Trade Call: 2 Buy/Sell Stock Picks By Sumeet Bagadia of Choice Broking For 8th April, Monday

Investors will be keeping a careful eye on macro events in the coming weeks including when Q4 results are released, which might lead to volatility on Dalal Street at the start of the new fiscal year. The spike in US bond rates and crude oil prices last week, along with the intensifying geopolitical concerns, dampened market sentiment and resulted in a negative closing for Indian benchmark indices. Nonetheless, benchmark indices saw advances for a third week in a row on a weekly basis, capping a successful first week of FY 2025. With a respectable gain of 0.84%, Nifty reached an all-time high of 22,619 and completed the week over the 22,500 mark. The BSE Sensex reached a new high of 74,501.73 and advanced 596.87, or 0.81 per cent, to end at 74,248.22. The key domestic and international economic data, the CPI and IIP figures from India, the US Consumer Inflation data, the US Business Optimism Index, the US Initial Jobless Claims, and the ECB Interest Rate Decision are all the upcoming events which will impact market mood in the coming sessions.

Nifty Outlook

"Nifty, the index is anticipated to undergo further consolidation in the upcoming sessions, encountering resistance around the 22,700-22,800 levels should it achieve a robust close above 22,600. Conversely, support is expected around the 22,400-22,300 range. Nonetheless, the near-term trajectory of the Nifty remains positive, and the current range-bound movement suggests the potential for significant swings in either direction. This market behaviour indicates a tightening range near record highs. It would be prudent to monitor for a range expansion around the 22,600 and 22,300 levels on both ends," said Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd.

Bank Nifty Outlook

"The Bank Nifty has demonstrated a significant breakthrough by surpassing the declining resistance trendline, accompanied by a consistent pattern of forming higher highs and higher lows on the daily charts. Looking ahead, we anticipate encountering an immediate obstacle at 48,650. However, should we surpass this level, the upward momentum is expected to persist, potentially reaching up to 49,400. It's noteworthy that the range between 47,800 and 47,500 holds paramount importance as a crucial support zone in the near term," added Arvinder Singh Nanda.

Stocks To Buy On Monday

Sumeet Bagadia, executive director of Choice Broking, issued a buy or sell recommendation for two stocks on Monday, April 8. The following are the technical studies of PB Fintech and Pitti Engineering.

Pitti Engineering

Buy PITTIENG in cash @ Rs 851.95, stop-loss @ Rs 828, target @ Rs 900

PITTIENG is exhibiting strong bullish momentum, currently trading at an all-time high of 863.75 levels. The recent breakout above the crucial resistance at 800 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, PITTIENG 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 70.39 levels.

For traders, keeping an eye on the strong support near 828 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, PITTIENG 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 PITTIENG and the CMP of 851.95 with a stop loss of 828 for the target of 900.

PB Fintech

Buy POLICYBZR in cash @ Rs 1278.3, stop-loss: Rs 1240, target: Rs 1355

POLICYBZR has recently experienced a significant breakthrough on the daily chart. This breakout has been accompanied by a strong bullish candle of the upward movement, characterized by higher highs and higher lows. The strong bullish sentiment is further validated by a noticeable surge in trading volume.

Key technical indicators, particularly the Relative Strength Index (RSI), highlight the positive momentum in the stock. The RSI not only indicates favourable trends but also aligns with the stock trading above important moving averages, including the 20-day, 50-day, and 100-day Exponential Moving Averages (EMA). This convergence underscores the continued strength in POLICYBZR price action.

In summary, the decisive breakout, along with encouraging volume and the positive alignment of key technical indicators, suggests a bullish outlook for POLICYBZR. Traders and investors may interpret this analysis as indicative of potential sustained upward momentum in the stock.

Considering the above analysis, we recommend POLICYBZR in cash at the current market price (CMP) of 1278.3, setting a target of 1355, and implementing a stop loss at 1240.

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.