Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Tuesday, 24th December (original) (raw)

While the Nifty Bank index showed indications of recovery ahead of its monthly expiry, the Nifty broke its five-day losing skid on Monday with a slight 0.70% gain (+165.95 points), finishing at 23,753 after reaching an intraday low of 23,647.25. Meanwhile, the Nifty Bank index had a gain of 558.40 points (1.10%) by the conclusion of the day, closing at 51,317. The volatility indicator, the India VIX, saw a sharp drop of 10.30% to 13.52, indicating that market players were less cautious.

Nifty Outlook Today

"Nifty index remains in bearish territory as rallies encounter resistance at the psychological 24,000 level, indicating weak buying interest at higher prices. However, the formation of a Bullish Harami Cross candlestick pattern and the support at 200-DEMA create a crucial support zone at 23,600-23,500, bolstered by substantial put writing. Sustaining above this level, accompanied by follow-through buying, is critical for validating the reversal pattern and paving the way for recovery. Resistance in the 23,800-24,000 range, marked by heavy call writing, continues to challenge bullish attempts. A decisive breakout above 24,000 could trigger short-covering rallies, propelling the index toward 24,500. Until then, a "sell on rise" strategy is advisable. Conversely, a breakdown below 23,500 could accelerate selling pressure, dragging the index toward the 23,150-23,000 zone, further reinforced by robust put writing," said Mr. Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"Nifty Bank index remained in bearish-to-sideways territory, despite forming a bullish harami candlestick pattern and closing above the psychological 51,000 mark. The index hovers near immediate support at 50,700, reinforced by strong put-writing activity. Holding above this level is critical for confirming a meaningful rebound and validating the reversal pattern. Resistance stands firm at 51,500, owing to aggressive call-writing. A sustained move above 51,500 could trigger short-covering rallies, potentially driving the index toward the 52,000 mark. Until a confirmed breakout occurs above this resistance zone, a "sell on rise" strategy is recommended. On the downside, a breakdown below 51,000 could accelerate selling pressure, dragging the index toward the 50,500-50,000 support zone, strengthened by robust put-writing," commented Mr. Dhupesh Dhameja.

Stocks To Buy Today

On Tuesday, December 24, Choice Broking's executive director Sumeet Bagadia suggested buying two stocks after the Nifty index reached its 200-day exponential moving average (200-DEMA) on the daily chart, creating a Bullish Harami Cross candlestick pattern that suggested a possible positive outlook for a rally to occur.

Pearl Global Industries

Buy PGIL in cash @ Rs 1420.75, Stop-loss @ Rs 1370, Target @ Rs 1530

PGIL is exhibiting strong bullish momentum, currently trading at an all-time high of 1440.1 levels. The recent breakout above the crucial resistance at 1333 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, PGIL 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 76.91 levels.

For traders, keeping an eye on the strong support near 1370 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, PGIL 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 PGIL and the CMP of 1420.75 with a stop loss of 1370 for the target of 1530.

Lloyds Metals And Energy

Buy LLOYDSME in Cash @ Rs 1162.70, Stop-loss @ 1122, Target @ 1245

LLOYDSME is currently trading at Rs 1162.70 and is exhibiting a bullish trend, supported by the formation of higher highs and higher lows. The stock has recently reversed from a key support level of higher low and formed a bullish candlestick pattern on the daily timeframe, indicating upward momentum. This bullish reversal is further validated by a significant increase in trading volumes, reflecting strong buying interest from investors. In the short term, the stock is well-positioned to reach its target of Rs 1245.

The Relative Strength Index (RSI) is trending upward at 67.17, signaling bullish momentum. Additionally, Additionally, the stock is trading comfortably above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), which reinforces the positive trend.

If the stock sustains above the critical resistance level of Rs 1200, it will present an excellent opportunity for a long position. Investors are advised to enter at the current price with a target of Rs 1245, while setting a stop loss at Rs 1122 to manage risk effectively. Proper risk management is essential to mitigate potential downside risks, particularly given the possibility of short-term volatility despite the overall positive outlook.

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.

For investment related articles, business news and mutual fund advise

Allow Notifications

You have already subscribed

Story first published: Tuesday, December 24, 2024, 7:52 [IST]

Other articles published on Dec 24, 2024