Intraday Stocks To Buy Today, March 18: Top Picks By Anand James of Geojit Investments On Wednesday

India's stock benchmarks opened marginally higher on Wednesday, with the BSE Sensex trading 368.88 points, or 0.48%, higher at 76,439.72 at 9.17 am from the previous close of 76,070.84 after opening 296.71 points higher at 76,367.55, while the Nifty 50 gained 118.90 points, or 0.50%, to 23,700.05 amid uncertainty surrounding the war. Although it continues to trade below its 10-DEMA while keeping a cautious structure, the Nifty index yesterday closed above 23,500, signalling an initial rebound. As the RSI recovers from oversold levels (still below 40), momentum is on the rise, and the India VIX cooling below 19 indicates a drop in volatility.

Nifty Outlook Today

"On the daily chart, Nifty has formed a bullish candle, indicating continuation of the ongoing pullback after the recent sell-off. The index is currently trading near the 0.236 Fibonacci level placed around 23,750, which may act as an immediate resistance zone. The broader trend remains under pressure, as the index continues to trade below its key moving averages, indicating that the recent up move is more of a recovery within a declining phase rather than a confirmed trend reversal," commented Om Mehra, Technical Research Analyst, SAMCO Securities.

"The RSI has moved up from deeply oversold levels and is now placed near 33, indicating some improvement in momentum. On the hourly chart, a bullish divergence is visible, which supported the recent rebound. Sustaining above 23,700 on a closing basis will be important for extending the recovery toward the 23,900-24,000 zone. On the downside, 23,200 remains a key support level, and a break below this may resume the downward trend," he further added.

Bank Nifty Outlook Today

"The index has formed a bullish candle after a sequence of declines, indicating a short-term pullback. However, the broader setup continues to remain weak, as Nifty Bank is still trading well below its short-term moving averages. The RSI is placed near 31 and has shown a slight uptick from deeply oversold levels, indicating some easing in downside momentum. However, it continues to remain in the lower range, suggesting that strength is still limited," Om Mehra commented.

"Nifty Private Bank and Nifty PSU Bank indices, despite showing only marginal gains, indicate that the short-term recovery may persist in the session. Going ahead, sustaining above 54,200 on a closing basis will be important for extending the recovery toward 55,500-56,000. The current move appears to be a short-term pullback within a broader declining trend," he further added.

Stocks To Buy Today

Anand James, Chief Market Strategist at Geojit Investments Limited, recommended buying two stocks today with a 5-day holding period after Nifty on the hourly chart has moved above its 10-EMA and 20-EMA, supporting short-term strength.

Acutaas Chemicals

• Target: 2345 - 2440
• Stoploss: 2244
• Range breakout

Shaily Engineering Plastics

• Entry range: 2290 - 2266
• Target: 2320 - 2400
• Stoploss: 2235
• Range breakout

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