Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Wednesday, 12th Feb

While the Bank Nifty started with a gap down, saw strong selling pressure, and ultimately ended the day on a negative note at 49,403 levels, the Nifty index opened on a flat note on Tuesday, faced significant selling pressure, and ultimately ended the day on a negative one at 23,072 levels. A surge in market volatility was indicated by the India VIX volatility index, which climbed 2.94% to 14.87 suggesting somewhat higher uncertainty.

Nifty Outlook Today

"Technically, Nifty broke the 21-Days simple moving average (DSMA) support and formed a big red candle on the daily scale, indicating weakness, though it found support near the psychological level of 23,000. Sustaining below 23,000 could extend the decline to 22,800, while resistance is placed at 23,275 where 21-DSMA is placed. Thus, a sell-on-rise strategy should be adopted for Nifty," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company).

Bank Nifty Outlook Today

"Technically, the Bank Nifty has formed a big red candle on a daily scale and broken the support zone of 49,650-49,700. Thus, 49,700 will act as an immediate hurdle for Bank nifty, with the next key support at 48,900," as per Hrishikesh Yedve.

Stocks To Buy Today

On Wednesday, February 12, Choice Broking's executive director Sumeet Bagadia suggested buying two stocks after the Nifty's Relative Strength Index (RSI) fell close to 40, indicating waning bullish momentum.

Firstsource Solutions

Buy FSL in Cash @ Rs 357.2, Stop-loss @ 345, Target @ 380

FSL is demonstrating strong upward momentum, currently trading at 357.2 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 100-day Exponential Moving Average (EMA) level of 345, from which it rebounded decisively, indicating a strong base and renewed buying pressure. If FSL continues this upward trajectory, it is well-positioned to potentially achieve a short-term target of 380, supported by strong technical indicators and positive market sentiment.

On the downside, immediate support is located at 345. The Relative Strength Index (RSI) is currently at 50.3 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 345 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, FSL presents a promising buying opportunity for those aiming for a 380 target, provided that appropriate risk management strategies are in place.

Oil India

Buy OIL in Cash @ Rs 412.2, Stop-loss @ 399, Target @ 443

OIL is currently trading at 412.2, continues its bearish trend, closing at ₹412.2, up 1.70% in the latest session. The stock has been under selling pressure, failing to sustain higher levels and facing resistance near key moving averages indicating a reversal from previous lows. Despite attempts at recovery, the stock has been unable to reclaim critical levels, signaling continued weakness. Immediate support is seen near ₹400, while resistance lies in the ₹450 range. A decisive move above ₹425 could trigger short-term upside, but failure to hold above key moving averages may lead to further declines.

With Oil India trading below crucial levels, traders should look for confirmation before taking new positions. Any breakout above key EMAs may provide a positive outlook, The Relative Strength Index (RSI) is currently at 43.45 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 399 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, OIL presents a promising buying opportunity for those aiming for a 443 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.