Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Wednesday, 4th December

The Nifty began Tuesday's trading session on a high note, but following some initial turbulence, the index recovered its bullish momentum and ended the day at around 24,457 levels. The Bank Nifty had a good start to the day, sustained buying demand, and ended the day at 52,696 levels. A fall in market volatility was indicated by the India Vix volatility index, which fell 2.22% to 14.37.

Nifty Outlook Today

"On the technical front, the benchmark index has evolved above the 50 DEMA after a long haul and is now placed above all its significant EMAs on the daily chart structure, which construes a strong development. Additionally, as the Nifty index gradually inched higher, it is now headed for a critical blockade placed at 24500, which is likely to be seen as the make-or-break zone for market sentiments. A decisive breakthrough at this point may indicate a trend reversal, potentially leading to a continuation of the primary bullish trend and movement toward 24800. Conversely, the support zone has slightly shifted upwards to 24350-24300, followed by 24200-24150," said Osho Krishnan, Sr. Analyst, Technical & Derivatives of - Angel One.

Bank Nifty Outlook Today

"The index formed a bullish candle, signalling sustained upward momentum, potentially bridging the gap toward 52,818. Notably, it climbed above 61.8% Fibonacci retracement level at 52,680, positioning towards the next resistance at 53,000, followed by 53,450 at the 78.6% retracement level A sustained bullish trend is evident on the hourly chart, and the daily RSI remains steady around 60. The immediate support remains at 52,400, providing a cushion for any potential pullbacks," commented Om Mehra, Technical Analyst, SAMCO Securities.

Stocks To Buy Today

On Wednesday, December 4, Choice Broking's executive director, Sumeet Bagadia, suggested buying two stocks after the Nifty displayed a positive view by holding above the 40 EMA and getting closer to the 50 EMA.

Redington

Buy REDINGTON in Cash @ Rs 205.12, stop-loss @ Rs 198, Target @ Rs 220

Redington is currently trading at Rs 205.12, exhibiting bullish momentum. The stock has recently broken out of a falling trendline pattern on the weekly timeframe, suggesting a potential bullish reversal from a key support zone. This breakout is further validated by a significant increase in trading volume, indicating strong buying interest.

A critical resistance level to watch is Rs 206. If the stock holds above this level, it could provide an ideal entry point for long positions. The Relative Strength Index (RSI) stands at 64.84, trending upward, which signals a healthy uptrend with potential for further growth. Moreover, Redington is trading comfortably above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs).

Traders may consider entering at the current price of Rs 205.12, with a stop-loss set at Rs 198 and a target price of Rs 220. While the setup presents a compelling opportunity for potential gains, it is essential to remain mindful of short-term volatility, despite the overall positive technical indicators.

Kfin Technologies

Buy KFINTECH in Cash @ Rs 1216.10, stop-loss @ Rs 1173, target @ Rs 1301

KFintech is currently trading at Rs 1216, exhibiting a strong bullish trend, characterized by the formation of higher highs and higher lows. The stock has recently broken out of a consolidation range of 950- 1188 and is trading near its all-time high, confirming the upward momentum. This breakout is further supported by an increase in trading volumes, indicating buying interest from investors. In the short term, the stock is likely to target Rs 1301.

The Relative Strength Index (RSI) stands at 73.07, trending upward, which reflects strong bullish strength. Additionally, KFintech is trading comfortably above its key 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), further reinforcing the positive trend.

If the stock sustains above the critical resistance level of Rs 1250, it presents a favorable opportunity for long positions. Investors may consider entering at the current price with a target of Rs 1301 while maintaining a stop loss at Rs 1173 to effectively manage risk. Given the elevated RSI and potential for short-term volatility, proper risk management remains crucial to protect against any downside.

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.