Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Tuesday, 28h Jan

While the Bank Nifty index also opened with a gap down but displayed buying interest and closed negatively at 48,065 on Monday, the domestic benchmark index, the Nifty, opened with a gap down and saw significant profit booking throughout the session, ending the day at 22,829 on a negative note. Surged market volatility was indicated by the INDIA VIX volatility index, which surged by 8.28% and settled at 18.13. Investors who are keeping a close eye on the Federal Reserve's position, India's budget announcements, and the ongoing Q3 results will be the main focus of the two-day U.S. FOMC meeting on January 28-29. These events might put pressure on the Indian stock market in the near future.

Nifty Outlook Today

"From a technical perspective, Nifty formed a bearish red candle on the daily chart, indicating weakness. However, the index managed to hold above the trendline support near 22,780 levels. A breakdown and sustained trading below this level could push the index further down toward 22,500. Conversely, as long as the index sustains above 22,780, a short-term pullback rally toward 23,000 and 23,300 remains possible. Under current conditions, a "sell on rise" strategy is advisable for Nifty," commented 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 found support near the recent swing low of 47,900. Sustaining above this level could pave the way for a pullback rally toward 49,000. However, a breakdown below 47,900 may lead to further downside, with the potential to test 47,000 in the short term," said Hrishikesh Yedve.

Stocks To Buy Today

On Tuesday, January 28, Choice Broking's executive director, Sumeet Bagadia, suggested purchasing two stocks after the Nifty broke out of its two-week downward consolidation on the daily charts, indicating the start of another wave of drop.

ICICI Bank

Buy in ICICIBANK Cash @1227.95, Stop-loss @ 1185, Target @ 1314

ICICI Bank is currently trading at Rs 1,227, having recently rebounded from a key support zone. The stock has formed a bullish candle and is on the verge of breaking out from a falling trendline channel on the daily timeframe. A breakout from this channel would further strengthen the reversal pattern, supported by increased trading volumes, which indicate strong buying interest from investors. In the short term, the stock appears poised to target Rs 1,314.

The Relative Strength Index (RSI) is at 42.73, reflecting a healthy uptrend with room for further growth. Additionally, ICICI Bank is trading above its 200-day Exponential Moving Average (EMA) and is nearing its 20-day and 50-day EMAs. A close above these moving averages would reinforce the positive trend. Sustaining above the critical resistance level of Rs 1,260 could provide an ideal entry point for long positions.

Traders may consider entering at the current price of Rs 1,227, with a target of Rs 1,314 and a stop-loss at Rs 1,185 to manage risk effectively. While the trade setup is promising, caution is advised due to potential short-term volatility. Adhering to robust risk management practices will be crucial for executing this trade successfully.

Dabur India

Buy in Dabur Cash @523.85, Stop-loss @ 505, Target @ 561

Dabur is currently trading at 523.85, following a recent consolidation breakout after a period of sideways movement. This breakout indicates potential bullish momentum in the short term, with immediate resistance levels at 527 and 532, aligned with key moving averages. The stock has reclaimed the 20-day EMA at 518.37, signaling short-term bullish strength. However, the stock remains below the 100-day and 200-day EMAs at 541 and 555, respectively, highlighting that the medium-term trend has yet to turn decisively bullish. A breakout above these levels would confirm a stronger trend reversal. If the stock successfully surpasses these resistance levels, it could achieve a short-term target of 561.

On the downside, immediate support is located at 520. The Relative Strength Index (RSI) is currently at 55.70 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 505 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, Dabur presents a promising buying opportunity for those aiming for a 561 target, 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.