Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Tuesday, 14th Jan

The domestic benchmark market, the Nifty, started Monday with a notable decline, consistent with global indications, and ended the day down at 23,086 levels. The Bank Nifty began the day down, continued its downward trajectory, and concluded the day lower at 48,041. Higher market volatility was reflected in the India VIX volatility index, which surged by 7.25% to 16.0.

Nifty Outlook Today

"Technically, on the daily chart, Nifty broke its previous swing low and formed a red candle, indicating further weakness. As per recent breakdown, index could test the levels of 22,900-22,800 in the short term. On the upside, 23,260 will act as immediate resistance for the index, followed by 23,550, where the 250-Days Simple Moving Average (250-DSMA) is located. A sell-on-bounce strategy is advisable," commented Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company).

Bank Nifty Outlook Today

"Technically speaking, Bank Nifty maintained below its 250-Days Simple Moving Average (250-DSMA) support which is placed near 49,900 levels and formed a red candle on daily scale, indicating weakness. On the downside, 100-WEMA support is placed near 47,300 levels, which will act as key support. As long as Bank Nifty maintains below 49,900 levels, traders are advised to follow a sell-on-rise strategy," said Hrishikesh Yedve.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, suggested purchasing two stocks on Tuesday, January 14 following the Nifty's break below the low of 23263 dated November 2024 on the daily charts, indicating weakness.

Goldiam International

Buy GOLDIAM in Cash @ 468.5, Stop-loss @ 450, Target @ 500

GOLDIAM, currently trading at 468.5, exhibits a strong uptrend, supported by its consistent position above key exponential moving averages (EMAs). Recent price action indicates a consolidation phase following a notable rally, with the stock maintaining levels near the 20-Day EMA. This setup suggests the potential for continued upward movement.

With the stock positioned above its short-, medium-, and long-term EMAs, bullish momentum appears well-supported. If this trend continues, GOLDIAM could reach a short-term target of 500.

On the downside, immediate support is located at 450. The Relative Strength Index (RSI) is currently at 63.98 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 450 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, GOLDIAM presents a promising buying opportunity for those aiming for a 500 target, provided that appropriate risk management strategies are in place.

Infosys

Buy INFY in Cash @ 1962.2, Stop-loss @ 1890, Target @ 2050

INFY is demonstrating strong upward momentum, currently trading at 1962.2 with a solid uptrend that reflects increased buying interest. The recent formation of a strong bullish momentum suggests that buyers are actively stepping in, driving the stock higher.

Following a slight pullback from its recent highs, the stock found support at the 50-day Exponential Moving Average (EMA) level of 1910, from which it rebounded decisively, indicating a strong base and renewed buying pressure. If INFY continues this upward trajectory, it is well-positioned to potentially achieve a short-term target of 2050, supported by strong technical indicators and positive market sentiment.

On the downside, immediate support is located at 1890. The Relative Strength Index (RSI) is currently at 57.60 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 1890 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, INFY presents a promising buying opportunity for those aiming for a 2050 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.