Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Tuesday, 11th Feb

On Monday, the Bank Nifty started with a gap down, saw volatility, and ended the day on a negative note at 49,981 levels, while the Nifty index opened marginally down, faced selling pressure, and ultimately ended the day on a negative note at 23,382 levels. A major indicator of market outlook, the India VIX, rose 5.66% to 14.45, indicating more heightened fear. Nonetheless, the market mood remains measuredly optimistic as long as VIX maintains below the critical 15-level.

Nifty Outlook

"Technically, Nifty formed a red candle on the daily scale, indicating weakness. However, the index found support near the 21-Days simple moving average (DSMA), which is placed around 23,290; on the upside, the 50-DSMA is placed around 23,740, which will act as a crucial hurdle, followed by 23,800. Sustaining below, 23,290 could extend further weakness in the index. Traders should closely monitor these levels for potential opportunities," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company).

Nifty Bank Outlook

"Technically, the Bank Nifty has formed a small red candle near its previous breakout point of 49,650. As long as Bank Nifty remains above the support level of 49,650, a buy-on-dips strategy should be implemented for Bank Nifty. On the upside, 50,600 will act as a stiff resistance for Bank Nifty in the short term," stated Hrishikesh Yedve.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, recommended purchasing two stocks on Tuesday, February 11, following the Nifty index's Relative Strength Index (RSI) falling below 50, a sign of weakening upward momentum.

Godfrey Phillips India

Buy GODFRYPHLP in Cash @ Rs 5580, Stop-loss @ 5385, Target @ 5971

GODFRYPHLP is currently trading at ₹5580, exhibiting strong bullish momentum following a breakout from a falling trendline channel. The formation of a bullish candlestick and a confirmed close above this channel on the daily timeframe further strengthens the reversal pattern. While the stock was previously in a downtrend, the breakout signals a potential shift in trend, supported by increasing bullish strength.

The Exponential Moving Averages (EMAs) indicate a strong uptrend, with the stock trading above its 20-day, 50-day, and 200-day EMAs, and taking solid support from its short-term EMA levels. If GODFRYPHLP successfully breaks its next resistance level at ₹5700, it could achieve a short-term target of ₹5971.

On the downside, immediate support is positioned at ₹5400. The Relative Strength Index (RSI) is currently at 67.54 and trending upward, reflecting increasing buying momentum. To mitigate risk, traders may consider a stop-loss at ₹5385 to protect against unexpected market reversals.

In conclusion, based on the technical analysis and prevailing market conditions, GODFRYPHLP presents a promising buying opportunity with a potential target of ₹5971, provided that appropriate risk management strategies are followed.

Capital Small Finance Bank

Buy CAPITALSFB in Cash @ 312.45, Stop-loss @ 301, Target @ 334

CAPITALSFB is currently trading at ₹317.3, indicating an ongoing uptrend and signaling a bullish reversal. After a period of consolidation within the ₹285 - ₹310 range, the stock has recently broken out of this pattern with increased volume, confirming strong buying interest and reinforcing the bullish outlook. Additionally, it has found strong support at the 20-day and 50-day EMAs, further validating its upward momentum. On the resistance side, the immediate hurdle is at ₹316, a level where selling pressure has been observed in the past. A decisive breakout above this resistance zone could drive further upside, with a short-term target of ₹334. On the downside, ₹310 serves as the immediate support level.

The Relative Strength Index (RSI) is currently at 64.35 and trending upward, reflecting growing buying momentum. To manage risk effectively, traders may consider placing a stop-loss at ₹301 to safeguard against potential market reversals.

In conclusion, based on technical analysis and current market conditions, CAPITALSFB presents a promising buying opportunity with a potential target of ₹334, provided that appropriate risk management strategies are in place.

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.