Stocks To Buy Today For Intraday: Day Trading Picks By Sumeet Bagadia of Choice Broking On Thursday, 30th May

Due to weak global cues, the domestic benchmark indices opened lower on Wednesday. As a result, the Nifty ended the day lower at 22,705 levels, while the Bank Nifty index began the day lower and continued to decline throughout the day, closing lower at 48,501 in the end. The intraday decline of 0.08% saw the India VIX close at 24.18. The ongoing surge in global inflation and investor anticipation of a US Fed rate cut in the near future might lead to market weakness ahead of US core PCE data.

Nifty Outlook

"Technically, the index confirmed a dark cloud cover candlestick pattern and witnessed profit booking. On the downside, the 21-DEMA is placed near 22,567 and the 34-DEMA is placed near 22,480. Thus, 22,567 and 22,480 will serve as support points for the index, while 22,800 and 23,110 will act as a major hurdle in the short term," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Bank Nifty Outlook

"Technically, the Bank Nifty has confirmed a shooting star candle at the top and is sustaining below the low of the shooting star candle at 49,051 levels, indicating weakness. On the downside, 48,000 will act as good support for Bank Nifty in the short term. On the higher side, 49,690 and 50,000 will remain hurdles for the Bank Nifty in the short term," Hrishikesh Yedve added.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, offered recommendations for buying or selling 4 intraday equities on Thursday, May 30.

Biocon

Buy BIOCON in cash @ Rs 323.60, stop-loss: Rs 310, target: Rs 350

BIOCON is currently trading at 323.60 levels, demonstrating a promising upward trajectory as evidenced by the higher high and higher low pattern on the daily chart. This pattern typically indicates a strong bullish sentiment among investors. Furthermore, the stock's position above its short-term (20-day), medium-term (50-day), and long-term (200-day) Exponential Moving Averages (EMAs) underscores its overall strength and positive momentum.
On the higher side, BIOCON faces a minor resistance around the 330 level. A successful breach of this resistance could trigger a significant upward movement, pushing the stock towards its next target of 350. This potential upside is backed by the strong technical indicators currently observed.

On the downside, BIOCON has established a robust support level near 310, which is also aligned with its 20-day EMA. This support level is crucial as it provides a safety net against any short-term declines, ensuring the stock's stability.

Investors should monitor the 330 resistance level closely for signs of a breakout, while also considering the 310 support level as a key threshold for maintaining bullish positions.

Based on the above analysis we recommend buying BIOCON at CMP of 323.60 with a stop loss of 310 for the target of 350.

Titagarh Rail Systems

Buy TITAGARH in cash @ Rs 1399.3, stop-loss: Rs 1350, target: Rs 1480

TITAGARH Industries has recently exhibited a robust breakout from the critical resistance zone of 1250 - 1313 on the daily chart. This breakout is supported by a notable increase in trading volume, indicating strong bullish sentiment.

Key technical indicators, particularly the Relative Strength Index (RSI), emphasize the stock's positive momentum. The RSI not only signals positive trends but also aligns with the stock trading above crucial moving averages, including the 20-day, 50-day, and 200-day Exponential Moving Averages (EMA). This convergence underscores the sustained strength in TITAGARH Industries price action.

In summary, the decisive breakout, coupled with favourable volume and a positive alignment of key technical indicators, suggests a bullish outlook for TITAGARH Industries. Traders and investors may find this analysis indicative of potential continued upward momentum in the stock.

Based on the above analysis we recommend buying TITAGARH Industries in cash at CMP of 1399.3 for the target of 1480 with a stop loss of 1350.

Muthoot Finance

Buy MUTHOOTFIN in cash @ Rs 1745.4, stop-loss: Rs 1685, target: Rs 1850

MUTHOOTFIN is currently trading at Rs 1745.4. After a period of small falls and sideways consolidation, the stock has lately broken the neckline levels of Rs 1720 and is rising quickly on the upside with substantial volume. There are expectations of further upward movement, potentially reaching Rs 1850 levels. On the downside, substantial support is evident near Rs 1685.

Furthermore, MUTHOOTFIN is trading above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This suggests a strong bullish momentum, indicating the potential for continued upward price action. The Relative Strength Index (RSI) stands at 63.9 signalling an upward trajectory and confirming an increase in buying momentum.

In summary, considering the technical analysis and prevailing market conditions, MUTHOOTFIN appears to present a promising buying opportunity for those targeting an Rs 1850 price objective, contingent upon the implementation of prudent risk management measures.

To manage risk effectively, it is advisable to set a stop-loss (SL) at Rs 1685 to protect the investment in case of an unexpected market reversal.

IPCA Laboratories

Buy IPCALAB in cash @ Rs 1319.75, stop-loss: Rs 1280, target: Rs 1400

IPCALAB appears to have exhibited a notable resurgence in its stock price. It recently rebounded from a support level at 1280 which is also close to its 50 Day EMA levels and is presently trading at around 1319.75. The fact that the stock is trading above all the important Exponential Moving Averages (EMA) suggests that there's significant strength.

Additionally, the Relative Strength Index (RSI) indicator, which hovers around the 55.47 level, indicates a balanced market sentiment, potentially poised for an upward move.

There's a minor resistance level at 1335, which the stock needs to breach. If it successfully closes above this level, it may have the potential to advance towards 1400 and beyond.

Based on the above analysis we recommend buying IPCALAB at a CMP of 1319.75 with a SL of 1280 for the target of 1400.

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.