Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Tuesday, 3rd December

While the Bank Nifty started the day on a positive note and after some initial volatility it ended the day on a positive note at 52,109 levels. In contrast, the Nifty opened flat to positive, experienced high volatility, but then saw buying interest which resulted to end the day on a positive note around 24,276 levels on Monday. Market volatility increased, as seen by the India Vix volatility index, which increased by 1.90% to 14.70. The market is anticipated to be volatile in the forthcoming sessions due to the unstable global economic climate and a variety of domestic cues, including the impending RBI MPC meeting.

Nifty Outlook Today

"Technically, on a daily chart, the Nifty has formed a green candle, indicating strength. On the upside, the index will find immediate hurdle near 24,350-24,360 levels. Moreover, the 50-Days exponential moving average (DEMA) is placed near 24,365. If index manages to sustain above 24,365, the upmove can extend towards 24,550. On the downside, the index will find important support near last week's low which was around 23,870. As long as the index remains below 24,365, traders should focus on booking profits on bounce and wait for fresh breakout," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company).

Bank Nifty Outlook Today

"Technically, on a daily chart, Bank Nifty formed a doji candle, indicating uncertainty. The index is facing strong resistance near 52,500-52,600 levels. On the downside, the 21-Days exponential moving average (DEMA) is approaching 51,590 and will act as immediate support for the Bank Nifty. Traders are advised to book profits on the bounce and wait for a sustained breakout above 52,600 to build up fresh position," commented Hrishikesh Yedve.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, recommended purchasing two stocks on Tuesday, December 3, after the Nifty index's rise over the 9-day and 20-day EMAs and move closer to the 50-day DMA at 24,550.

Gokul Agro Resources

Buy GOKULAGRO in cash @ Rs 346.65, Stop-loss @ Rs 336, Target @ Rs 370

GOKULAGRO is exhibiting strong bullish momentum, currently trading at an all-time high of 350 levels. The chart depicts a healthy uptrend backed by improving sentiment. The stock has maintained a strong upward momentum, as highlighted by the series of higher highs and higher lows. Recently, the price has approached Rs 346.65, riding the wave of bullish strength. supported by robust trading volumes, reinforcing the strength in the stock.

Additionally, GOKULAGRO is trading above key moving averages, including the short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMAs, further affirming its bullish stance. The momentum indicator, Relative Strength Index (RSI), is at 71.52 levels.

For traders, keeping an eye on the strong support near 336 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, GOKULAGRO current technical setup suggests a favourable environment for further upside potential, provided traders and investors remain vigilant to potential reversals and closely monitor key support and resistance levels.

Based on the above analysis we recommend buying GOKULAGRO and the CMP of 346.65 with a stop loss of 336 for the target of 370.

CAMS

Buy CAMS in cash @ Rs 5102.3, Stop-loss: Rs 4900, Target: Rs 5400

CAMS daily chart analysis offers a favourable view for the following week, indicating a steady higher advance. Notably, the stock has produced a notable higher high and higher low pattern, and the company's recent upward swing has effectively violated the neckline, establishing a new week high. This breakthrough indicates the possibility of a significant follow-through upward increase in the stock price.

Adding to the positive momentum, there has been an increase in trading volume, indicating growing market interest. The stock formed a strong momentum moves signifying a potential continuation of the uptrend following and the daily strength indicator RSI (14) is moving upwards and positioned above its reference line indicating a positive bias. Furthermore, CAMS is currently trading above its crucial 20-day, 50-day, and 100-day Exponential Moving Average (EMA) levels, reinforcing the bullish trend. Given the overall chart pattern, the analysis suggests a favourable long trading opportunity for investors.

Based on the above analysis we recommend buying CAMS in cash at CMP of 5102.3 for the target of 5400 with a stop loss of 4900.

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.