Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Tuesday, Nov-26

Monday saw the Nifty begin with a gap up, stabilise during the course of the day, and close on a high note close to 24,222 levels. The Bank Nifty began the day gapping higher, maintained its buying activity, and ended the day higher at 52,208. A drop in market volatility was indicated by the India Vix volatility index, which dropped 4.93% to 15.30. The India VIX dipped 4.93% to settle at 15.30, indicating a lack of market jitters but also indicating the possibility of short-term swings as a result of the index number's climb.

Nifty Outlook Today

"Technically, on a daily chart, Nifty has formed a doji candle, signifying uncertainty. If the index sustains above today's high of 23,352, it could attempt the levels of 24,500-24,550, where the significant resistance is located. On downside, 21-Days exponential moving average (DEMA) is placed near 24,060. Thus, 24,050-24,060 will provide immediate support for the index. Short term traders are advised to book profits near 24,500 and wait for a fresh breakout," 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 on a daily scale has formed a green candle, indicating strength. However, the index is approaching near its big hurdle of 52,500-52,580. Thus, traders are advised to take profits near 52,500 and wait for a fresh breakout," added Hrishikesh Yedve.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, recommended picking up two stocks on Tuesday, November 26 after the Nifty index's stay above the key 24,000 mark confirmed its immediate support, indicating an effective "Buy on Dips" strategy.

Torrent Power

Buy TORNTPOWER in Cash @ Rs 1614.4, Stop-loss @ Rs 1560, Target @ Rs 1725

TORNTPOWER stock is currently trading around Rs 1614.4 This upward move comes after a breakout above the 200-day EMA, currently at Rs 1,535.47, signaling potential recovery momentum. The bullish sentiment is driven by buying interest, although the stock remains below critical resistance levels, such as the 50-day EMA and the 100-day EMA.

Despite sharp gain today, the stock is still within a broader corrective phase, The stock has strong resistance at Rs 1688 (near the 20-day Exponential Moving Average or EMA), and resistance around Rs 1700. If the price breaks above Rs 1700, it could lead to a new upward trend, pushing the stock towards Rs 1725 and higher.

The stock has witnessed consistent trading volume, but it needs to break above the resistance level on stronger volume to confirm a sustainable uptrend. If the price holds above the Volume Weighted Average Price (VWAP) of approximately Rs 1595, a recovery can be anticipated in the coming sessions.

TORNTPOWER is showing signs of recovery in the short term, especially if it can break above the Rs 1688 level. Investors can look for buying opportunities on dips while keeping an eye on Stop-Loss at 1560 and target of 1725 levels for further movement.

Laurus Labs

Buy LAURUSLABS in Cash @ Rs 532.05, Stop-loss @ Rs 514, Target @ 560

Laurus Labs is currently trading at Rs 532.05 and is exhibiting a strong bullish trend, characterized by the formation of higher highs and higher lows. The stock is currently facing resistance at the upper end of its rising parallel channel; however, if it sustains above the key resistance level of Rs 540, it is likely to rally toward a target of Rs 560. The Relative Strength Index (RSI) stands at 69.55 and is trending upward, signalling strong buying momentum.

Additionally, the stock is trading above key moving averages, including the 20-day EMA (short-term), 50-day EMA (medium-term), and 200-day EMA (long-term), which further reinforces the bullish sentiment. The breakout is supported by a significant increase in trading volumes, strengthening the overall positive outlook for the stock.

Given this favorable technical setup, buying Laurus Labs at the current price of Rs 532.05 presents a promising opportunity for potential gains. A stop-loss can be placed at Rs 514 to effectively manage risk. The combination of increasing volume, a rising RSI, and supportive moving averages aligns well with the bullish scenario, making this strategy suitable for the current market conditions.

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.