Sumeet Bagadia of Choice Broking Recommends 4 Stocks To Buy Today, 11th Aug

Amid inflation concern triggered after RBI hiked CPI forecast to 5.40%, the Sensex dropped 307.63 points or 0.47 percent at 65,688.18 at the close of trading hours on Thursday, and the Nifty dropped 89.40 points or 0.46 percent at 19,543.10. Adani Enterprises, IndusInd Bank, Adani Ports, Titan Company, and ONGC were among the top gainers on the Nifty, while Asian Paints, ITC, Kotak Mahindra Bank, Britannia Industries, and Apollo Hospitals were among the top losers. All sectoral indices, with the exception of metal and power, closed in red while BSE smallcap and midcap indices both dropped slightly.

Nifty Prediction

"The Nifty opened on a flat note on Thursday and has witnessed yet another extremely volatile day of trade today. It closed in the negative down ~80 points. On the daily charts, we can observe that the Nifty has faced resistance at the falling trend line, and the 20-day moving average is placed in the zone 19630 - 19670. The Nifty was unable to witness follow-through buying and traded with the range 19645 - 19467 of the previous trading session. Until the Nifty trades below the zone 19630 - 19670, we can expect the pressure to persist.

The momentum set up on the daily and hourly time frame charts are providing divergent signals which can lead to a consolidation in the short term. Overall, the trend is still negative, and we expect the nifty to target levels of 19100 from a short-term perspective," said Jatin Gedia - Technical Research Analyst at Sharekhan by BNP Paribas.

Bank Nifty Prediction

"Bank Nifty witnessed selling pressure from the key hourly moving averages placed in the range of 45000 - 45100. The daily and hourly momentum indicator has a negative crossover which is a sell signal. The Bank Nifty has decisively closed below the 40-day moving average which is a sign of weakness. Thus both price and momentum indicators are suggesting a further downside over the next few trading sessions. On the downside 44000 is the short-term target," said Jatin Gedia.

Stocks To Buy Today

Sumeet Bagadia, Executive Director of Choice Broking has recommended 4 stocks to buy on Friday, 11th August.

Titan

Buy TITAN in cash @ Rs 2988, Stop-loss @ Rs 2945, Target @ Rs 3064

Titan's current market price stands at 2988, having demonstrated resilience by rebounding from a support level of 2897. An encouraging development is the Relative Strength Index (RSI) exhibiting a positive crossover and settling at 57, indicating a potential shift towards bullish sentiment. Furthermore, the stock has successfully surpassed its 20-day Exponential Moving Average (EMA), and is presently trading above its 50-day, 100-day, and 200-day EMAs, a signal often associated with positive momentum.

In consideration of these technical indicators, there appears to be a compelling case for considering a buying position at the current price of 2988. The envisaged target for this trade is set at 3064. It is essential to note that this viewpoint would be rendered less favorable should the stock price retreat below the 2945 mark, which could potentially negate the anticipated upward trajectory.

IndusInd Bank

Buy INDUSINDBK in cash @ Rs 1430.20 SL @ Rs 1400, TGT: Rs 1500

The INDUSINDBK has bounced from the strong support of 1401 which is also the level of 20 Day EMA. The stock is currently trading at 1430.20, which is also above the all the important moving averages. The stock has demonstrated strength as evidenced by the on-going volumes and upward movement of the stock. The RSI indicator is also comfortably trading at 59 levels, which will support the upward movement of the stock. The stock has a smaller resistance level around 1444, which is also the recent top. Once stock surpasses the above mentioned level the stock can move towards 1500 levels and above.

We recommend buying INDUSINDBK at CMP of 1430.20 with a medium-term target price of 1500. Our analysis will be deemed invalid if the price closes below 1400.

GAIL

GAIL has bounced back from its previous support zone. Additionally, the price is holding above 23.6% of the Fibonacci retracement, which suggests bullish momentum. The stock is also trading above the 40 EMA. Minor resistance for the stock is situated at levels of 119. The fact that the RSI indicator is trading close to 58 levels indicates that the current bounce may continue and that the stock price may rise further.

Hence, based on the above technical structure one can initiate a long position at CMP 117.9 for the target price of 123. SL can be kept as 115.

JSW Steel

Buy JSWSTEEL in cash @ Rs 823, SL: Rs 802, TGT: Rs 857

JSWSTEEL has corrected from the all-time high levels of 825 levels but has bounced from the initial support of 795 levels which was also close to 50 Day EMA levels. Currently, the stock is trading around 823 levels. The stock is trading above all important moving averages indicating strength. The correction was from the upper band of the Bollinger band and also the bounce back is from the middle band which indicates strength.

Based on the above analysis Buy JSWSTEEL can be purchased at CMP of 823 for the target of 857 levels with a SL of 802.

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.