA in cash @ 1149.35 SL @ 1111 TGT @ 1222

MEDANTA is currently positioned at 1149.35 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 1170 levels, a breakout beyond this threshold could pave the way for further upward momentum. Sustaining levels above 1170 may propel the stock towards the next target at 1222 levels, presenting a promising outlook for investors.

Reinforcing the positive sentiment, the Relative Strength Index (RSI) comfortably rests at 58.68 levels, indicating a favourable balance between buying and selling pressures. The technical parameters collectively suggest a constructive environment for MEDANTA, 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 MEDANTA at CMP of 1149.35 for a medium term outlook with a stop loss of 1111 for targets of 1222.

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.