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

Nifty started the day higher on Tuesday, had some volatility, and ended the day unchanged at around 24,610 levels. The Bank Nifty began the day in a flat to positive position, moved within a small range, and ended the day at 53,578 levels. A fall in market volatility was indicated by the India Vix volatility index, which fell by 2.33% to 13.78 levels.

Nifty Outlook

"Technically, on the daily chart, the index formed a small red candle. However, the index holds above the breakout point of the inverted head and shoulder pattern, showing strength. On the downside, 100-Days Exponential Moving Average (100-DEMA) support is placed near 24,340. As long as index sustains above it, traders are advised to adopt buy on dips strategy. On the upside, index might test the levels of 24,800-25,000 in short term," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company).

Bank Nifty Outlook

"Technically speaking, the Bank Nifty has formed a green candle on its daily chart, signifying strength. However, the index is still facing short term resistance near the 53,900-54,000 levels. If the index sustains above 54,000 levels, then rally could extend further towards 54,500. On the downside, the index will find major support at 52,500, where the recent breakout point is placed. As long as index sustains above 52,500 level, traders are advised to adopt buy on dips strategy in Bank Nifty," commented Hrishikesh Yedve.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, suggested purchasing two stocks on Wednesday, December 11, following the Nifty's daily chart's development of higher highs and higher lows.

HUDCO

Buy HUDCO in Cash @ Rs 254.25, Stop-loss @ Rs 245, Target @ Rs 272

HUDCO is currently trading at Rs 254.25, displaying a strong bullish trend characterized by the formation of higher highs and higher lows. This upward momentum is supported by a significant increase in trading volumes, indicating robust buying interest from investors. If the stock sustains trading above the critical resistance level of Rs 260, it presents a favorable long trading opportunity. In the short term, HUDCO is likely to target Rs 272.

The Relative Strength Index (RSI) stands at 70.88, reflecting a neutral sentiment and signaling potential for further price action. Moreover, the stock is trading comfortably above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), further reinforcing the positive trend and strengthening the bullish outlook.

Investors may consider entering a long position in HUDCO at Rs 254.25 with a target price of Rs 272. To manage risk effectively, a stop loss should be placed at Rs 245, ensuring protection against potential downside. While the elevated RSI suggests caution due to the possibility of short-term volatility, proper risk management will mitigate these risks and support an optimal trading strategy.

ZENTEC

Buy ZENTEC in cash @ Rs 2064.15, Stop-loss @ Rs 1990, Target @ Rs 2200

ZENTEC is exhibiting strong bullish momentum, currently trading at an all-time high of 2097 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 2064.15, riding the wave of bullish strength. supported by robust trading volumes, reinforcing the strength in the stock.

Additionally, ZENTEC 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 68.65 levels.
For traders, keeping an eye on the strong support near 1990 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, ZENTEC 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 ZENTEC and the CMP of 2064.15 with a stop loss of 1990 for the target of 2200.

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.