Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Wednesday, 5th Feb

As the U.S. decision to halt tariffs sparked a robust recovery, the Nifty index opened Tuesday's trading session with a notable gap-up despite global concerns and experienced continued gains amid elevated volatility, closing at 23,739.25, recording a 1.62% gain (+378.20 points). Meanwhile, the Nifty Bank index opened Tuesday's trading session with a notable gap-up amid global uncertainties and quickly gained upside traction despite heightened volatility, closing at 50,157.95, recording an impressive 1.93% surge (947.40 points). With a small decline of 2.33% to 14.01, the India VIX, the market's fear index, indicated that investor nervousness was abating. The market mood continues to be modest but cautiously upbeat as the VIX continuously stays below the crucial 15-mark.

Nifty Outlook Today

"The Nifty index sustains its bullish trajectory, registering a strong breakout above its previous swing high, while consistent buying at lower levels reinforces a positive outlook. The index has breached both the 50 and 200-day EMAs, further cementing bullish momentum. Additionally, RSI hovering above 50 and price action holding firm above the 20-day EMA enhance the case for continued upside potential. However, the 23,800-23,850 resistance zone, marked by fresh call writing and previous swing highs, remains a critical hurdle. On the downside, the 23,400-23,450 zone holds as pivotal support, backed by aggressive put writers defending their positions. As long as Nifty sustains above 23,400, the "buy-on-dips" strategy is expected to remain dominant, with a breakout above 23,850 setting the stage for an accelerated move toward 24,000," said Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"The Nifty Bank index continues to uphold its bullish trajectory, with a solid breakout from the double-bottom pattern and steady buying emerging at lower levels. The index has successfully surpassed its psychological resistance at 50,000, affirming a positive market bias. Additionally, the RSI hovering above 50 and price sustaining above the 20-day EMA further bolster confidence in an extended rally. However, the 50,300-50,500 zone, marked by renewed call writing and key moving averages (50- & 200-day EMA), poses a considerable supply challenge. On the downside, the 49,000-49,500 region serves as a key support, with aggressive put writers defending their positions. As long as the index remains above 49,000, a "buy-on-dips" strategy is likely to dominate. A decisive breakout beyond 50,500 could trigger an accelerated move toward 51,000 in the near term," commented Dhupesh Dhameja.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, advised purchasing two stocks on Wednesday, February 5, after the Nifty's 200-day EMA breakthrough and the RSI staying above 50 further supports a positive market view while lowering the possibility of a correction.

Minda Corporation

Buy MINDACORP in cash @ Rs 580.55, Stop-loss @ 560, Target @ 625

MINDACORP is currently positioned at 580.55 levels, has shown robust upward momentum. The stock's recent breakout was supported by significant trading volume, indicating strong investor interest. The chart reveals a steady climb, with the 20-day EMA trending upward and converging towards the 50-day and 100-day EMAs. This alignment of moving averages suggests a continuation of the bullish trend if supported by further buying pressure., affirming its inherent strength.

While facing a minor resistance at 600 levels, a breakout beyond this threshold could pave the way for further upward momentum. Sustaining levels above 600 may propel the stock towards the next target at 625 levels, presenting a promising outlook for investors.

Reinforcing the positive sentiment, the Relative Strength Index (RSI) comfortably rests at 59.35 levels, indicating a favourable balance between buying and selling pressures. The technical parameters collectively suggest a constructive environment for MINDACORP, encouraging potential bullish movements in the near term. Investors may find opportunities in this upward trajectory, particularly on confirmation of a sustained breakthrough above the resistance level.

Based on the above technical analysis we recommend buying MINDACORP at CMP of 580.55 for a medium term outlook with a stop loss of 560 for targets of 625.

Zota Health Care

Buy ZOTA in cash @ 1015.3, Stop-loss 977, Target 1085

ZOTA showcases a strong bullish momentum, evident from a notable uptrend from the support levels around 940, in close proximity to its 20 Day Exponential Moving Average (EMA). substantial upward movement and a significant closing around ₹1015.3. The stock has been experiencing robust buying interest, leading to consecutive gains that could potentially lead to further upward movement after the recent surge, offering an optimistic outlook for investors

Key technical indicators, particularly the Relative Strength Index (RSI), emphasize the stock's positive momentum. The RSI not only signals positive trends but also aligns with the stock trading above crucial moving averages, including the 20-day, 50-day, and 200-day Exponential Moving Averages (EMA). This convergence underscores the sustained strength in ZOTA price action.

The surge in volume associated with this upward price action also indicates strong interest and a potential continuation of the rally if the momentum sustains a bullish outlook for ZOTA Industries. Traders and investors may find this analysis indicative of potential continued upward momentum in the stock.

Based on the above analysis we recommend buying ZOTA in cash at CMP of 1015.3 for the target of 1085 with a stop loss of 977.

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.