Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Wednesday, 15th Jan

The Nifty Bank closed at 48,729.15, higher by 1.43% and rebounding after four straight negative sessions, while the Nifty index ended its downward trend, nudging up by 0.39% (90.10 points) to settle at 23,176.05. The index had a great start to the day and continued to rise. The market's volatility indicator, the India VIX, fell 3.30 per cent to 15.47, indicating less market trepidation. Investor nervousness has historically been prompted by a VIX level above 15, as increased volatility serves to promote selling pressure.

Nifty Outlook Today

"The Nifty's price action suggests a potential sideways to bullish reversal, though intermittent profit booking remains a possibility. Trading below the critical 23,300-23,250 resistance range has reshaped the technical landscape. Options data underscores a range-bound sentiment, with aggressive positions established at both 23,500 and 23,000 strikes, reflecting a continued battle between market participants. The divergence in technical indicators and mean reversion toward the 10 DEMA adds weight to the recovery narrative. The psychological support at 23,000 increases the likelihood of a minor pullback toward immediate resistance at 23,400-23,500. A decisive move beyond 23,250 could trigger short-covering, propelling the index toward 23,500. Conversely, sustained trading below 23,000 may accelerate a slide toward 22,800. The current trend remains range-bound, favouring a "Buy at support, sell at resistance" strategy until a clear breakout emerges," said Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"The Nifty Bank's price action hints at a possible sideways to bullish reversal, though bouts of profit-taking cannot be ruled out. The technical landscape has shifted with the index trading below the crucial 48,900-49,000 resistance range. Options data reveals a range-bound market sentiment, with aggressive positioning at the 48,000 and 49,000 strikes underscoring continued contention. The index's rebound from oversold territory and potential mean reversion toward the 10 DEMA bolster recovery prospects. Psychological support at 48,000 strengthens the likelihood of a pullback toward immediate resistance at 49,500-49,700. A decisive move above 49,000 could trigger short-covering, propelling the index to 49,700. Conversely, sustained trading below 48,000 may extend the decline to 47,300. The prevailing trend remains range-bound, favouring a "Buy at support, sell at resistance" strategy until a clear breakout materializes," commented Dhupesh Dhameja.

Stocks To Buy Today

Choice Broking executive director Sumeet Bagadia recommended buying two stocks on Wednesday, January 15 following the Nifty on the daily chart developed a Doji pattern, signifying uncertainty and likely resistance at higher levels.

Lloyds Metals And Energy

Buy LLOYDSME in Cash @ 1422.1, Stop-loss @ 1370, Target @ 1530

LLOYDSME is currently trading at 1422.1, exhibiting a bullish trend, as evidenced by the consistent formation of higher highs and higher lows. The chart shows a bullish continuation pattern, with a recent breakout above the key resistance level of 1350. This breakout is accompanied by significant volume, indicating strong buying interest. The stock recently reached an all-time high of 1478. The Exponential Moving Averages (EMAs) for the 20, 50, 100, and 200-day periods are all trending upwards, further supporting the bullish outlook. The price is trading above all major EMAs, reinforcing positive sentiment. If the stock manages to break its resistance level of 1470, it could reach a short-term target of 1530.

On the downside, immediate support is located at 1390. The Relative Strength Index (RSI) is currently at 68.05 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 1370 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, LLOYDSME presents a promising buying opportunity for those aiming for a 1530 target, provided that appropriate risk management strategies are in place.

Bajaj Finserv

Buy BAJAJFINSV in Cash @ 1713.5, Stop-loss @ 1653, Target @ 1833

BAJAJFINSV is currently trading at Rs 1713.5, indicating a potential upward trajectory. After reversing from lower levels, the stock has been consolidating over the past few days and is now on the verge of breaking out of its consolidation range. It is trading above its 20-day EMA, 50-day EMA, and 200-day EMA, highlighting strong support from both short-term and long-term trends.

Having recently breached a key resistance level, BAJAJFINSV appears poised for further appreciation. If the stock surpasses the major resistance at Rs 1754, it could potentially target Rs 1833. On the downside, immediate support is identified at Rs 1670, with a suggested stop-loss at Rs 1653 to effectively manage risk against unexpected market reversals.

The Relative Strength Index (RSI) currently stands at 61.83 and is trending upward, reflecting growing buying momentum. Based on technical analysis and prevailing market conditions, BAJAJFINSV offers a promising buying opportunity for investors aiming for a Rs 1833 target, provided appropriate risk management strategies are implemented.

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.