Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Tuesday, 25th March

Following a gap-up opening in the previous session, the bulls gained charge and maintained buying momentum, causing the benchmark index to soar into the 23700 zone. In the end, the Nifty50 index finished over 23650, achieving a gain of 1.32 percent, continuing its upward trajectory for the sixth straight day. The Nifty Midcap 100 and Nifty Smallcap 100 indices gained 1.30% and 1.10%, respectively, reflecting the broader market's performance matching that of the Nifty. All of the major sectors took part in the rally, but the most significant winners were banking, finance, real estate, and energy. In a similar vein, the Bank Nifty index began the day gapping higher, maintained buying demand, and ended the day higher at 51,705. On the other hand, the India VIX volatility index climbed by 8.94% to 13.70, suggesting that market volatility has gone up.

Nifty Outlook Today

"Technically, Nifty has successfully crossed the hurdle of the 100-Day Simple Moving Average (100-DSMA) and formed a bullish candle on the daily charts, signalling strength. The immediate support for the index is placed near 23,510, where the 100-DSMA is positioned, while short-term resistance is located near 23,810, marking the previous intermediate swing high. In light of the robust bullish momentum, traders are advised to follow a "buy on dips" strategy. However, low-risk traders may consider booking profits around the 23,800 level," 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 has surpassed the resistance of the 200-Day Simple Moving Average (200-DSMA) and formed a bullish candle on the daily charts, indicating continued strength. The immediate support for Bank Nifty is placed near 50,970, where its 200-DSMA is located, while the next major resistance is around 52,000, which coincides with its previous swing high. A sustained move above 52,000 could trigger a fresh breakout in Bank Nifty. Traders are advised to adopt a "buy on dips" strategy to capitalize on the ongoing momentum," commented Hrishikesh Yedve.

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Stocks To Buy Today

On Tuesday, March 25, Choice Broking's executive director, Sumeet Bagadia, recommended buying two stocks following the resumption of FII buying in the cash market and their short-covering in the derivatives space.

Manorama Industries

Buy MANORAMA in Cash @ Rs 1098.65, Stop-loss @ 1055, Target @ 1175

MANORAMA, is currently trading at 1098.65, 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, MANORAMA could reach a short-term target of 1175.

On the downside, immediate support is located at 1055. The Relative Strength Index (RSI) is currently at 59.85 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 1055 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, MANORAMA presents a promising buying opportunity for those aiming for a 1175 target, provided that appropriate risk management strategies are in place.

Healthcare Global Enterprises

Buy HCG in cash @ 544.4, Stop-loss: 525, Target: 580

HCG showcases a strong bullish momentum, evident from a substantial upward movement and a significant closing around ₹544.4. The stock has been experiencing robust buying interest, and a consolidation breakout with strong volume, signalling bullish momentum and potential upside continuation.

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 HCG price action.

The surge in volume associated with this upward price action also indicates strong interest and a potential continuation of the rally if the momentum sustains a bullish outlook for HCG. Traders and investors may find this analysis indicative of potential continued upward momentum in the stock.

Based on the above analysis we recommend buying HCG in cash at CMP of 544.4 for the target of 580 with a stop loss of 525.

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.