Sumeet Bagadia of Choice Broking Recommends 2 Stocks To Buy Today, 24th Aug

Despite mixed trends in the sectoral front on August 23, benchmark indices closed the day higher. To end the day at 65,433.30, the BSE Sensex gained 213.27 points, or 0.33 percent. It climbed by 284.68 points, or 0.43 percent, to 65,504.71 on an intraday basis. To close at 19,444, the NSE Nifty gained 47.55 points, or 0.25 percent.

Adani Enterprises, Adani Ports, Sun Pharma, Bharti Airtel, and Tata Motors were among the top losses on the Nifty, while Hindalco Industries, Axis Bank, ICICI Bank, SBI, and L&T were among the top gainers. On a sectoral level, metal, capital goods, and real estate all had gains of 0.4-1 percent, while power, FMCG, and oil & gas saw declines of 0.3-1 percent. Both the smallcap and midcap indices on the broader market increased by 0.6 percent.

Nifty Prediction

Commenting on Nifty outlook, Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas said, "The Nifty opened on a positive note and witnessed a volatile day of trade today. It closed in the green up ~48 points. On the daily charts, we can observe that the Nifty is trading exactly around the falling resistance trend line. Considering the number of touchpoints on this trend line increases the importance of this trend line and should be closely watched out for. On the upside, there is multiple resistance in the form of the 20-day moving average (19,529) which shall restrict the up move. The daily momentum indicator has a negative crossover, and this rise could fizzle out. Overall, we shall continue to maintain our negative outlook on the index though a pullback is likely over the next few trading sessions. Crucial support is placed at 19,370 - 19,350 while Immediate hurdle is placed at 19,520 - 19,550."

Bank Nifty Outlook

" Bank Nifty has witnessed a sharp pullback. On account of the rise it is now very close to the 44,600 - 44,700 where resistance in the form of the 20 and 40-day moving averages are placed which are likely to restrict a further sharp up-move. Bank Nifty is in a pullback mode which is also supported by the positive crossover on the daily momentum indicator," said Jatin Gedia.

Stocks To Buy Today

Sumeet Bagadia, Executive Director of Choice Broking has recommended 2 stocks to buy today i.e. on Thursday, 24th August.

Bank of Baroda

Buy BANKBARODA in cash @ Rs 193, Stop-loss: Rs 189.5, Target: Rs 199.

BANKBARODA has recently exhibited a period of consolidation, culminating in a decisive rebound from a key support level. This apparent respite following a substantial preceding rally suggests the emergence of an accumulation phase, characterized by a decreased volatility within a condensed timeframe.

Of significance, the stock presently maintains a position above critical Exponential Moving Averages (EMAs), particularly the 20, 50, 100, and 200 EMAs. This alignment underscores a favorable technical orientation and potentially denotes a sustained upward momentum.

With the Relative Strength Index (RSI) positioned at 49, a point of equilibrium, there exists an implied potential for an extended upward trajectory. Additionally, the stock's ability to sustain a position above the middle Bollinger Band serves as a testament to its stability amidst market fluctuations.

Based on the outlined technical and strategic considerations, it is prudent to contemplate an entry into a long position at the current market price of ₹193, targeting an achievable price objective of ₹199.5. To mitigate potential risk, a well-defined stop loss at ₹189.5 is advisable.

Maruti Suzuki

Buy MARUTI in cash @ Rs 9600, Stop-loss: Rs 9350, Target: Rs 10000

MARUTI stock has a crucial support level at 9350. A small resistance is witnessed around 9800 levels. If the stock manages to break above the immediate resistance at 9800 it could lead to further upward movement towards the all-time high levels of 10000 and above. The RSI indicator at 53 is in a supportive position, indicating room for potential price gains. The stock is moving above all the important moving averages indicating strength.

Based on the above analysis we recommend buying MARUTI at the CMP of 9600 with a stop loss of 9350 for the targets of 10000.

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.