Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Thursday, 26th December

While the Nifty Bank index had a poor showing on the last trading session of the December Contract expiry, falling 0.16% (-84.60 points) to close at 51,233 after grabbing an intraday low of 51,137.50, the Nifty index battled to regain momentum during the last trading session, a day ahead of the monthly expiry, falling 0.11% lower (-25.80 points) to close at 23,727 after dropping to an intraday low of 23,685.15. The volatility indicator, the India VIX, dropped slightly by 2.53% to 13.17, suggesting that market participants were less worried. Although cautious optimism persists due to the VIX being below the crucial 15 mark, the likelihood of a prolonged rebound is still limited.

Nifty Outlook Today

"Nifty remains in a sideways-to-bearish trajectory ahead of the final trading session of the December expiry. The price action within its prior range, coupled with an indecision candlestick pattern, reflects the market's lack of clear direction. Rallies are expected to face stiff resistance at the 24,000 psychological level, bolstered by strong call writing at higher strikes. Conversely, the 200-DEMA, along with the 23,600-23,500 support zone reinforced by significant put writing, remains a pivotal defence for the bulls. A decisive breakout above 24,000 could ignite short-covering rallies, potentially pushing the index toward the 24,500 mark. Until then, adopting a "sell on rise" approach appears prudent. On the flip side, a breakdown below 23,500 could accelerate bearish momentum, dragging the index toward the 23,150-23,000 zone, where robust put writing provides further support," said Mr. Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"Nifty Bank index remains trapped in a sideways-to-bearish trend, reflecting sluggish momentum and a lack of directional clarity. While rallies face stiff resistance at the psychological 51,700-51,800 zone due to aggressive call writing, the 51,000-support level-reinforced by significant put writing provides a critical defence for the bulls. To confirm any meaningful reversal, the index needs sustained buying above the resistance zone. A decisive breakout beyond 51,800 could trigger a wave of short-covering rallies, potentially driving the index toward 52,500. However, until such a breakout materializes, a "sell on rise" approach appears prudent. Conversely, a breach below the 51,000 mark could intensify bearish pressure, pulling the index down toward the 50,200-50,000 support band, further fortified by strong put writing activity," commented Mr. Dhupesh Dhameja.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, recommended buying two stocks on Thursday, December 26, following the formation of a bearish candle of Nifty that resembled a shooting star and signified an interruption in the upward trend.

Radico Khaitan

Buy RADICO in Cash @ 2534.30, Stop-loss @ 2446, Target @ 2711

RADICO is currently trading at Rs 2534.30, displaying a strong bullish trend characterized by the formation of higher highs and higher lows. The stock has formed a bullish candlestick pattern on the daily timeframe, indicating continued upward momentum. RADICO is on the verge of breaking out from its current consolidation range and is approaching its all-time high, which suggests the potential for further gains. This breakout is further supported by an increase in trading volumes, signaling strong buying interest from investors.

In the short term, the stock appears poised to target Rs 2711, driven by its positive technical setup. The Relative Strength Index (RSI) stands at 63.96, indicating a healthy uptrend with room for additional growth. Moreover, RADICO is trading well above its key moving averages, including the 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), which reinforces the bullish outlook.

If the stock manages to sustain above the critical resistance level of Rs 2600, it could provide an optimal entry point for long positions. Traders may consider entering at the current price of Rs 2534.30, targeting Rs 2711, with a stop loss set at Rs 2446 to manage risk effectively.While the trade setup looks promising, caution is advised due to potential short-term volatility.

Interglobe Aviation

Buy INDIGO in Cash @ 4612.25, Stop-loss @ 4451.5, Target @ 4935

INDIGO is currently trading at Rs 4612.25, having recently broken above the key resistance level of Rs 4530 on the daily chart. This breakout, accompanied by a notable increase in trading volume, signals strong bullish momentum and reinforces the positive outlook for the stock.If INDIGO maintains its position above the critical resistance level of Rs 4800, it could see further upward movement, with the next target at Rs 4935.

The Relative Strength Index (RSI) stands at 69.15 and is trending upwards, indicating sustained buying interest and momentum.Additionally, INDIGO is trading above its key moving averages, including the short-term 20-day EMA, the medium-term 50-day EMA, and the long-term 200-day EMA. This alignment of moving averages further supports the ongoing bullish trend.

Given the strong technical setup, positive RSI, and the support from moving averages, INDIGO presents a favorable buying opportunity. Entering at the current market price of Rs 4612.25, with a stop loss at Rs 4451.50 and a target of Rs 4935, offers a solid strategy to capitalize on the stock's bullish trend.

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.