Stocks To Buy Today: Day Trading Picks By Sumeet Bagadia of Choice Broking On Friday, 10th May

On Thursday, domestic benchmark indices had a weaker opening and continued to be under pressure all day. Thursday saw a 1.55% decrease in the Nifty, which broke over the psychological level of 22K and wrapped up at 21,957.50. Bank Nifty continued its downward trend, ending at 47,487.90 to signify the sixth day of losses in a row. The stock market's volatility is probably going to remain as long as FIIs are selling and the election's results are still unclear.

Nifty Outlook

"Technically, the index has broken the rising channel support, which was placed near 22,100 levels. Thus, 22,100 will act as the immediate hurdle for the index, followed by 22,400, where the 21-Days Exponential Moving Average (DEMA) is placed. Last month, the index has taken support around 21,780 levels, and the 100-DEMA is placed near 21,817. Thus, on the downside, 21,780-21,820 will act as the next key support for the index. If the index stays below 22,750, then weakness could extend further," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Bank Nifty Outlook

"Technically, the index has broken the support of 47,700, indicating weakness. As long as the index remains below 47,700, ongoing weakness will continue. On the downside, the next key support for the index is placed near 47,050 levels, where the 100-Days Exponential Moving Average (DEMA) is positioned. On flip side, if Bank Nifty sustains above 47,700, then a relief rally to 48,200-48,500 is possible," added Hrishikesh Yedve.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, gave a recommendation on Friday, May 10, for buying or selling of two intraday stocks.

Vijaya Diagnostic Centre

Buy VIJAYA in cash @ Rs 730.25, stop-loss @ Rs 711, target @ Rs 766

VIJAYA is exhibiting strong bullish momentum, currently trading at an all-time high of 737 levels. The recent breakout above the crucial resistance at 720 levels is a significant technical development, supported by robust trading volumes, reinforcing the strength in the stock. The breakthrough suggests a potential continuation of the upward trend, offering an optimistic outlook for investors.

Additionally, VIJAYA 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 65.67 levels.

For traders, keeping an eye on the strong support near 711 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, VIJAYA 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 VIJAYA and the CMP of 730.25 with a stop loss of 711 for the target of 766.

Supreme Industries

Buy SUPREMEIND in cash @ Rs 5400.75, stop-loss @ Rs 5222, target @ Rs 5666

The current market status of the stock reveals a favourable position as it trades around 5400 levels. An upward movement from the robust support at 5200 levels has been observed, showcasing the stock's resilience. Furthermore, the stock is trading above crucial moving averages, including the short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMAs, signifying sustained strength.

Momentum is indicated by the RSI (Relative Strength Index), which is on an upward trajectory and currently stands at 74.81. This RSI movement reinforces the stock's inherent strength. A minor resistance around 5550 levels is noteworthy, and a potential breakout beyond this level could propel the stock towards the target of 5666 and beyond.

According to the aforementioned technical analysis, we advise buying SUPREMEIND at the CMP of 5400.75 for the target of 5666. If the stock closes below 5222, our analysis will be invalid.

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.