Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Tuesday, 11th March

On Monday, the Nifty index fell 0.41% to settle close to the day's low of 22,460.30. Following a broader pattern, every major sector saw declines, with the most dramatic losses being in real estate, energy, and automobiles. Oil & Gas, Realty, PSU Banks, and Energy companies were the main drivers of the fall, which had a significant impact on market sentiment. Furthermore, the Nifty Midcap 100 and Nifty Smallcap 100 indices lost around 1.53% and 1.97%, respectively, as the broader market lagged Nifty. A number of important economic indicators will be widely watched this week, including the CPI data for the US and India as well as the IIP data from India. An increase in market volatility was indicated by the India VIX volatility index, which rose by 3.82% to 13.99.

Nifty Outlook Today

"Technically, on the daily chart, Nifty formed a shooting star candlestick pattern near the bearish gap hurdle of 22,668-22,720. This suggests 22,720 will act as an immediate hurdle for Nifty, followed by the previous breakdown point of 22,800. On the downside, the 9-Day Simple Moving Average (9-DSMA) is placed near 22,370, serving as immediate support. Until the index sustains above the 22,800 hurdle, traders are advised to buy near support and book profits around the resistance zones mentioned above," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company).

Bank Nifty Outlook Today

"Technically, Bank Nifty formed a small red candle with long upper shadow indicating selling pressure on higher levels. On the upside, the index is facing resistance near 48,660 levels. A sustained breakout above 48, might propel the index to 49,000, while sustaining below 47,840 could trigger a fresh weakness. Traders should monitor these levels closely for potential trading opportunities," commented Hrishikesh Yedve.

Stocks To Buy Today

On Tuesday, March 11, Choice Broking's executive director, Sumeet Bagadia, suggested buying two stocks after the Nifty produced a shooting star-shaped candle on the daily chart, indicating a bullish trend at the 20-day EMA.

PG Electroplast

Buy PGEL in cash @ Rs 899.05, Stop-loss: Rs 860, Target: Rs 955

PGEL showcases a strong bullish momentum, evident from a substantial upward movement and a significant closing around ₹899.05. The stock has been experiencing robust buying interest, the stock has shown consistent higher highs and higher lows, a classic pattern of a strong uptrend. Notably, the trading volume during upward price movements has been substantial, reinforcing the strength of the rally. In recent sessions, PGEL is getting stabilized and moving towards its swing high target of ₹955 & 1010, indicating consolidation and a potential setup for another breakout.

Key technical indicators, particularly the Relative Strength Index (RSI), emphasize the stock's positive momentum. The RSI not only signals positive trends but also aligns with the stock trading above crucial moving averages, including the 20-day, 50-day, and 200-day Exponential Moving Averages (EMA). This convergence underscores the sustained strength in PGEL price action.

The trend remains bullish, with this upward price action also indicating strong interest and a potential continuation of the rally if the momentum sustains a bullish outlook for PGEL. Traders and investors may find this analysis indicative of potential continued upward momentum in the stock.

Based on the above analysis we recommend buying PGEL in cash at CMP of 899.05 for the target of 955 with a stop loss of 860.

Avanti Feeds

Buy AVANTIFEED in cash @ Rs 823.35, Stop-loss @ 790, Target @ 880

AVANTIFEED is exhibiting strong bullish momentum, currently trading at a 52-week high of 842.95 levels. The recent breakout above the crucial resistance at 765 levels is a significant technical development, 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, AVANTIFEED 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 70.16 levels.
For traders, keeping an eye on the strong support near 790 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, AVANTIFEED 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 AVANTIFEED and the CMP of 823.35 with a stop loss of 790 for the target of 880.

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.