Stocks To Buy Today For Intraday: 2 Stock Picks By Sumeet Bagadia of Choice Broking On Friday, 17th May

Thursday saw a rise in domestic benchmark indices thanks to positive global cues. In addition, Nifty had a strong opening while exhibiting significant volatility; yet, the index closed higher at 22,404 points. The India VIX volatility index dropped by 2% subsequent to reaching a peak of 21.11. The Bank Nifty had a better start to the day and continued to fluctuate throughout the day until wrapping up at 47,977. On weekly expiry, the market has a strong rebound and closes at the day's peak. The market had a notable rise, finishing up 203 points, and closed at almost two-week highs.

Market Outlook Today

Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd, "This rise suggests positive sentiment among investors, potentially driven by various factors such as favorable economic indicators, corporate earnings reports, or geopolitical developments. The Nifty index showed bullish signs after finding support at around 22050 levels (100-DMA). A bullish hammer candlestick pattern emerged with a close above the key 20,50-DMA, suggesting a potential bottom formation."

"However, the 22,400-22,520 zone presents a critical hurdle. A decisive break above this resistance area could trigger short covering and a rally towards 22,500-22,600. Conversely, a drop below the 100-DMA at 22,000 could invite fresh selling pressure. Bank Nifty is exhibiting a bullish trend within an upward channel. The index is currently finding support at the lower channel line and has formed a bullish hammer candlestick pattern. The immediate hurdle lies at the 20-DMA of 48,200. A breakout above this level could trigger short covering and a potential rally towards 48,600 and even 49,000. However, a breakdown below the crucial 100-DMA at 47,200 could invite fresh selling pressure, potentially pushing the index down to the 200-DMA at 46,000," Pravesh Gour further added.

Stocks To Buy Today

On Friday, May 17, Sumeet Bagadia, the executive director of Choice Broking, recommended buying or selling two intraday stocks.

Bharat Electronics Ltd

Buy BEL in cash @ Rs 238, stop-loss: Rs 230, target: Rs 253

BEL is currently valued at Rs 238 and has recently experienced a breakout from a daily trendline, suggesting a bullish reversal accompanied by robust trading volume. These patterns indicate a strong potential for an upward trajectory in the stock.

The Relative Strength Index (RSI) presently stands at 63 and is trending upwards, indicating a significant surge in buying momentum. Both the RSI and Stochastic RSI are in the overbought region, suggesting that positional traders may consider holding their positions and implementing a trailing stop-loss.

The overall trend for BEL is bullish, with various technical indicators reinforcing this optimistic outlook. Given these signals, there is potential for the stock to reach target prices of Rs 253 in the near term.

It is advisable to consider buying on dips, especially around Rs 234, to capitalize on potential retracements in the stock price. To prudently manage risk, implementing a stop-loss (SL) at Rs 230 is recommended. This precautionary measure is crucial to safeguard investments in the event of an unexpected market reversal.

Axis Bank

Buy AXISBANK in cash @ Rs 1139.30, stop-loss: Rs 1105, target: Rs 1200

AXISBANK appears to be displaying positive signals in its recent price movements. The stock's resilience is evident as it rebounded from a support level of 1105 which is also close to its 20 Day EMA levels, indicating investor interest at that point. At present, AXISBANK is trading around 1139.30 levels, showcasing a recovery from the aforementioned support level. The most noteworthy aspect is the successful breach of the crucial resistance levels at 1030. This occurrence often implies the initiation of a bullish trend.

The fact that the stock is trading above key moving averages reinforces the notion of its strength in the current market conditions. A minor hurdle can be observed at the 1150 level, which presents a smaller resistance. Should AXISBANK manage to surmount this resistance, it is anticipated to continue its upward trajectory. A potentially significant milestone lies ahead if the stock exceeds this resistance. With a target set at 1200.

Based on the above analysis we expect AXISBANK to move higher towards 1200 and hence we recommend buying AXISBANK at a CMP of 1139.30 with a SL of 1105.

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.