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

On Tuesday, the Nifty had its tenth straight day of fall, closing the session at 22,082.65, down 0.17%. The index continued to decline on the daily chart after breaking over the 22,000 mark. The Nifty has closed down for ten straight sessions for the first time ever. As it continued to consolidate around the 48,000 zone, Nifty Bank completed the day at 48,245.20, up 0.27%. The market's fear indicator, the India VIX, increased by 0.49% to 13.83, indicating a modest reduction in risk aversion. However, as long as VIX remains below the crucial 15-point threshold, volatility is anticipated to be moderate, keeping market participants alert.

Nifty Outlook Today

"The Nifty index continues to battle persistent selling pressure, showing limited signs of a sustained rebound as it struggles against stiff resistance at every upswing. The 22,300-22,500 range has now solidified as a significant supply zone, while the RSI near 20 indicates a lack of bullish momentum and an ongoing oversold scenario. Trading well below its short-term moving averages, the index might witness a potential mean reversion if it manages to hold above its key support. The 22,000 level remains the bulls' last stronghold, offering a setup for a potential pullback. However, unless the Nifty decisively conquers 22,500, any bounce may be short-lived due to persistent call writing and technical roadblocks. Considering the current bearish setup and lingering market uncertainties, a 'Range Trading' strategy appears wise, with immediate resistance at 22,500 and vital support at 22,000. As long as the index remains within this range, expect intraday volatility and choppy market moves," said Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"Nifty Bank index remains under constant selling pressure, struggling to sustain upward momentum as every bounce meets firm resistance. The 48,800-48,900 zone is now a strong supply region, while the Relative Strength Index (RSI) below 40 highlights weak buying interest and sustains the bearish sentiment. However, the improving sentiment in the derivatives market, combined with potential reversal signals on the technical charts, suggests a mean reversion might be possible if the index manages to hold above critical support levels. The 47,800 level is seen as the final line of defence for bulls seeking a temporary relief rally. Unless the index delivers a decisive breakout above 49,000, any short-term recovery might prove to be short-lived due to ongoing call writing pressure and technical hurdles. Given the current market setup and uncertain dynamics, a 'Range Trading' strategy appears prudent, with immediate resistance at 48,700 and crucial support at 47,800. Traders should anticipate intraday volatility and choppy price action until the index breaks out of this trading band," commented Dhupesh Dhameja.

Stocks To Buy Today

On Wednesday, March 5, Choice Broking's executive director, Sumeet Bagadia, recommended buying two equities after the Nifty index broke through the 22,000 mark and continued its downward trend on the daily chart.

Bajaj Healthcare

Buy BAJAJHCARE in cash @ Rs 641.1, Stop-loss 615, Target 685

BAJAJHCARE showcases a strong bullish momentum, evident from a notable uptrend from the support levels around, in close proximity to its 50 Day Exponential Moving Average (EMA). substantial upward movement and a significant closing around ₹641.1. 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 BAJAJHCARE 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 BAJAJHCARE. Traders and investors may find this analysis indicative of potential continued upward momentum in the stock.

Based on the above analysis we recommend buying BAJAJHCARE in cash at CMP of 641.1 for the target of 685 with a stop loss of 615.

Healthcare Global Enterprises

Buy HCG in cash @ Rs 514.8, Stop-loss 495, Target 555

HCG has shown signs of resilience in the recent trading sessions, consolidating around key moving averages. The stock is currently trading at ₹514.8, with a gain of 4.67% for the session. The chart indicates a steady upward movement after a period of correction, with the stock finding support around the ₹500-₹480 zone.

The presence of the 100-day EMA at ₹480 suggests a near-term support zone, while resistance can be seen around ₹535. The stock had recently witnessed a phase of consolidation, followed by a breakout attempt. Volume activity remains moderate, indicating that further confirmation of strength is needed for a sustained uptrend. The recent bullish momentum suggests that if HCG manages to stay above the ₹520-₹535 range, it could witness further upside, potentially testing the ₹555 mark. However, if selling pressure intensifies, the stock may retest its support levels. The Bollinger Bands suggest that volatility is gradually expanding, which could lead to a decisive move in the coming sessions.

The Relative Strength Index (RSI), a momentum indicator, is hovering around 53.89 levels. This RSI reading suggests that the stock possesses considerable strength and also It signifies a healthy and sustainable uptrend.

Based on the above analysis we recommend buying HCG at CMP of 514.8 with a SL of 495 for the target of 555.

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.