Trade Call: 2 Stock Picks By Sumeet Bagadia For Monday, 11th March

Despite the shorter trading week, Nifty remained the market leader, closing at 22,494 on Thursday with a 0.5% gain. Notably, this upswing was supported by all sectors, with Nifty Metal, PSU Bank, and PSE seeing the most gains. The bulk of the sectors saw positive results at the end, with buying observed in consumer durables, metals, FMCG, and financials. After being struggling for the last few days, the broader market witnessed marginal gains as the BSE SmallCap index gained 310 points to end the day at 44,653.57 and the BSE MidCap index advanced 0.39% to close at 39,852.85.

Nifty Outlook

Rupak De, Senior Technical Analyst, LKP Securities said, "The Nifty stayed below the psychological 22,500 mark, with call writers at the 22,500 strikes significantly increasing their positions. On the downside, support is expected to hold at 22,400. The buy-on-dips strategy is likely to persist as long as it remains above 22,400. On the upside, a decisive move above 22,500 could trigger buying interest in the market, potentially pushing the index towards 22,700 in the short term."

Bank Nifty Outlook

Rupak De stated that "Bank Nifty faced resistance at the 48,000 level, finding support at 47,750. Nevertheless, the weekly closure indicates a resilient bullish momentum, with pivotal support identified at 47,500 and resistance at 48,200. A conclusive breach above the 48,200 threshold, confirmed by a closing basis, could catalyze a bullish upswing towards levels of 48,500 and 48,800."

Weekly Market Outlook

Mr. Aditya Gaggar, Director of Progressive Shares said, "As mentioned in the previous weekly notes, the Index has performed on expected lines and we continue to hold on to our target of 22,640. The level of 22,300 will remain a strong support. BankNifty has given a downward-sloping trendline breakout and the immediate target is 48,300 while the downside seems to be protected at 47,500. We will retain our positive stance on the Metal and PSU Banking segments. The Pharma sector has given a consolidation breakout indicating an extension of the current underlying uptrend. An early indication of a correction was seen in the Realty segment with a bearish divergence in RSI, investors should book part profit."

Stocks To Buy On Monday

On March 11, Choice Broking's Executive Director Sumeet Bagadia provided trading suggestions for two stocks. Below is the entrance to the in-depth technical analysis of Avanti Feeds and Glenmark Pharma.

Glenmark Pharma

Buy GLENMARK in cash @ Rs 955.25, stop-loss: Rs 929, target: Rs 1005

GLENMARK is currently trading at Rs 955.25 and has recently broken out of a consolidation phase between Rs 900 and Rs 940, indicating a potential uptrend. This breakout was accompanied by a bullish candle and notable trading volume, suggesting strong buying interest.

Moreover, GLENMARK is trading above key Exponential Moving Averages (EMAs), including the 50-day, 100-day, and 200-day EMAs, indicating a strong bullish momentum and implying a sustained upward price trend. The Relative Strength Index (RSI) at 65 further supports this view, showing an upward trend and increased buying momentum.

For investors considering entry, buying GLENMARK at Rs 955.25 is recommended. To manage risk effectively, setting a stop-loss (SL) at Rs 929 is advisable. This SL level acts as a protective measure against potential losses in case of a market reversal.

In conclusion, GLENMARK presents an attractive buying opportunity, with a target price of Rs 1005. However, investors should exercise caution and implement risk management strategies, such as setting a stop-loss, to protect their investments.

Avanti Feeds

Buy AVANTIFEED in cash @ Rs 556.20, stop-loss: Rs 540, target: Rs 591

AVANTIFEED, currently trading at Rs 556.20, has recently displayed a bullish flag and pole pattern on its daily chart, followed by a breakout with a bullish candle. This pattern often indicates a continuation of the current upward trend, suggesting further potential for price appreciation.

Moreover, AVANTIFEED is trading above its key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This indicates a strong positive momentum in the stock, suggesting the possibility of continued price growth. The Relative Strength Index (RSI) at 65 further supports this uptrend, indicating an increase in buying pressure.

For investors looking to enter the market, buying AVANTIFEED at Rs 556.20 is recommended. To manage risk effectively, setting a stop-loss (SL) at Rs 540 is advisable. This SL level acts as a protective measure, helping to limit potential losses in case of a market reversal.

In conclusion, AVANTIFEED presents an attractive buying opportunity, with a target price of Rs 591. However, investors should exercise caution and implement risk management strategies, such as setting a stop-loss, to protect their investments.

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.