Stocks To Buy Today For Intraday: Day Trading Picks By Sumeet Bagadia of Choice Broking On Friday, 31st May

The Indian benchmark indices are under pressure to sell off as treasury yields continue to rise and an exit poll is scheduled for this weekend. Nifty closed 216 points lower at 22,489, down for the second day in a row, while Bank Nifty was volatile all day and ended 181 points higher at 48,682. On Thursday, the India VIX wrapped up unchanged at 24.19. For the fourth day in a row, the Nifty continued to fall, closing at 22,488.65, below the critical support level of 22,500. In light of the poor global cues and the exit poll on June 1st, the market is predicted to stay volatile ahead.

Market Outlook Today

Commenting on the outlook of Nifty, Neeraj Sharma, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd said, "Technically, the index has experienced substantial profit booking with the formation of a dark cloud cover candlestick pattern at top and the breach of the 21-DEMA support level near 22,560. However, the index found support at the 50-DEMA(22,386) and had a pullback towards the finish. Thus, 22,400-22,380 will serve as immediate support zone for the index, followed by 22,000, while 22,800 and 23,110 will operate as significant barriers in the short term."

"As we mentioned, the index managed to defend the support at 48,000 levels and witnessed a recovery. Technically, the Bank Nifty has defended the support of the 21-DEMA at 48,403 and found resistance near 49,000-49,050 levels. If the index sustains above 49,050, then the rally could stretch towards 49,690 and 50,000 levels," he further added.

Stocks To Buy Today

On Friday, May 31, Sumeet Bagadia, executive director of Choice Broking, suggested advice for buying or selling of 2-day trading stocks.

Titagarh Rail Systems

Buy TITAGARH in cash @ Rs 1358.1, stop-loss @ Rs 1310, target @ Rs 1444

The current market status of the stock reveals a favourable position as it trades around 1350 levels. An upward movement from the robust support at 1200 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 73 This RSI movement reinforces the stock's inherent strength. A minor resistance around 1414 levels is noteworthy, and a potential breakout beyond this level could propel the stock towards the target of 1444 and beyond.

According to the aforementioned technical analysis, we advise buying TITAGARH at the CMP of 1358.1 for the target of 1444. If the stock closes below 1310, our analysis will be invalid.

Techno Electric & Engineering Company

Buy TECHNOE in cash @ Rs 1208.9, stop-loss @ Rs 1166, target @ Rs 1288

TECHNOE is exhibiting strong bullish momentum, currently trading at an all-time high of 1233.75 levels. The recent breakout above the crucial resistance at 1150 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, TECHNOE 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 72.9 levels.

For traders, keeping an eye on the strong support near 1166 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, TECHNOE 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 TECHNOE and the CMP of 1208.9 with a stop loss of 1166 for the target of 1288.

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.