Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Wednesday, Nov-27

While Nifty Smallcap 100 beat Nifty, wrapping up 0.82% higher, the index suffered profit taking after opening with a gap up on Tuesday and ended the day on a negative note at 24,195. The Bank Nifty began the day gapping higher, saw profit booking, and ended the day unchanged at 52,192 levels. Indicating minor concerns about the market but also suggesting possible short-term fluctuations owing to increasing volatility, the India VIX increased by 0.02% to close at 15.30.

Nifty Outlook Today

"Technically, on a daily chart, Nifty has formed a bearish belt hold pattern, signifying weakness. According to this pattern, 24,350 will act as strong resistance for the index in the short term. On downside, 21-Days exponential moving average (DEMA) is placed near 24,070. Thus, 24,070 will provide immediate support for the index followed by psychological support of 24,000. Overall short-term trend is up, but as long as index persists below 24,350, traders should focus on booking profits and wait for fresh breakout," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company.

Bank Nifty Outlook Today

"Technically, the Bank Nifty failed to cross the major barrier of 52,500-52,580 and formed a bearish belt hold pattern, indicating weakness. As per this pattern, as long as index maintains below 52,580 weakness will continue. Thus, traders are advised to book profits and wait for a fresh breakout above 52,580," Hrishikesh Yedve added.

Stocks To Buy Today

Following the Nifty index's bullish-to-neutral posture as it moves through a crucial resistance zone of 24,400-24,500, on Wednesday, November 27, Choice Broking executive director Sumeet Bagadia recommended buying two stocks.

NIIT

Buy NIITLTD in cash @ Rs 216.22, Stop-loss @ Rs 209, Target @ 230

NIITLTD is exhibiting strong bullish momentum, currently trading at an all-time high of 218.9 levels. The recent breakout above the crucial resistance at 205 levels is a significant technical development, supported by robust trading volumes, reinforcing the strength in the stock. The breakthrough suggests a potential continuation of the upward trend, offering an optimistic outlook for investors.

Additionally, NIITLTD is trading above key moving averages, including the short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMAs, further affirming its bullish stance. The momentum indicator, Relative Strength Index (RSI), is at 72.34 levels.

For traders, keeping an eye on the strong support near 209 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, NIITLTD current technical setup suggests a favourable environment for further upside potential, provided traders and investors remain vigilant to potential reversals and closely monitor key support and resistance levels.

Based on the above analysis we recommend buying AJMERA and the CMP of 216.22 with a stop loss of 209 for the target of 230.

Marico

Buy MARICO in Cash @ Rs 628.35 @ stop-loss: Rs 606, Target @ 672

Marico Limited is currently trading at Rs 628.35 and has recently reversed from a strong demand zone in the Rs 580-592 range, forming a bullish candlestick on the daily timeframe, which signals robust bullish momentum. The Relative Strength Index (RSI) is at 50.53 and trending upward, reflecting strengthening bullish sentiment. A further bullish confirmation would be achieved if the stock surpasses its 50-day EMA, reinforcing the ongoing upward momentum.Notably, the stock has recently closed above its key 20-day and long-term 200-day Exponential Moving Averages (EMA), indicating a positive trend.

If Marico sustains above the critical resistance level of Rs 640, it could present a favorable breakout opportunity for long positions, with a short-term target of Rs 672 or higher. This outlook is supported by increased trading volumes, underscoring strong investor buying interest.

Investors may consider entering at current levels with a target price of Rs 672 and a stop-loss at Rs 606 to manage risk effectively. However, prudent risk management remains essential to mitigate potential downside risks, especially given the elevated RSI and the likelihood of short-term market volatility.

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.