Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Tuesday - 19th Nov

The Nifty had a good start on Monday, but persistent selling pressure tempered investor optimism, and the index ended the day down at 23,454 levels. Despite the turbulence, the Bank Nifty started the day with an optimistic outlook, continued its bullish momentum, and ended the day at 50,364 levels. A spike in market volatility is shown by the 2.65% spike in the India Vix volatility index to 15.17. The India VIX fell 4.28% to close at 15.16, suggesting more prudence. With the VIX at 15, the market is probably going to see further selling activity as volatility rises.

Nifty Outlook Today

"The Nifty's trajectory has turned bearish-to-sideways, with every attempt to recovery encountering firm resistance. The close below the 200-DMA and the previous week's low of 23,800 suggests a cautious stance. The index is testing a critical support zone of 23,300-23,350, where demand has historically emerged. A sustained break below this range could pave the way for further downside, with the next major support near 23,000-23,050. Conversely, a rebound above 23,650 could signal a potential fake-out, offering a temporary respite. Given the prevailing conditions, a "sell on the rise" strategy is advisable, particularly if the index struggles to surpass the immediate resistance at 24,000. A sustained move above this level would be required to alter the current bearish outlook," said Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"The Nifty Bank index continues to face a cautiously bearish outlook, with rallies being consistently capped by strong resistance between the 50,500-51,000 range. Heavy call-writing in this zone supports the bearish sentiment. The index's proximity to its 200-DMA near 49,900 suggests a critical support area where buyers may attempt to defend the level. However, previous recovery attempts from this zone have met with selling pressure, keeping the outlook guarded. Traders should monitor the index's high and low from the previous session, as these levels will likely dictate near-term direction. A sustained move below the 50,074 lows could confirm a continuation of the downtrend. Conversely, if the index manages to surpass 51,300, it may signal a shift in sentiment. Under current conditions, a "sell on rise" strategy remains favourable, especially if the index struggles to break above the 51,300 resistances. This approach aligns with the prevailing bearish trend and ongoing seller dominance," commented Dhupesh Dhameja.

Stocks To Buy Today

The executive director of Choice Broking, Sumeet Bagadia, suggested purchasing two stocks on Tuesday, November 19th, as the Nifty index had moved closer to the critical demand zone of 23,300-23,350 on the daily chart. A persistent breach below this range might indicate a negative trend.

Mastek

Buy MASTEK in cash @ Rs 3134.25, Stop-loss: Rs 3010, Target: Rs 3300

MASTEK showcases a strong bullish momentum, evident from a substantial upward movement and a significant closing around Rs 3134.25. 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 MASTEK 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 MASTEK Industries. Traders and investors may find this analysis indicative of potential continued upward momentum in the stock.

Based on the above analysis we recommend buying MASTEK in cash at CMP of 3134.25 for the target of 3300 with a stop loss of 3010 MASTEK MASTEK.

AU Small Finance Bank

Buy AUBANK in Cash @ Rs 579, stop-loss: Rs 558, Target @ Rs 620

AUBANK is currently trading at Rs 579, showing bullish momentum following the breakout of a prominent bullish harami candlestick pattern. This suggests a potential reversal and recovery, further supported by an increase in trading volumes, which strengthens the bullish outlook. If AUBANK sustains above the key resistance level of Rs 600, it could potentially advance toward an anticipated target of Rs 620.

The Relative Strength Index (RSI) is currently at 33.28 and trending upward, indicating oversold conditions, which may present a buying opportunity. While the stock has been in a bearish trend, forming lower highs and lower lows, the recent breakout of the bullish harami pattern near the significant support level of Rs 557-where buyers have recently stepped in-signals a potential reversal. If the stock sustains this reversal and trades above the 20-day exponential moving average (EMA), it would further reinforce the positive trend.

In summary, the favorable technical setup suggests a buy position in AUBANK at the current market price of Rs 579, with a stop loss at Rs 558 and a target price of Rs 620. This strategy aligns with the stock's potential bullish reversal and offers a compelling opportunity for potential gains.

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.