EPL vs HCG: 2 Intraday Technical Picks By Sumeet Bagadia On Wednesday, 9th October

Despite some early volatility, Nifty had a strong start to the day and continued to rise throughout the day, wrapping up at 25,013 in the green on Tuesday. Although there was some initial volatility, Bank Nifty had a robust recovery that allowed the index to stabilise around the 51,000 mark and close at 51,021. With a 3.26% reduction and a final value of 14.59, the volatility index, or INDIA VIX, suggested a drop in market volatility.

Nifty Outlook Today

"Technically, on the daily chart, the index formed an insider bar candlestick near short term trend line support and the previous demand zone. Thus, as long as the index holds above the low of 24,690, levels of 25,150-25,350 could be possible. Investors should adopt "buy on dips" strategy for short term in Nifty index," commented Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Bank Nifty Outlook

"Technically, on the daily chart, the index also formed an insider bar candle near the previous demand zone, indicating strength. As long as the index holds above 50,190, a "buy on dips" strategy is advisable. On the upside, 51,800 will act as a short-term hurdle for Bank Nifty," added Hrishikesh Yedve.

Stocks To Buy Today

Executive director of Choice Broking Sumeet Bagadia suggested purchasing two stocks on Wednesday, October 9 following Nifty forming a Bullish Harami candlestick on the daily chart. At 24,810, the 0.618% Fibonacci retracement level, the index found strong support, indicating that its downward trajectory could be coming to an end.

EPL

Buy EPL in Cash @ Rs 271, stop-loss @ Rs 261.5, target @ Rs 290

EPL is currently trading at Rs 271, showing a strong bullish trend as it forms higher highs and higher lows, and is poised for a potential breakout from its consolidating range. The stock has taken support at the 20-day Exponential Moving Average (EMA) and is now trading above the crucial Rs 270 level, confirming upward momentum. This breakout is further validated by a significant increase in trading volumes, reflecting strong buying interest from investors.

In the short term, EPL is expected to target Rs 290, with the Relative Strength Index (RSI) at 63.37, indicating solid bullish strength. Additionally, the stock is trading comfortably above its key 20-day, 50-day, and 200-day EMAs, reinforcing the prevailing positive trend.

If EPL continues to hold above the Rs 280 level, it presents a favorable buying opportunity. Traders may consider entering a long position with a target price of Rs 290, while setting a stop-loss at Rs 261.5 to manage risk. Proper risk management is crucial, especially given the elevated RSI and the potential for short-term volatility.

Healthcare Global Enterprises

Buy HCG in Cash @ Rs 446.7, stop-loss @431.06, target @ 478

HCG is currently trading at Rs 446, exhibiting a strong bullish trend. The stock has recently rebounded from a key support zone and broken out of its consolidation range, signaling upward momentum. This breakout has been accompanied by a significant increase in trading volumes, indicating strong buying interest from investors.

In the short term, HCG appears poised to target Rs 478. The Relative Strength Index (RSI) stands at 70.4, placing the stock in a bullish zone with room for further upside. Moreover, HCG is trading comfortably above its key 20-day, 50-day, and 200-day Exponential Moving Averages (EMA), which further supports the positive trend.

If the stock holds above the critical resistance level of Rs 455, it presents a favorable opportunity for long positions. Traders may consider entering at current levels, with a target price of Rs 478 and a stop loss set at Rs 431.06 to manage risk effectively. While the trade setup looks promising, caution is advised due to potential short-term volatility. Proper risk management will be essential for navigating this trade successfully.

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.