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

The Nifty closed the previous session up 0.32%, regaining the 22900 milestone after trading within a small 100-point range. For the Bulls, this was their third straight session of gains. Nifty has now steadily gotten closer to the 50 EMA after breaking over the 20 EMA in the previous session. With the Midcap 100 and Smallcap 100 indices rising 2.6% and 2.4%, respectively, with the gains fluctuating between 2.5% to 1%, the top-performing Nifty sectors were PSU Bank, Metals, Oil & Gas, and Realty. The Bank Nifty had a strong start, maintained buying activity, and ended the day at 49,703 on a bullish note. After the recent spike, markets will respond to the results of the US Fed meeting in early Thursday trading before turning their focus to the weekly expiry. The Fed's move will now serve as a major catalyst for upcoming market movements.

Nifty Outlook Today

"Index on the daily chart has formed a small bull candle with shadows in either direction signaling consolidation with positive bias after Tuesday strong up move. Index on expected lines extended up move and is seen heading towards 23,000-23,200 levels in the coming sessions. Immediate support is placed at 22,500-22,600 levels being the confluence of 20 days EMA and Tuesday bullish gap area. Immediate resistance is placed at 23,000-23,200 being the confluence of 50-day EMA and the trendline resistance joining last 6 months highs. Overall structure is positive we expect the index to move above the same and head towards 23,500 levels in the coming weeks," as per the analysis of Bajaj Broking Research.

Bank Nifty Outlook Today

"Bank Nifty gained for the fifth session in a row as it formed a second consecutive strong bull candle with a higher high and higher low highlighting strength and extension of the up move. Going ahead, we expect the index to maintain positive bias and head towards 50,100 and 50,600 levels in the coming sessions. While immediate support is placed at 48,800-49,000 levels being the confluence of key retracement of current up move and 20 days EMA. Index in the last 9 weeks has been consolidating in the broad range of 47,700-50,600. Buying demand has recently emerged from the lower band of the range and we expect the index to head towards the upper band of the range placed at 50,600. We believe a breakout above the upper band will signal a major reversal of trend," said the technical research analysts of Bajaj Broking Research.

Stocks To Buy Today

On Thursday, March 20, Choice Broking's executive director Sumeet Bagadia recommended buying two stocks amid the FIIs' encouraging cues and ongoing domestic buying.

KDDL

Buy KDDL in cash @ Rs 3100, Stop-loss @ Rs 2999, Target @ Rs 3300

KDDL is currently positioned at 3100 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., The stock has shown consistent higher highs and higher lows, a classic pattern of a strong uptrend 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 3150 levels, a breakout beyond this threshold could pave the way for further upward momentum. Sustaining levels above 3150 may propel the stock towards the next target at 3300 levels, presenting a promising outlook for investors.

Reinforcing the positive sentiment, the Relative Strength Index (RSI) comfortably rests at 63.71 levels, indicating a favourable balance between buying and selling pressures. The technical parameters collectively suggest a constructive environment for KDDL, 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 KDDL at CMP of 3100 for a medium term outlook with a stop loss of 2999 for targets of 3300.

GRM Overseas

Buy GRMOVER in cash @ Rs 283.6, Stop-loss: Rs 272, Target: Rs 300

GRMOVER showcases a strong bullish momentum, evident from a substantial upward movement and a significant closing around ₹283.6. 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. The recent sessions have seen GRMOVER stabilizing near its 52-Week High, indicating that the stock is consolidating and potentially preparing 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 GRMOVER price action.

The trend remains bullish, with this upward price action also indicating strong interest and a potential continuation of the rally if the momentum sustains a bullish outlook for GRMOVER. Traders and investors may find this analysis indicative of potential continued upward momentum in the stock.

Based on the above analysis we recommend buying GRMOVER in cash at a CMP of 283.6 for the target of 300 with a stop loss of 272.

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.