Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Wednesday, 19th Feb

At 22,945.30 at the close of the previous session, the Nifty saw a little decrease of 0.06%. A dragonfly doji on the daily chart indicates a possible trend reversal whereas Nifty Bank reported a 0.35% drop at 49,087.30 at the close of the day. The market's fear gauge, the India VIX, dropped by 0.37% to 15.66, indicating a slight reduction in the perception of risk. Sharp price fluctuations might continue in the near future, though, since the market mood is still tense and the VIX is holding over the crucial 15 threshold.

Nifty Outlook Today

"Nifty index is gradually shifting from a downtrend to a sideways-to-bullish stance, as it continues to hold key support zones while attracting steady buying at lower levels. A base formation on the 1-hour chart, combined with RSI's positive divergence, reinforces the potential for a short-term upside. Despite these constructive signals, the index remains below its short-term moving averages, keeping it susceptible to bouts of volatility. The 22,800 zone has emerged as a key demand area, lending support to the ongoing recovery attempt. However, unless the index decisively breaches the 23,200 resistance, upside moves are likely to encounter stiff opposition, fueled by renewed call writing and technical hurdles. With market volatility on the rise, the 22,900-22,800 range is shaping up as a crucial battleground, where put writers are firmly holding their ground. Given the fragile market structure and lingering uncertainty, a 'Buy on Dips' strategy remains favorable. Immediate resistance is observed at 23,200, while strong support is established at 22,800. A clear breakout beyond this range is essential to confirm a strong directional move in the upcoming sessions," said Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"Nifty Bank index is showing early signs of shifting from a sideways trajectory to a bullish bias, with most banking stocks displaying reversal patterns from their recent lows. Dip-buying remains a key theme, as robust support levels continue to provide a safety net against extended declines. The index has formed a bullish reversal candlestick pattern, while a strong base on the 1-hour chart reinforces the likelihood of a sustained pullback. Additionally, the RSI on the daily timeframe remains above 40, supporting a bullish outlook. However, despite these positive signals, the index remains below its short-term moving averages, keeping it vulnerable to volatility. The 48,600-48,800 zone has consistently acted as a strong support area, boosting the prospects of a recovery rally. However, unless the index clears the crucial 50,000 mark, any upside attempt is likely to face stiff resistance from fresh call writing and technical barriers. With volatility steadily climbing, the 48,600-48,800 range emerges as a key battleground, where put writers continue to defend their positions aggressively. Given the fragile market structure and cautious sentiment, a 'Buy on Dips' approach remains favorable," added Dhupesh Dhameja.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, suggested purchasing two stocks on Wednesday, February 19th, following a potential comeback amid growing buying activity was hinted at by the Nifty index's formation of a Dragonfly Doji candlestick close to the support zone on the daily chart.

Zomato

Buy ZOMATO in Cash @223.31 SL @ 215 TGT @ 239

ZOMATO is currently trading at 223.31 and showing signs of a potential recovery after a corrective phase. While the stock has been in a downtrend since its peak in late 2024, recent price action suggests the formation of a base near key support levels. The ongoing consolidation around its EMA indicates that the stock may be stabilizing before an upward move. Currently, the stock is near the 200-day EMA, which serves as a key long-term support level. The 20-day and 50-day EMAs are positioned above the current price and may act as resistance in the short term. However, if the stock sustains above the 20-day EMA (225), it could gain bullish momentum and achieve a short-term target of 239.

On the downside, immediate support is located at 220. The Relative Strength Index (RSI) is currently at 45.53 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 215 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, ZOMATO presents a promising buying opportunity for those aiming for a 239 target, provided that appropriate risk management strategies are in place.

Jubilant FoodWorks

Buy JUBLFOOD in Cash @693.05 SL @ 669 TGT @ 745

JUBLFOOD is currently trading at 639.05 and is in a recovery phase following a sharp decline. The stock is attempting to establish an uptrend after rebounding from lower levels. The price action suggests the formation of a potential double bottom pattern, indicating a possible trend reversal. The stock is facing immediate resistance around the 700 level, which, if breached, could signal further upside. Today, the stock has taken strong support from its 100-day EMA and has successfully surpassed all its key EMA levels. A sustained move above these short-term EMAs could reinforce bullish sentiment and strengthen the ongoing recovery. If JUBLFOOD manages to break above its resistance level of 700, it could potentially achieve a short-term target of 745.

On the downside, immediate support is located at 675. The Relative Strength Index (RSI) is currently at 51.32 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 669 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, JUBLFOOD presents a promising buying opportunity for those aiming for a 745 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.