Intraday Stocks To Buy Today, May 21: Top Picks By Sumeet Bagadia For Profitable Trading On Wednesday

Due to persistent FII dumping and adverse global cues, equity indices continued their losing run for the third straight session on May 20. Despite a strong start and a brief recovery of the critical 25,000 level, the Nifty was unable to sustain its early gains..At 24,683.90 at the close of the day, the Nifty was down 1.05%. On the daily chart, the index extended the bearish momentum seen in the previous two sessions by forming an explosive bearish candle. The day ended with a 0.98% loss for Nifty Bank, which ended at 54,877.35. A declining short-term trend was indicated by the index's bearish candle formation on the daily chart, which saw it fall below the 9- and 20-EMAs. Reports of rising COVID-19 instances in Southeast Asian nations like Singapore and Hong Kong caused heavy selling pressure on Indian equity benchmarks during ongoing trade talks between the United States and India.

Nifty Outlook Today

"With Nifty cracking below a crucial support, the bears are visibly tightening their hold. As put writers descend to lower levels, it signals eroding strength underneath. Unless the index conquers the 24,850-25,000 resistance belt, bulls are likely to stay on the sidelines. A decisive breach below 24,650 could accelerate the downward slide, dragging the index toward 24,500. At present, the mood remains cautiously bearish, with every bounce appearing to be an opportunity for sellers to strike," commented Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"Nifty Bank couldn't hold its ground, and signs of tiredness are now surfacing around higher levels. While the bears are slowly taking over, bulls are still hanging onto short-term averages for now. However, the mood has clearly shifted to sideways-to-slightly-bearish. If the index fails to stay above 54,800, fresh weakness may kick in and intensify selling. At the same time, only a convincing move above 55,500 might breathe life back into the uptrend. Currently, the market feels sluggish, with mild bouts of profit booking visible-but the broader trend remains largely intact unless 54,500 is breached decisively," said Dhupesh Dhameja.

Stocks To Buy Today

On Wednesday, May 21, Choice Broking's executive director Sumeet Bagadia recommended buying two stocks after the India VIX is now at 17.39 and a spike over 18 might be a sign of heightened volatility.

Aegis Logistics

Buy AEGISLOG in Cash @ Rs 930.65, Stop-loss @ Rs 898, Target @ Rs 996

AEGISLOG is currently trading at ₹930.65 and is showing signs of strength after taking support from a key level at ₹748. The stock has formed a bullish candlestick pattern on the daily timeframe and is approaching a breakout from its weekly channel. A successful breakout from this formation would confirm a reversal pattern and signal a continuation of the upward trend. This technical development is supported by a noticeable rise in trading volumes, suggesting increased buying interest from market participants.

The Relative Strength Index (RSI) is currently at 76.75, indicating strong bullish momentum. Although nearing overbought territory, it still suggests room for continued upward movement. The stock is also trading well above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), underlining robust support from both short-term and long-term trends.A decisive move above the ₹950 resistance level could act as a key trigger for fresh long positions. On the downside, immediate support is seen at ₹910, which could cushion any minor pullbacks.

Traders may consider entering at the current market price of ₹930.65, with a target of ₹996 and a stop-loss at ₹898 to manage downside risk effectively. While the overall technical setup remains encouraging, it is important to remain cautious of short-term volatility and maintain disciplined risk management.

Authum Investment & Infrastructure

Buy AIIL in Cash @ Rs 2221.5, Stop-loss: @ Rs 2143, Target @ Rs 2380

AIIL is currently trading at 2221.5, maintaining a strong upward trajectory. The stock has consistently formed higher highs and higher lows, reflecting sustained bullish momentum. It recently reached its all-time higher levels of 2278. A breakout above these levels could further accelerate buying interest.

The Exponential Moving Averages (EMAs) for the 20, 50, 100, and 200-day periods are all trending upwards, reinforcing the bullish outlook. The price is trading above all major EMAs, indicating strong positive sentiment and continued strength in the stock. If AIIL manages to close above its level, it could gain further traction toward a short-term target of 2380. Traders should monitor price action around this resistance zone for confirmation of a breakout.

On the downside, immediate support is located at 2180. The Relative Strength Index (RSI) is currently at 74.08 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 2143 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, AIIL presents a promising buying opportunity for those aiming for a 2380 target, provided that appropriate risk management strategies are in place.

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.