Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Thursday, 30th Jan

Persistence at lofty zones was demonstrated by the benchmark index, which began the previous trading session above the 23,000 level and maintained its bullish momentum throughout the day. By the end of the day, the Nifty50 index had gained 0.90 percent, closing at 23160. The Nifty, the Indian benchmark index, had a gap-up start, sustained buying demand, and ended the day higher at 23,163. However, the Nifty was surpassed by the broader market, as seen by the roughly 2.31% and 3.32% gains made by the Nifty Midcap 100 and Nifty Smallcap 100 indexes. Indicating heightened market volatility, the India VIX volatility index jumped by 2.44% to 18.64. Likewise, Bank Nifty began the day gapping higher, showing buying activity, and ended the day higher at 49,166.

Nifty Outlook Today

"Technically, Nifty formed a green candle on the daily chart, suggesting strength, with immediate resistance near 23,360, where the 21-Days Simple Moving Average (SMA) is placed. As long as the index holds above 22,780, a short-term pullback toward 23,360 and 23,500 is possible, favoring a buy-on-dips strategy," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company).

Bank Nifty Outlook Today

"On the technical front, Bank Nifty on a daily chart has formed a green candle, indicating strength. As long as index holds 47,840, bullish momentum is likely to continue. On the upside, 49,500 and 50,000 will act as resistance points. Thus, traders are advised to adopt a buy-on-dips strategy in Bank Nifty," added Hrishikesh Yedve.

Stocks To Buy Today

On Thursday, January 30, Choice Broking's executive director, Sumeet Bagadia, recommended buying two stocks after the Nifty index is still below the 21EMA and broad weakness is expected to continue.

Maruti Suzuki

Buy MARUTI in Cash @ 12123.75, Stop-loss @ 11700, Target @ 12900

MARUTI stock is currently trading around Rs 12123.75, showing some consolidation after recent downward movement. The stock has been moving in a range, trying to find stability before making its next move.

The stock has strong support at Rs 11700 (near the 100-day Exponential Moving Average or EMA), and resistance around Rs 12,222. If the price breaks above Rs 12,222 it could lead to a new upward trend, pushing the stock towards Rs 12900 and higher.

The stock has witnessed consistent trading volume, but it needs to break above the resistance level on stronger volume to confirm a sustainable uptrend. If the price holds above the Volume Weighted Average Price (VWAP) of approximately Rs 12050, a recovery can be anticipated in the coming sessions.

MARUTI is showing signs of recovery in the short term, especially if it can break above the Rs 12,222 level. Investors can look for buying opportunities on dips while keeping an eye on Stop-Loss at 11700 and target of 12900 levels for further movement.

Bajaj Finance

Buy BAJFINANCE in cash @ 7606.4, Stop-loss: Rs 7340, Target: 8000

BAJFINANCE showcases a strong bullish momentum, evident from a notable uptrend from the support levels around 7300, in close proximity to its 20 Day Exponential Moving Average (EMA). substantial upward movement and a significant closing around Rs 7606.4. The stock has been experiencing robust buying interest, leading to consecutive gains that could potentially lead to further upward movement after the recent surge, offering an optimistic outlook for investors

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 BAJFINANCE price action.

The surge in volume associated with this upward price action also indicates strong interest and a potential continuation of the rally if the momentum sustains a bullish outlook for BAJFINANCE. Traders and investors may find this analysis indicative of potential continued upward momentum in the stock.

Based on the above analysis we recommend buying BAJFINANCE in cash at CMP of 7606.4 for the target of 8000 with a stop loss of 7340.

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.