Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Thursday, 13th Feb

On Wednesday, the Indian equity markets had a tumultuous day filled with significant volatility. The Nifty began the day gapping higher and maintained a strong outlook throughout the day, closing up about 378 points. After opening flat and seeing significant selling in the first half, the Bank Nifty saw a comeback and ended the day higher at 49,479 levels. Despite easing off from 15.62 levels, the India VIX volatility index ended the day marginally higher by 0.16% at 14.90.

Nifty Outlook Today

"Technically speaking, Nifty has formed a double bottom pattern and a doji candle near crucial support levels on a daily scale. The 21-Days Simple Moving Average (DSMA) is placed at 23,285, making the 23,280-23,000 zone a strong hurdle. On the downside, 22,780 will act as a key support level. As long as the index holds 22,780, a buy-on-dips strategy is advisable," 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 Bank Nifty has formed a spinning bottom candle on the daily scale, indicating uncertainty. The low of the spinning bottom candle at 48,734 will serve as support, while the high at 49,702 will act as an immediate hurdle. Traders should closely monitor these levels for potential opportunities," as per Hrishikesh Yedve.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, recommended purchasing two stocks on Thursday, February 13, following the formation of the Nifty's "Long-legged Doji" candlestick pattern, which may give bulls some optimism.

Tata Consumer Products

Buy TATACONSUM in Cash @ Rs 1029.75, Stop-loss @ 994, target @ 1102

ATACONSUM is currently trading at 1029.75, exhibiting an upward trend as evidenced by its recent price movement above key moving averages. The stock price is positioned above the 20-day, 50-day, and 100-day EMAs, with notable support observed at the 100-day EMA. However, it remains slightly below the 200-day EMA, indicating a key resistance level to watch. The chart reflects a consolidation pattern following a slight rally, suggesting the potential for continued bullish momentum if the price successfully breaks above the immediate resistance at 1045. A breakout beyond this level could signal further upside, with a short-term target of 1102.

On the downside, immediate support is located at 1006. The Relative Strength Index (RSI) is currently at 59.9 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 994 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, TATACONSUM presents a promising buying opportunity for those aiming for a 1102 target, provided that appropriate risk management strategies are in place.

Lloyds Metals And Energy

Buy LLOYDSME in Cash @ Rs 1181.05, Stop-loss @ 1140, Target @ 1264

LLOYDSME is currently trading at ₹1181.05, having recently rebounded from a key support zone. The stock has formed a bullish engulfing candle on the daily chart and is on the verge of breaking out from a falling trendline channel. A successful breakout from this pattern would strengthen the reversal signal, supported by rising trading volumes, indicating strong buying interest among investors. In the short term, the stock appears poised to test ₹1234, with further upside potential if momentum sustains.

The Relative Strength Index (RSI) stands at 42, suggesting room for further growth and indicating potential upward momentum. Additionally, LLOYDSME is trading above its 200-day Exponential Moving Average (EMA) and is approaching its 20-day and 50-day EMAs. A closing above these moving averages would further reinforce the bullish sentiment. A decisive move above the ₹1,200 resistance level could confirm the uptrend, while immediate support is located at ₹1096.

Traders may consider entering at the current price of ₹1181.05, with an upside target of ₹1264 and a stop-loss at ₹1140 to manage risk effectively. While the technical setup appears promising, it is crucial to remain cautious of potential short-term volatility and adhere to robust risk management strategies for optimal trade execution.

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.