Stocks To Buy Today For Intraday: Day Trading Picks By Sumeet Bagadia of Choice Broking On Tuesday, 28th May

Due to robust buying in index heavyweights, Nifty reached a record-high level of 23,110.80 on Monday. However, in the last hours of trading, Nifty lost all of its gains and closed at a negative 22,932 while the Bank Nifty index started the day positively and continued to rise, closing at 49,282 levels. This week's publication of US inflation data and India's Q4 GDP may impact market momentum.

Nifty Outlook

"Technically, the index found trendline resistance at 23,110 and witnessed profit booking, leading to the formation of a dark cloud cover. Thus, in the short term, 23,110-23,200 will act as a resistance points. On the downside, the recent breakout point of 22,800 will act as key support for the index," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Bank Nifty Outlook

"The Bank Nifty registered a high of 49,688.85, completed our target of 49,500, and witnessed profit booking. Technically, the index has formed a shooting star candlestick pattern on the daily scale. If the index sustains below the low of the shooting star candle at 49,051 levels, then weakness could extend further. As of now, the Bank Nifty trend is up, but 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

On Tuesday, May 28, Choice Broking's executive director Sumeet Bagadia gave suggestions for buying or selling of two intraday stocks.

Welspun Enterprises

Buy WELENT in cash @ Rs 433.25, stop-loss: Rs 420, target: Rs 465

The daily chart analysis of WELENT reveals a promising outlook for the upcoming week, signalling a sustained upward movement. Notably, the stock has formed a significant higher high and higher low pattern, and the recent upward swing has successfully breached the neckline, establishing a new week high for the stock. This breakout suggests the potential for a substantial follow-through upward movement in the stock price.

Adding to the positive momentum, there has been an increase in trading volume, indicating growing market interest. VWAP is rising upwards. Furthermore, Exponential Moving Average (EMA) levels is currently trading above its crucial 20-day, 50-day, and 200-day Exponential Moving Average (EMA) levels, reinforcing the bullish trend. Given the overall chart pattern, the analysis suggests a favourable long trading opportunity for investors.

Based on the above analysis we recommend buying Exponential Moving Average (EMA) levels in cash at a CMP of 433.25 for the target of 465 with a stop loss of 420.

Thermax

Buy THERMAX in cash @ Rs 5295.7, stop-loss @ Rs 5111, target @ Rs 5599

THERMAX is exhibiting strong bullish momentum, currently trading at an all-time high of 5419.95 levels. This breakout has been accompanied by a consolidation of the upward movement, characterized by higher highs and higher lows, 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, THERMAX 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 71.14 levels.

For traders, keeping an eye on the strong support near the 5111 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, THERMAX 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 THERMAX and the CMP of 5295.7 with a stop loss of 5111 for the target of 5599.

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.