Shares To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Friday, 28th Feb

Nifty completed the previous session at 22,545.05 after the index fluctuated in a narrow range, reaching an intraday high of 22,613.30 and a low of 22,508.40. Nifty Bank ended at 48,743.80, up 0.28%. India's VIX, the market's fear index, fell 2.97% to 13.30, showing a slight drop in risk sentiment. However, as long as the VIX remains below the critical 15 level, volatility is projected to be limited, resulting in a cautious market mood. Except for banks and metals, all other sectoral indices ended in the negative, with auto, media, energy, capital goods, real estate, and power all down 1-2 percent. The BSE Midcap index dropped 1%, while the small-cap index declined 2%.

Nifty Outlook Today

"Nifty continues to face relentless selling pressure, showing limited signs of a meaningful rebound while encountering stiff resistance at every upward attempt. The 22,700-23,000 range remains a formidable supply zone, while the RSI hovering below 30 signals a lack of upward momentum. Additionally, with the index trading well below its short-term moving averages, a potential mean reversion toward these levels could be possible if it manages to sustain above its key support. The 22,500 level remains the last line of defence for bulls seeking a temporary rebound. However, unless Nifty decisively reclaims 23,000, any upward movement is likely to be short-lived due to persistent call writing and technical headwinds. Given the current market structure and prevailing uncertainties, a 'Sell on Rise' strategy remains the most prudent approach. Immediate resistance stands at 22,700, while critical support rests at 22,500. A conclusive breakout from this range will determine the market's next directional trajectory," commented Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities.

Bank Nifty Outlook Today

"Nifty Bank remains trapped in a phase of persistent selling, showing minimal signs of a strong revival as sellers thwart every rally attempt. The 48,900-49,000 zone continues to pose a stiff challenge, with RSI hovering near 40, suggesting a lack of momentum for a sustained-up move. With the index trading firmly below its 10-day moving average, any recovery attempt hinges on holding above key support levels. The 48,300-mark acts as the final support base for bulls seeking a short-term rebound, but unless Nifty Bank decisively reclaims 49,000, any upward move is likely to be short-lived due to continued call writing pressure and technical headwinds. Considering the prevailing market structure and uncertainty, a 'Sell on Rise' approach remains the most prudent strategy. Immediate resistance is placed at 49,000, while critical support rests at 48,300. A firm breakout beyond this range will determine the next directional move for the index," stated Dhameja, Derivatives.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, recommended buying two stocks on Friday, February 28, after a Doji formation on the daily chart highlighted the Nifty's inaction and the daily RSI dipped below 30, reaching the oversold zone.

Bayer CropScience

Buy BAYERCROPin Cash @4926 SL @ 4754 TGT @ 5271

Bayer CropScience (BAYERCROP) is currently trading at ₹4926, having recently rebounded from a key support zone. The stock has formed a bullish candlestick and broken out of a short-term falling trendline on the daily timeframe. This breakout is accompanied by a significant increase in trading volume, indicating strong buying interest from investors.

In the short term, the stock appears poised to target ₹5271, with momentum building. The Relative Strength Index (RSI) stands at 51.55, suggesting a strengthening trend with further upside potential. Additionally, BAYERCROP has closed above its 20-day EMA and is approaching the 50-day and 200-day EMAs. A decisive close above these levels would further validate the bullish outlook.

A sustained move above the ₹4900 resistance level could serve as an ideal entry point for long positions. Traders may consider entering at the current price of ₹4926, with a target of ₹5271 and a stop-loss at ₹4754 to manage risk effectively. While the technical setup appears promising, traders should remain cautious of potential short-term volatility and adhere to disciplined risk management strategies for optimal trade execution.

Craftsman Automation

Buy CRAFTSMAN in Cash @4181.05 SL @ 4035 TGT @ 4474

Craftsman Automation (CRAFTSMAN) is currently trading at ₹4181.05, forming a strong bullish candle on the daily chart, indicating a potential reversal from key support levels. The stock has rebounded from its support zone, signaling a reversal pattern backed by increased trading volumes, reflecting a bullish outlook. If CRAFTSMAN sustains above the critical level of ₹4200, it could likely continue its upward momentum toward the target price of ₹4474. The Relative Strength Index (RSI) stands at 46.31, positioned in the neutral zone, suggesting room for further upside. Additionally, the stock has closed above its 20-day EMA and is approaching the 50-day and 200-day EMAs. A decisive close above these levels would further strengthen the bullish outlook.

Given the current technical setup and momentum, CRAFTSMAN presents a favorable buying opportunity with a target of ₹4474. To manage risk effectively, a stop-loss should be placed at ₹4035 to safeguard against potential downside in case of market fluctuations. Proper risk management remains crucial to mitigate unexpected volatility and enhance trade execution.

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.