Stocks To Buy Today: Intraday Technical Picks By Sumeet Bagadia On Monday - 11th Nov

The volatility brought on by multiple global events was reflected in the Nifty and Sensex's slight dip at the end of the previous week. In terms of sectoral movements, the Nifty IT Index increased by 4% as IT stocks surged following the outcome of the US election. On the other hand, the high-beta Nifty Realty Index had a 4% decline. The strong dollar, the FII's aggressive selling, and the weakening Q2 data caused the benchmark indices to drop in the last week. Last week, the India VIX, or India Volatility Index, which gauges anticipated stock market volatility, dropped 14.47 (-9.01%). The Sensex decreased by 0.30%, closing at 79,486.32, while the Nifty dipped by 0.64%, closing at 24,148.20, for the week. As we move past significant world events and Q2 results, the market's attention turns to important macroeconomic data and the final wave of Q2 profits. India is anticipated to disclose its WPI statistics on November 14 after releasing its CPI and IIP data on November 12.

Nifty Outlook Today

As per Ms. Palka Arora Chopra, Director of Master Capital Services Ltd, "Nifty 50 ended the week lower, maintaining its downtrend and closing below the 21-week moving average. The index hit strong resistance at 24,500, which is expected to remain a key level. If buying momentum lifts it above 24,500, the index could advance toward 24,800. On the downside, 24,000 is a critical support level, and a break below this may push Nifty down to 23,600, aligning with the 200-day EMA. Until the index moves above 24,500, a "sell on rise" strategy is recommended to align with the ongoing bearish trend."

Bank Nifty Outlook Today

"Bank Nifty ended the week flat, facing strong resistance in the 52,500-52,600 range. The index is trading within a 2,000-point range, with buying seen around 50,500 and selling at 52,500. It's now expected to move toward the lower end of this range. Immediate resistance is at 51,800, which could push the index back up to 52,500. On the downside, if Bank Nifty breaks below 51,300, it may fall further to 50,800. It gave closing below the 21-day EMA, a "sell on rise" approach is advised for the coming week to stay aligned with the current trend," said Palka Arora Chopra.

Stocks To Buy Today

On Monday, November 11th, Choice Broking's executive director, Sumeet Bagadia, recommended buying two stocks ahead of the market's viewpoint, which would be determined by the primary domestic and global economic data this week.

Firstsource Solutions

Buy FSL in cash @ Rs 380.45, Stop-loss: Rs 368, Target: Rs 405

FSL has demonstrated remarkable strength and positive momentum in recent high-volume trading sessions, currently trading at 380.45. The stock's recent consolidation within the 330-346 range has laid the foundation for a potential upward movement, emphasized by a rising wedge candlestick pattern on the daily charts.

Notably, FSL maintains a robust technical posture by comfortably holding its position above the crucial 20-day, 50-day, and 200-day Exponential Moving Averages (EMA), reflecting a solid base and signalling a positive trend. The Relative Strength Index (RSI), a pivotal momentum indicator, is on the rise and currently stands at 64 levels.

As FSL gears up to confront the next target level at 405, its ability to sustain itself above critical support levels during pullbacks suggests a strong technical setup. Employing stop losses, to protect the investment in case of an unexpected market reversal at 368 Levels Is a prudent risk management strategy for investors who entered the market at lower levels. In conclusion, the technical analysis paints a favourable picture for FSL, indicating the potential for further upward movement and instilling confidence among investors.

Deep Industries

Buy DEEPINDS in cash @ Rs 524.7, Stop-loss: Rs 505, Target: Rs 560

DEEPINDS is currently trading at Rs 524.7. After a period of small falls and sideways consolidation, the stock has lately broken the neckline levels of Rs 500 and is rising quickly on the upside with substantial volume. There are expectations of further upward movement, potentially reaching Rs 560 levels. On the downside, substantial support is evident near Rs 505.

Furthermore, DEEPINDS is trading above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This suggests a strong bullish momentum, indicating the potential for continued upward price action. The Relative Strength Index (RSI) stands at 68, signalling an upward trajectory and confirming an increase in buying momentum.

Additionally, the Stochastic Relative Strength Index (Stoch RSI) exhibits a positive crossover. These technical indicators collectively support the notion that DEEPINDS may have the potential to achieve a target price of Rs 560 in the near term.

To manage risk effectively, it is advisable to set a stop-loss (SL) at Rs 505 to protect the investment in case of an unexpected market reversal.

In summary, considering the technical analysis and prevailing market conditions, DEEPINDS appears to present a promising buying opportunity for those targeting a Rs 560 price objective, contingent upon the implementation of prudent risk management measures.

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.