Stocks To Buy: Intraday BUY/SELL Calls By Sumeet Bagadia On Monday, 24th March

With the major indices Nifty and Sensex rising more than 4% and closing at 23,350.4 and 76,905.51, respectively, near their weekly highs, markets saw a robust recovery last week. Media, Oil & Gas, PSU Banks, and Pharma led the advances as the majority of sectoral indices ended the day in the positive zone. The only industries to close lower were metal and consumer durables. The momentum of the market as a whole was reflected in the mid and small-cap categories, which also continued their winning run for five days. While the Nifty Smallcap 100 index jumped by 2.06%, the Nifty Midcap 100 index surged by 1.38%. Investor mood is anticipated to be influenced by GDP growth statistics and tariff-related announcements in the upcoming sessions, while FII activity and the expiry of March derivatives contracts will be actively monitored.

Nifty Outlook

"Technically, Nifty continued its strength after breaking the trend line resistance and formed a bullish candle on both the daily and weekly charts, indicating strong momentum. Immediate support for the index is placed near the 23,000 level, while short-term resistance is positioned near 23,520, where the 100-day Simple Moving Average (SMA) is located. As long as Nifty stays above 23,000, traders are advised to follow a "buy on dips" strategy," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company).

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Bank Nifty Outlook

"Technically, Bank Nifty has formed a bullish candle on both the daily and weekly charts, indicating strength. The next major resistance for the index is near 50,650, which is around its previous swing high. A sustained move above 50,650 could trigger a fresh breakout in Bank Nifty. Traders are advised to adopt a "buy on dips" strategy," commented Hrishikesh Yedve.

Stocks To Buy On Monday

Following the Nifty's 5.57% recovery over the previous three weeks, Choice Broking's executive director, Sumeet Bagadia, recommended buying two stocks on Monday, March 24.

Redington

Buy REDINGTON in Cash @ Rs 250.2, Stop-loss @ 240, Target @ 266

REDINGTON is currently trading at 250.2, demonstrating strong bullish momentum following a breakout from recent consolidation. The stock has been in an uptrend, forming a series of higher highs and higher lows, signaling sustained buying interest. However, after reaching an all-time high of 263.90, it has experienced a slight correction from its peak levels, indicating some profit booking at higher levels.

The stock remains above all major exponential moving averages, including the 20-day, 50-day, 100-day, and 200-day EMAs, reinforcing a positive outlook. If REDINGTON manages to close above the key resistance level of 256, it could gain further traction toward the short-term target of 266.

On the downside, immediate support is located at 247. The Relative Strength Index (RSI) is currently at 59.38 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 240 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, REDINGTON presents a promising buying opportunity for those aiming for a 266 target, provided that appropriate risk management strategies are in place.

Kotak Mahindra Bank

Buy KOTAKBANK in Cash @ Rs 2079, Stop-loss @ 2006, Target @ 2225

KOTAKBANK is currently trading at Rs 2079, maintaining a strong upward trajectory. The stock has consistently formed higher highs and higher lows, reflecting sustained bullish momentum. It recently reached a 52-week high of Rs 2097, with a critical resistance level around Rs 2100. A breakout above this level could further accelerate buying interest.

The Exponential Moving Averages (EMAs) for the 20, 50, 100, and 200-day periods are all trending upwards, reinforcing the bullish outlook. The stock is trading above all major EMAs, indicating strong positive sentiment and continued strength. If KOTAKBANK manages to close above Rs 2100, it could gain further traction toward a short-term target of Rs 2225. Traders should closely monitor price action around this resistance zone for confirmation of a breakout.

On the downside, immediate support is located at Rs 2050, while the Relative Strength Index (RSI) stands at 71.52 and is trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at Rs 2006 is recommended to safeguard against any unexpected market reversals.

In conclusion, based on technical analysis and current market conditions, KOTAKBANK presents a promising buying opportunity for those aiming for a Rs 2225 target, provided 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.