Stocks To Buy: Trade Call On Friday, 23rd August By Sumeet Bagadia Of Choice Broking

The Indian benchmark indices began the day higher on Thursday, following global cues. As a result, Nifty had a strong start to the day and moved laterally during the trading session before wrapping up at 24,811 levels. Nifty ended the weekly series on a high note, maintained its winning run for the sixth straight session and on the daily chart, it is still creating a sequence of higher highs and higher lows. With a strong opening gap, the Bank Nifty showed buying interest all day long and closed higher at 50,986 points. The current circumstance suggests a "Buy on Dips" approach, and the market outlook is still favourable.

Nifty Outlook

"Technically, the index entered the gap zone of 24,852-24,956 but faced profit booking, leading to the formation of a red candle on the daily scale. For a fresh bullish trigger, the index needs to cross the hurdle of the 24,950-24,960 zone. On the downside, the 21-Day Exponential Moving Average (DEMA), positioned near 24,480, will act as strong support. As long as the index holds above this level, a "buy on dips" strategy should be employed," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Bank Nifty Outlook

"Technically, the Bank Nifty has sustained above its 21-DEMA support and formed a green candle on the daily chart, indicating strength. As long as the index holds above the 21-DEMA, around 50,780, a "buy on dips" strategy is advisable. On the upside, trend line resistance is near 51,200 levels. Sustaining above 51,200 could open the path towards the 51,500 to 51,800 levels," predicted Hrishikesh Yedve.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, recommended buying two intraday stocks today, August 23, recognising that the Nifty is currently only 380 points away from its all-time high of 25078 levels.

Alembic

Buy ALEMBICLTD in cash @ 163.92, stop-loss @ 158, target @ 173

ALEMBICLTD is exhibiting strong bullish momentum, currently trading at all-time high of 165 levels. The recent breakout above the crucial resistance at 157 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, ALEMBICLTD 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 69.85 levels.

For traders, keeping an eye on the strong support near 158 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, ALEMBICLTD 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 ALEMBICLTD and the CMP of 163.92 with a stop loss of 158 for the target of 173.

Ganesha Ecosphere

Buy GANECOS in cash @ 2003.65, stop-loss: 1935, target: 2111

GANECOS daily chart analysis offers a favourable view for the following week, indicating a steady higher advance. Notably, the stock has produced a notable higher high and higher low pattern, and the company's recent upward swing has effectively violated the neckline, establishing a new week high. This breakthrough indicates the possibility of a significant follow-through upward increase in the stock price.

Adding to the positive momentum, there has been an increase in trading volume, indicating growing market interest. The stock formed a strong bullish momentum candle signifying a potential continuation of the uptrend following and the daily strength indicator RSI (14) is moving upwards and positioned above its reference line indicating a positive bias. Furthermore, GANECOS is currently trading above its crucial 20-day, 50-day, and 100-day Exponential Moving Average (EMA) levels, reinforcing the bullish trend. Given the overall chart pattern, the analysis suggests a favourable long trading opportunity for investors.

Based on the above analysis we recommend buying GANECOS in cash at CMP of 2003.65 for the target of 2111 with a stop loss of 1935.

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.