Stocks To Buy: Trade Call On Thursday, 22nd August By Sumeet Bagadia Of Choice Broking

Tracking global cues, the Indian benchmark indices began Wednesday's trading session down. Because of this, Nifty had a sluggish start to the day and moved throughout the whole session until wrapping up at 24,770, a positive level. The Bank Nifty was under pressure during the first half of trading and had a deficit when it started.

Nevertheless, the index showed signs of improvement in the second half, helping it end the day at 50,686, somewhat lower than it started. The India VIX had a substantial drop of 3.53%, falling from 13.82 on Tuesday to 13.33. A positive market view is supported by the VIX's cooling off, which is still below 15. With the index trading above significant short-term averages and a positive crossover of the 10-20 DEMA, the market outlook is still optimistic.

Nifty Prediction

"Technically, the Nifty formed a bullish candle on the daily scale, indicating underlying strength. On the downside, the 21-Day Exponential Moving Average (DEMA), positioned near 24,450 levels, will serve as strong support in the short term. As long as the index stays above 24,450, the buy on dips strategy can be adopted. On the upside, the next gap hurdle is placed near 24,960, which will act as the first resistance for the index, followed by the previous all-time high around 25,080," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Bank Nifty Prediction

"Technically, the Bank Nifty formed a doji candle on the daily chart but failed to close above the 21-DEMA, which is around 50,760. A sustainable move above 50,800 could push the index towards the 51,200-51,500 zone," Hrishikesh Yedve added.

Stocks To Buy Today

In accordance with a technical analysis, Choice Broking's executive director Sumeet Bagadia recommended buying 2 intraday stocks today - 22nd August.

Laurus Labs

Buy LAURUSLABS in Cash @ 444.2, stop-loss @ 426, target @ 480

LAURUSLABS is trading at 444.2 and is on the verge of breaking out of a Symmetrical Triangle pattern on the daily chart. This potential breakout is supported by increased trading volumes, indicating strength in the upward move. The stock has formed a strong bullish candle on the daily chart, reinforcing the uptrend. There is potential for further upward movement, with a target of 480. On the downside, significant support is around the 426 level.
The Relative Strength Index (RSI) is at 53.69 and trending upward, signaling increased buying momentum. Additionally, LAURUSLABS has bounced from its long-term (200-day) EMA levels and has surpassed its short-term (20-day) and medium-term (50-day) EMAs, reinforcing a bullish outlook.

Given the current technical indicators and price action, LAURUSLABS appears well-positioned for a potential upward move. Investors might consider buying at 444.2, with a stop loss set at 426 to manage risk. The target of 480 aligns with resistance levels and offers a favorable risk-reward ratio, making this a promising trading opportunity

UTI Asset Management Company

Buy UTIAMC in cash @ 1150.9, stop-loss: 1110, target: 1210

UTIAMC is currently trading at Rs 1150.9. After a period of small falls and sideways consolidation, the stock has lately broken the neckline levels of Rs 1111 and is rising quickly on the upside with substantial volume. There are expectations of further upward movement, potentially reaching Rs 1210 levels. On the downside, substantial support is evident near Rs 1110.

Furthermore, UTIAMC is trading above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This suggests a strong bullish momentum, indicating the potential for continued upward price action. The Relative Strength Index (RSI) stands at 73.50, signalling an upward trajectory and confirming an increase in buying momentum. .

In summary, considering the technical analysis and prevailing market conditions, UTIAMC appears to present a promising buying opportunity for those targeting a Rs 1210 price objective, contingent upon the implementation of prudent risk management measures.

To manage risk effectively, it is advisable to set a stop-loss (SL) at Rs 1110 to protect the investment in case of an unexpected market reversal.

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.