Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Friday, 3rd Jan

While Bank Nifty began flat on Thursday, saw buying activity, and concluded higher at 51,606, Nifty opened higher, saw buying interest, and ended the day on a bullish note at 24,189. A drop in market volatility was indicated by the India VIX volatility index, which dropped by 5.30% to 13.74. The India VIX indicated a soothed level of market concern. The VIX is continuously below the crucial 15-point threshold, indicating that sentiment is still mostly positive.

Nifty Outlook Today

"Technically, on the daily chart, Nifty has held its trend line support, crossed the 200-Day Simple Moving Average (200-DSMA), and formed a strong bullish candle, indicating strength. Additionally, the index has broken out of a short-term consolidation range of 23,500-23,900. Following this breakout, the index is poised to test levels of 24,300-24,400 in the short term. On the downside, 200-DSMA is placed near 23,890, which will act as a short-term support for the index. As long as the index holds above 23,890, a buy-on-dips strategy is advisable for Nifty," commented Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company).

Bank Nifty Outlook Today

"Technically, the index has maintained support at the 200-Day Exponential Moving Average (200-DEMA), which is near 50,490, and formed a strong bullish candle on the daily chart, indicating strength. On the upside, 50-Days Exponential Moving Average (50-DEMA) is placed near 51,870, which will act as resistance. Moreover, the index is still consolidating in the range of 50,500-52,000. Sustaining above 52,000 could spark a fresh rally toward 52,500-53,000 levels," commented Hrishikesh Yedve.

Stocks To Buy Today

Today's market optimism stems from Choice Broking's executive director, Sumeet Bagadia, who recommended buying two companies on Friday, January 3, in anticipation of excellent Q3 earnings.

Coromandel International

Buy COROMANDEL in cash @ 1952.65 SL @ 1888 TGT @ 2088

COROMANDEL is exhibiting strong bullish momentum, currently trading at an all-time high of 1959.55 levels. The chart depicts a healthy uptrend backed by improving sentiment. The stock has maintained a strong upward momentum, as highlighted by the series of higher highs and higher lows. Recently, the price has approached Rs 1952.65, riding the wave of bullish strength. supported by robust trading volumes, reinforcing the strength in the stock.

Additionally, COROMANDEL 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 78.06 levels.

For traders, keeping an eye on the strong support near 1888 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, COROMANDEL 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 COROMANDEL and the CMP of 1952.65 with a stop loss of 1888 for the target of 2088.

IPCA Laboratories

Buy IPCALAB in Cash @ 1745.5 @ 1680 TGT @ 1888

IPCALAB is currently trading at Rs 1745.5, reflecting a strong upward trajectory. The stock has formed a rounding bottom pattern and recently achieved a breakout at the Rs 1709 level, marking a fresh all-time high of Rs 1746. Trading significantly above its 20-day EMA, 50-day EMA, and 200-day EMA, IPCALAB exhibits robust support across short-term and long-term trends. This technical strength, combined with the recent breakout above a key resistance level, highlights the stock's potential for further appreciation. If the upward momentum persists and IPCALAB continues to breach higher levels, it could potentially target Rs 1888 in the near term.

On the downside, immediate support is located at 1700. The Relative Strength Index (RSI) is currently at 72.88 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 713 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, IPCALAB presents a promising buying opportunity for those aiming for an 1888 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.