Sumeet Bagadia of Choice Broking Recommends 2 Stocks To Buy On Tuesday, 22nd Aug

On August 21, benchmark indices closed on a bullish note, owing to positive domestic cues. The Sensex closed up 267.43 points, or 0.41 percent, at 65,216.09, while the Nifty gained 83.40 points, or 0.43 percent, to 19,393.60. Bajaj Finance, Adani Ports, Power Grid Corp, Adani Enterprises, and Hindalco Industries led the top 5 Nifty gainers, while Reliance Industries, M&M, Britannia Industries, SBI Life Insurance, and BPCL led the losers. Power Grid Corporation, Bajaj Finance, IndusInd Bank, Bharti Airtel, and NTPC were the top gainers on the Sensex pack. Meanwhile, the top losers were Reliance Industries, M&M, Maruti Suzuki, SBI, and HDFC Bank.

Nifty Outlook

Commenting on the outlook of Nifty, Rupak De, Senior Technical analyst at LKP Securities said, "The Nifty index exhibited a positive tone as it maintained levels above the crucial support point of 19250. A breach below this level could potentially spark unease within the market, causing concerns among investors. However, as long as the index holds above the 19250 mark, there is a potential upward trajectory towards the 19500 level. A confident breakthrough above 19500 has the potential to catalyze a sustained and substantial market rally."

Bank Nifty Outlook

Commenting on the outlook of Bank Nifty, Rupak De said, "The Bank Nifty saw a recent attempt by bulls to defend the support around 43750, coinciding with the 100DMA. Maintaining this support suggests a bullish stance for the index. Immediate resistance lies at 44200. A breakthrough could pave the way for further gains towards 44500. The momentum indicator, RSI, trading in oversold territory, signals the potential for a bounce from current levels. This factor should not be disregarded."

Stocks To Buy Today

Sumeet Bagadia, Executive Director of Choice Broking has recommended 2 stocks to buy today i.e. on Tuesday, 22nd August.

Axis Bank

Buy AXISBANK in cash @ Rs 952.60, Stoploss: Rs 928, Target: Rs 990

AXISBANK appears to be displaying positive signals in its recent price movements. The stock's resilience is evident as it rebounded from a support level of 930, indicating investor interest at that point. At present, AXISBANK is trading around 952.60 levels, showcasing a recovery from the aforementioned support level.

The most noteworthy aspect is the successful breach of the crucial resistance levels at 948, which aligns with both the 20-day and 50-day Exponential Moving Averages (EMA). This occurrence often implies the initiation of a bullish trend. The fact that the stock is trading above key moving averages reinforces the notion of its strength in the current market conditions.

A minor hurdle can be observed at the 970 level, which presents a smaller resistance. Should AXISBANK manage to surmount this resistance, it is anticipated to continue its upward trajectory. A potentially significant milestone lies ahead if the stock exceeds this resistance. With a target set at 990, a historical all-time high, Based on the above analysis we expect AXISBANK to move higher towards 990 and hence we recommend buying AXISBANK at a CMP of 952.60 with a SL of 928.

Graphite India

Buy GRAPHITE in cash @ Rs 445, Stop-loss: Rs 431, Target price: Rs 472

Currently trading at 445, GRAPHITE demonstrates a robust uptrend, evident in its consistent formation of higher lows over the past three months. Bolstering its upward trajectory, the Relative Strength Index (RSI) stands at 60 and exhibits an upward trend, suggesting a favorable momentum shift. An important technical juncture presents itself at 1800, with a minor resistance that, once surmounted on the back of substantial trading volumes, could catalyze a rapid ascension.

Furthermore, HEG's resilience is underscored by its position above key moving averages, including the 20, 50, 100, and 200 Exponential Moving Averages (EMAs). This confluence of technical indicators lends strong credence to its upward movement. Looking ahead, prudent targets lie in the range of 472 for the short-term horizon.

HEG emerges as an attractive prospect for investors. The alignment of favorable technical indicators, coupled with its consistent upward momentum and a strong performance against key resistance levels, underscores the potential for further appreciation.

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.