Trade Call: 2 Stock Picks By Sumeet Bagadia of Choice Broking On Wednesday, 10th April

The Indian stock market had tremendous swings and spikes during the day on Tuesday. Ultimately, sell-offs forced the market to settle lower than when it opened. The benchmark indexes, Nifty and Sensex, both reached remarkable intra-day highs of 22,768 and 75,124, respectively. Nifty dropped by 25 points to end at 22,642, while the Sensex dropped by 59 points to finish the day at 74,684. While the Midcap and Large Cap sectors concluded flat. those of PSU Banks, Consumer Durables, Media, and FMCG fell, while those of Metals, Financial Services Realty, and Healthcare saw a green end.

Nifty Outlook

"From a technical standpoint, following a fresh all-time high, the index saw modest profit booking. Although, index has managed to sustain above the previous support level of 22630. Moving forward, if the index is unable to hold above this support level, we can expect some bearish momentum in the index. On the other hand, Nifty's new all-time high level will act as a new hurdle for the index, and if the index breaches this level, the rally may continue up to 23,000 levels. Short-term support levels for the Nifty exists at 22,620 and 22,500 levels, while resistance stands at 22,770 and 22,900 levels," said Asit C Mehta Investment Intermediates Ltd.

Bank Nifty Outlook

"Meanwhile, Nifty Bank index also registered a fresh record high today at 48,960.75 and settled the day on a positive note at 48,730.55 levels. Technically, Bank Nifty will face hurdle around 48,900-48,950. If the index sustains above it, then the rally could extend towards 49,500-50,000 levels. Short-term support levels for Bank Nifty are seen at 48,500 and 48,200, with resistance levels at 48950 and 49,500," added Asit C Mehta.

Stocks To Buy Today

The following two stocks were recommended to buy or sell by Choice Broking executive director Sumeet Bagadia on Wednesday, April 10.

AMI Organics

Buy AMIORG in Cash @ Rs 1210, stop-loss: Rs 1180, target: Rs 1277

The stock is currently trading at 1210 levels. Currently stock is trading above all the important moving averages. On daily charts the stock has formed a strong green candle which indicates bullishness in the stock. Now any dip in the stock around 1199 levels will be a buying opportunity. A small resistance can be witnessed near 1234 levels, and once stock crosses the mentioned level AMIORG can now further move towards 1277 levels and higher. According to the aforementioned technical analysis, we advise buying AMIORG at a CMP of 1210 for the target of 1277. If the stock closes below 1180, our analysis will be invalid.

Puravankara

Buy PURVA in cash @ Rs 293.35, stop-loss: Rs 284, target: Rs 317

PURVA 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 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, PURVA 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 PURVA in cash at CMP of 293.35 for the target of 284 with a stop loss of 317.

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.