Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Monday, 17th Feb

After two weeks of advances, there was a lot of selling pressure on the Indian equity indices. The BSE Sensex and Nifty 50 closed at 75,939.21 and 22,929.25, respectively, down around 2.5% for the week. No sector was able to conclude in an upward trend, making the media and real estate sectors as the worst performers among sectoral indices. The market decline was caused by a number of causes, including U.S. President Donald Trump's declaration of reciprocal tariffs on U.S. trade partners, persistent FII outflows and poor Q3 corporate results.

Nifty Outlook Today

"Technically, Nifty has formed a triple bottom around 22,780 on the daily scale, indicating strong support. However, the red candle on both daily and weekly charts signals a lack of strength in the upside recovery. The 21-Day Simple Moving Average (DSMA) is placed around 23,260, making the 23,260-23,300 zone an immediate hurdle. A decisive move above 23,300 could confirm a near-term bottom reversal pattern," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company).

Bank Nifty Outlook Today

"Technically, the index has formed a red candle on both daily and weekly charts, indicating weakness. However, it managed to hold the weekly support level of 48,700. Sustaining below 48,700 could trigger further downside towards 48,000, while 50,000 remains a key resistance. Traders should closely monitor these levels for potential trading opportunities," Hrishikesh Yedve added.

Stocks To Buy Today

Following the Nifty's decline below its key 21-day and 200-day exponential moving averages (EMAs), which prompted technical traders to boost short positions in index futures, Choice Broking executive director Sumeet Bagadia recommended buying two stocks on Monday, February 17.

Britannia Industries

Buy BRITANNIA in Cash @4939.65 SL @ 4767 TGT @ 5285

Britannia is currently trading at 4939.65 on the daily timeframe and is in a corrective phase. The recent price action suggests a consolidation pattern, potentially forming a base for a reversal. The stock faced resistance near the 5000 level and is currently finding support around 4900. If the price sustains above this level, it may attempt another upward move.

The Exponential Moving Averages (EMA) indicates that the stock is trading below the 200 EMA but is hovering around the shorter-term EMAs, including the 50 and 100 EMAs. The 20 EMA is currently acting as dynamic resistance, and a breakout above this level could indicate renewed strength. If the stock manages to sustain above its resistance level of 5000, it could achieve a short-term target of 5285.

On the downside, immediate support is located at 4900-4800. The Relative Strength Index (RSI) is currently at 48.49 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 8100 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, BRITANNIA presents a promising buying opportunity for those aiming for a 5285 target, provided that appropriate risk management strategies are in place.

Sundaram Finance

Buy SUNDARMFIN in Cash @4565.20 SL @ 4405 TGT @ 4885

SUNDARMFIN is currently trading at 4565.2 and is in a sideways consolidation phase. The price is moving within a defined range of 4300 - 4700, reflecting indecision among traders. While there is no clear breakout yet, the current formation suggests a potential upward breakout. Today, the stock has taken strong support from all its major Exponential Moving Averages (20-day, 50-day, and 100-day EMA), indicating stability. The immediate resistance levels are at 4600, followed by 4700. A breakout above these levels could lead to a short-term target of 4885.

On the downside, immediate support is located at 4480. The Relative Strength Index (RSI) is currently at 52.27 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 4405 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, SUNDARMFIN presents a promising buying opportunity for those aiming for a 4885 target, provided that appropriate risk management strategies 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.