Trade Call: 2 Technical Intraday Stock Picks By Sumeet Bagadia On Friday, April 19

After overcoming its early weakness, the Nifty advanced gradually until strong selling pressure forced the Index below the 22,000 mark, where it closed 152 points down at 21,996. The India VIX index increased 3.37% intraday and ended at 13.04. Considering the global market, investors will be wary of US Existing home sales data; in the domestic market, investors are going to keep a close eye today on Jio Financial Services, Wipro, Hindustan Zinc, and HDFC AMC Q4 results.

Nifty Prediction Today

"Nifty broke its 50-day exponential moving average (DEMA) of 22,109 and closed below the same for the first time since 20th March. Call writing was observed at the 22,300 & 22,400 Strike in Nifty. The 22,000 Strike saw put writers exit (Bulls exit) indicating that the support is getting weaker. Despite the put writers exiting, they still have sizeable positions at the 22,000 Strike and the option activity at this strike will provide cues about Nifty's future direction," said Mr. Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities.

"From a technical standpoint, if the index sustains above 22,000 levels, then a relief rally towards 22,300-22,500 could be possible; conversely, sustaining below 21,950 levels could lead to further weakness towards 21,800-21,700," stated Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates Ltd.

Bank Nifty Prediction Today

"Bank Nifty traded sideways in the first half before a sharp fall dragged the Index down to close 415 points lower at 47,069. The Index bounced back from the 50 DEMA of 47,163 initially before closing below it at the close. Strong call writing was observed at 47,500, 47,700 & 47,800 Strike in Bank Nifty as the bears further strengthened their positions. On the downside, the level of 47,000 is likely to act as an immediate support for the Index. If put writers exit from 47,000 Strike, the Index is likely to fall further down," added Ashwin Ramani.

"The Nifty Bank index began with an upward gap but failed to maintain higher levels due to selling pressure, closing around 47,069. Technically, if the index holds the support of 46,800 levels, then a pullback rally towards 48,000 can't be ruled out. Sustaining below 46,800 levels could trigger further weakness towards 46,000-45,800. Short-term support levels for the Bank Nifty are identified at 46,800 and 45,800, while resistance levels are at 48,000 and 49,060", according to Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates Ltd. "

Stocks To Buy Today

On Friday, April 19, Choice Broking's executive director Sumeet Bagadia recommended buying or selling both of the stocks mentioned below based on technical analysis.

Great Eastern Shipping Company

Buy GESHIP in cash @ Rs 1022.5, stop-loss: Rs 984, target: Rs 1100

GESHIP is presently trading at Rs 1022.5, with the stock price fluctuating in the range of 920 to 1040. It is anticipated to remain sideways within this range. If the price breaches the 1040 level, there is potential for it to further ascend to the 1100 level in the short run, while support is observed near the 984 level.

The Relative Strength Index (RSI) is currently at 56.85 and is trending upward, indicating a significant sideways movement. Stochastic RSI in the oversold region suggests that positional traders may consider maintaining their positions and implementing a trailing stop-loss.

The overall trend for GESHIP is bullish, supported by various technical indicators, reinforcing the optimistic outlook. Given these signals, there is a possibility for the stock to achieve a target price of Rs 1100 in the near term.

It is advisable to consider buying on dips, particularly around Rs 990, to capitalize on potential retracements in the stock price. To prudently manage risk, implementing a stop-loss (SL) at Rs 984 is recommended. This precautionary measure is crucial to safeguard investments in the event of an unexpected market reversal.

ICICI Lombard General Insurance Co Ltd

Buy ICICIGI in cash @ Rs 1710.10, stop-loss: Rs 1635, target: Rs 1840

ICICIGI, currently trading at 1710.10 levels, has exhibited a consolidative phase within the range of 1600-1725 levels over the past 10 weeks, suggesting a period of price equilibrium and indecision among market participants. Despite this sideways movement, the stock demonstrates resilience with a strong support zone identified at 1635 levels which is also close to its 50 Day EMA levels, reinforcing its stability amidst market fluctuations.

Investors who have held positions in ICICIGI from lower levels are advised to maintain their holdings, implementing a trailing stop-loss strategy at 1635 levels to safeguard gains and mitigate potential downside risks.

The breakout potential is highlighted by the small resistance level at 1725. A decisive breach above this level could trigger a significant upward momentum, potentially propelling the stock towards the target price range of 1840 and beyond.

For investors considering fresh entry or accumulation, purchasing the stock at the current market price (CMP) of 1710.10 presents an attractive opportunity. Additionally, accumulation on price retracements or dips, with a stop-loss set at 1635, could enhance the overall risk-return profile.

Based on the above analysis we advise buying ICICIGI at CMP of 1710.10 with a stop loss of 1635 for the target of 1840.

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.