Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Tuesday, 7th Jan

On Monday, the domestic equity gauges experienced notable declines. The Nifty closed below the 23,650 level after peaking at 24,089.95 in early trade. With a steep drop of 2.09%, Nifty Bank ended the session at 49,922. Broad selling pressure spanning mid- and small-cap stocks as well as across sectors was reflected in the 15.58% jump in the India VIX, a gauge of market volatility, which ended the day at 15.65. Broad-based weakness was shown by the advance-decline ratio, which swung significantly in favour of sellers.

Nifty Outlook Today

"Technically, on the daily chart, Nifty formed a big red candle, indicating heavy selling pressure. As a result, the index has broken the 200-Days Simple Moving Average (200-DSMA) of 23,900. Thus, the index will face an immediate obstacle around 23,900-23,910. On the downside, the index held 250-DSMA support near around 23,500 levels. A short-term pullback is probable if the index maintains above 23,500; however, if the index slides below 23,500, weakness may intensify," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company).

Bank Nifty Outlook Today

"Technically, the Bank Nifty has formed a big bearish candle on a daily scale, indicating weakness. Moreover, the index has broken the 200-Days Exponential Moving Average (200-DEMA), which is near 50,500 levels. On downside, 49,700-49,600 will act as immediate support for the index. As long as index remains below 50,500, ongoing weakness will continue," commented Hrishikesh Yedve.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, recommended buying two stocks on Tuesday, January 7, following the India VIX, which measures market volatility, rising 15.65% to 15.58.

Innova Captab

Buy INNOVACAP in Cash @ 1202.55, Stop-loss @ 1155, target @ 1275

INNOVACAP is currently trading at Rs 1202.55, reflecting a strong upward trajectory. The stock has exhibited a consistent pattern of higher highs and higher lows, underscoring sustained bullish momentum, marking a fresh all-time high of Rs 1259. Trading significantly above its 20-day EMA, 50-day EMA, and 200-day EMA, INNOVACAP exhibits robust support across short-term and long-term trends. This technical strength, combined with the recent breakout above a key resistance level, highlights the stock's potential for further appreciation. If the upward momentum persists and IPCALAB continues to breach higher levels, it could potentially target Rs 1275 in the near term.

On the downside, immediate support is located at 1185. The Relative Strength Index (RSI) is currently at 70.71 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 1155 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, INNOVACAP presents a promising buying opportunity for those aiming for a 1275 target, provided that appropriate risk management strategies are in place.

Krishna Institute Of Medical Sciences

Buy KIMS in cash @ 630.5, Stop-loss: 608, Target: 675

KIMS 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, KIMS 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 KIMS in cash at CMP of 630.5 for the target of 675 with a stop loss of 608.

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.