Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Thursday, 6th Feb

The Nifty index began the previous trading session on a high note, moved within a broad range, and ended the day down at 23,696. The Nifty Midcap 100 and Nifty Smallcap 100 indices gained about 0.68% and 1.85%, respectively, indicating that the broader market outperformed the Nifty. Similar to this, the Bank Nifty showed buying activity after opening on a gap up note and ended the day higher at 50,343 levels. The market's fear indicator, the India VIX, rose 0.46% to 14.08, indicating a fall in investor worry. Market mindset is warily optimistic but cautious as long as the VIX continuously stays below the crucial 15-mark.

Nifty Outlook Today

"Technically, on a daily scale Nifty formed a red candle near trend line resistance, indicating profit booking. The recent breakout point is located around 23,630 levels. Therefore, 23,600-23,630 will serve as support while 23,800-23,810 will act as hurdle for Nifty index. A breakout in either direction will determine the future trajectory of the index," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company).

Bank Nifty Outlook Today

"Technically speaking, the Bank Nifty faced resistance near its previous breakdown point, leading to profit booking and the formation of a spinning top candlestick pattern, indicating profit booking. Support for the index is placed near 50,000, while resistance for the index is placed around 50,600. A breakout in either direction will set up the next move for the index," commented Hrishikesh Yedve.

Stocks To Buy Today

Choice Broking's executive director, Sumeet Bagadia, recommended buying two stocks on Thursday, February 6, as the Nifty index had further solidified its positive momentum by retesting its 50-EMA and trading above the 200-day EMAs.

Lupin

Buy in LUPIN in Cash @ 2185, Stop-loss @ 2110, Target @ 2340

LUPIN is currently trading at ₹2,185, having recently rebounded from a key support zone. The stock has formed bullish candle on the daily timeframe and has broken above a major resistance level at ₹2,170, further strengthening the reversal pattern. This breakout is backed by a significant increase in trading volumes, indicating strong buying interest from investors. In the short term, the stock appears poised to target ₹2,340.

The Relative Strength Index (RSI) stands at 56.12, signaling a healthy uptrend with room for further growth. Additionally, LUPIN is trading above its 20-day, 50-day, and 200-day EMAs, confirming strong support from both short-term and long-term trends. If the stock sustains above the critical resistance level of ₹2,236, it could present an ideal entry point for long positions.

Traders may consider entering at the current price of ₹2,185, with a target of ₹2,340 and a stop-loss at ₹2,110 to manage risk effectively. While the trade setup looks promising, it is essential to remain cautious of short-term market fluctuations and follow proper risk management strategies for successful execution.

Hindalco Industries

Buy in HINDALCO in Cash @ 600.6, Stop-loss @ 580, Target @ 643

HINDALCO is currently trading at ₹600.60, indicating an uptrend and forming a bullish reversal pattern. The stock has broken out of a falling trendline and closed above it, confirming strong buying interest. Additionally, a recent surge in price, accompanied by increased trading volume, reinforces the bullish outlook. The stock has taken strong support from the 20-day EMA, further validating its upward momentum.

On the resistance side, the immediate hurdle is around the 50-day EMA, where selling pressure has been observed in the past. A breakout above this level could drive further upside, with a short-term target of ₹643. On the downside, immediate support is located at ₹590. The Relative Strength Index (RSI) is at 50.69 and trending upward, signaling growing buying momentum.

To manage risk effectively, a stop-loss at ₹580 is recommended to protect against unexpected market reversals. Overall, based on the technical analysis and current market conditions, HINDALCO presents a promising buying opportunity for traders aiming for the ₹643 target, provided proper risk management strategies are followed.

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.