Stocks To Buy Today For Intraday: Day Trading Picks By Sumeet Bagadia On Thursday, 13th June

On Wednesday, Indian stock markets got off to a good start, with the Nifty reaching a new all-time high of 23,441.95 intraday but the index later saw profit booking and ended the day at 23,323. The Bank Nifty index had a strong start and then settled into a narrow range to end the day at 49,895, up 0.95 points. Following the announcement that India's Consumer Price Index (CPI) inflation rate for the month of May 2024 was 4.75% (Provisional), indicating ease for the fifth consecutive month, investors were closely monitoring any indications that the Fed may be reducing interest rates this year.

Nifty Outlook

"Technically, since the past three trading sessions, the index is still consolidating in the 23,000-23,500 range, finding it tough to surpass the 23,500 mark. Thus, as long as the index remains below 23,500, profit booking is possible. Overall, we expect the index to consolidate in the 23,000-23,500 range in the short term. If the index remains above 23,500, the rally may extend to 23,700-23,800 levels. On the downside, immediate support for the Nifty is placed near 23,000, followed by 22,680, where the 34-Day Exponential Moving Average (DEMA) support is placed," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Bank Nifty Outlook

"On a daily scale, the Banknifty forms a tristar doji candlestick pattern. According to this pattern, if the index sustains below 49,530, profit booking may be feasible. On the downside, immediate support for the index is placed near 49,000 levels, where 21-DEMA is placed," Hrishikesh Yedve commented.

Stocks To Buy Today

During the Thursday, June 13 day trading session, Sumeet Bagadia, executive director of Choice Broking, recommended buying the two BSE 200 and BSE 100 stocks mentioned below.

Godrej Properties

Buy GODREJPROP in cash @ Rs 2928.2, stop-loss: Rs 2812, target: Rs 3163

The current trading price of GODREJPROP is Rs 2928.2. The stock has recently breakout of range on the daily chart with a significant increase in trading volume, indicating a potential breakout. If the price manages to close above the Rs 2930 level, it may have the potential to reach short-term targets of Rs 3163. On the other hand, immediate support levels are located at Rs 2860. These levels can be considered as opportunities to buy on dips.

The Relative Strength Index (RSI) currently stands at 58 and is trending upward, indicating increasing buying momentum.

To prudently manage risk, it is advisable to set a stop-loss (SL) at Rs 2812. This precaution will help protect your investment in case of an unexpected market reversal. In summary, considering the technical analysis and the current market conditions, GODREJPROP appears to present an appealing buying opportunity for those aiming for a Rs 3163 price target, provided that appropriate risk management measures are in place.

Cholamandalam Investment and Finance Company

Buy CHOLAFIN in cash @ Rs 1359, stop-loss: Rs 1315, target: Rs 1442

The current trading price of CHOLAFIN is Rs 1359.05. The stock has recently breakout of cup and handle pattern on the daily chart with a significant increase in trading volume, indicating a potential breakout. If the price manages to close above the Rs 1360 level, it may have the potential to reach short-term targets of Rs 1442. On the other hand, immediate support levels are located at Rs 1332. These levels can be considered as opportunities to buy on dips.
The Relative Strength Index (RSI) currently stands at 61.8 and is trending upward, indicating increasing buying momentum.

To prudently manage risk, it is advisable to set a stop-loss (SL) at Rs 1315. This precaution will help protect your investment in case of an unexpected market reversal. In summary, considering the technical analysis and the current market conditions, CHOLAFIN appears to present an appealing buying opportunity for those aiming for a Rs 1442 price target, provided that appropriate risk management measures are in place.

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.