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

While Nifty Bank ended the day at 49,314.50, recording a gain of 1.99%, Nifty in the previous session rose 1.45% to close at 22,834.30, dramatically breaching the key resistance of 22,560 while building a solid footing above the psychological hurdle of 22,680. The fear indicator, the India VIX, fell 1.56% to close at 13.21. Although this decline in volatility points to an optimistic view, the next directional move could benefit from a more cautious attitude. Volatility should be controlled as long as VIX remains below the crucial 15-mark, enabling traders to take a cautiously optimistic approach. The result of the upcoming FED and BOJ meetings will be widely watched by market players, which suggests that traders should exercise caution as it may lead to volatility.

Nifty Outlook Today

"Nifty's breakout from consolidation reflects a renewed bullish grip, with momentum accelerating past immediate hurdles. Reclaiming the 20-day EMA further solidifies this bullish shift, supported by strong put additions in the 22,500-22,700 region, marking a potential trend reversal. On the higher side, the 22,900-23,000 resistance zone remains a critical barrier, reinforced by persistent call writing and technical resistance. However, a decisive close above 23,000 could spark a robust rally, fuelled by short-covering and bullish momentum. Given the strong technical setup, traders should anticipate shallow pullbacks and continued buying interest on dips. With Nifty holding above 22,500, a 'Buy on Dips' strategy remains the best approach, while 23,000 serves as the next major resistance and key trigger for further upside," commented Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"With a strong breakout, Nifty Bank has shifted into an uptrend, displaying a powerful bullish intraday move and a decisive directional bias. This resurgence, along with the breach of the 48,700-49,000 resistance, showcases firm conviction among buyers for further gains. The index's successful reclaiming of the 20 & 50-day EMAs further strengthens this bullish revival. Additionally, strong put addition in the 48,500-49,000 range, previously a resistance zone, now indicates a potential change in trend. This support region, backed by heavy put writing, continues to serve as a critical safety net for bulls," as per Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities.

"On the flip side, the 49,500-50,000 resistance zone remains a tough barrier, as persistent call writing and technical overhead supply continue to weigh in. However, a decisive close above 50,000 could trigger aggressive short-covering, fuelling a sharp upside rally. With demand holding firm at lower levels and put writing reinforcing bullish control, downside risks appear limited. Given the prevailing strong bullish price action, a 'Buy on Dips' strategy remains the most favourable approach. As long as Nifty Bank stays above 48,700, accumulating on dips remains a preferred strategy, with 50,000 as the next key resistance and immediate hurdle," the analyst further added.

Stocks To Buy Today

The executive director of Choice Broking, Sumeet Bagadia, recommended buying two stocks on Wednesday, March 19, following the Nifty's impressive closing above the 22,700-22,800 range.

Bank of India

Buy BANKINDIA in Cash @98.58 SL @95 TGT @ 105

BANKINDIA is currently trading near Rs 98.58, having formed a strong bullish candle that indicates a continuation of upward momentum. The stock recently broke out of a falling parallel channel pattern on the daily chart, accompanied by a significant increase in trading volumes, reflecting robust buying interest. If BANKINDIA sustains above the Rs 100 level, it is well-positioned to move higher, with a potential target of Rs 105.

The Relative Strength Index (RSI) stands at 50.57 and is trending upward, signaling increasing buying strength. Additionally, the stock has closed above its 20-day Exponential Moving Average (EMA) and is approaching the 50-day and 200-day EMAs. A decisive close above these levels would further reinforce the bullish outlook.

On the downside, Rs 92.95 serves as a key support level, providing a cushion against minor pullbacks. Given the strong technical structure and supporting indicators, BANKINDIA presents a compelling buying opportunity at Rs 98.58. To manage risk effectively, a stop-loss should be placed at Rs 95, while targeting Rs 105. This setup offers an attractive risk-reward ratio in alignment with the stock's ongoing bullish momentum.

Piramal Pharma

Buy PPLPHARMA in Cash @212.85 SL @ 206 TGT @ 227

PPLPHARMA is currently trading at Rs 212.85, having recently rebounded from a key support zone. The stock has formed a bullish candlestick pattern and is on the verge of breaking out from a falling trend on the daily timeframe. A successful breakout would confirm a reversal pattern, supported by rising trading volumes, indicating strong buying interest. In the short term, PPLPHARMA appears well-positioned to target Rs 227, with the Relative Strength Index (RSI) at 54.48, signaling a strengthening trend and potential for further upside.

Additionally, the stock has closed above its 20-day and 200-day Exponential Moving Averages (EMAs) and is approaching the 50-day EMA. A decisive close above these levels would further reinforce the bullish outlook. Sustaining above the critical resistance level of Rs 215 could provide an ideal entry point for long positions.

Traders may consider entering at the current price of Rs 212.85, aiming for a target of Rs 227 while placing a stop-loss at Rs 206 to manage risk effectively. While the technical setup remains promising, traders should be mindful of potential short-term volatility and adhere to disciplined risk management strategies.

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.