Trade Call: 2 Stock Picks By Sumeet Bagadia On Thursday, 15th Feb

After beginning on a sour note on Wednesday, domestic equities rallied to end close on a positive note amid a focus on global cues and economic data points. The Nifty gained 96.70 points or 0.44 per cent to close at 21,840, while the Sensex surged 267.64 points or 0.37 per cent to settle at 71,822.83. Top Nifty gainers were BPCL, SBI, Coal India, ONGC, and Tata Steel; losers included Tech Mahindra, Cipla, Infosys, TCS, and Dr. Reddy's Laboratories. With the exception of IT and pharmaceuticals, every industry saw a positive outcome. The top performing sectors were PSU Bank followed by oil & gas and media. On the broader market front, BSE Midcap and Smallcap indices gained 1% each.

Nifty Outlook

Rupak De, Senior Technical Analyst, LKP Securities said, "The Nifty remained highly volatile, displaying predominant bullishness throughout the day following a weak start. However, the sentiment remains sideways to negative as long as it stays below 21850. A decisive move above 21850 might trigger a strong rally in the market. Beyond 21850, the Nifty could potentially move towards 22200. Support for the near term is positioned at 21700."

Bank Nifty Outlook

Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said, "The BankNifty bulls made a robust comeback, overpowering the bears and successfully defending the crucial support at 45000. The index is firmly in a buy mode, with immediate support at 45500 acting as a cushion for the bulls. The index is indicating an immediate target of 46500, and if it sustains above this level, further upside towards the 48000 mark can be anticipated."

Stocks To Buy Today

Sumeet Bagadia, Executive Director of Choice Broking, suggested buying shares of Sharda Motor Industries and Accelya Solutions India on Thursday, February 15.

Accelya Solutions India

Buy ACCELYA in Cash @ Rs 1972, stop-loss: Rs 1920, target: Rs 2049

The stock is currently trading at 1972 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 1949 levels will be a buying opportunity. A small resistance can be witnessed near 2000 levels, and once stock crosses the mentioned level ACCELYA can now further move towards 2049 levels and higher.
According to the aforementioned technical analysis, we advise buying ACCELYA at CMP of 1972 for the target of 2049. If the stock closes below 1920, our analysis will be invalid.

Sharda Motor Industries

Buy SHARDAMOTR in cash @ Rs 1534, stop-loss @ Rs 1504, target @ Rs 1598

SHARDAMOTR is exhibiting strong bullish momentum, currently trading at an all-time high of 1545 levels. The recent breakout above the crucial resistance at 1455 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, SHARDAMOTR 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 levels.

For traders, keeping an eye on the strong support near 1500 levels is advisable, as a breach of this level could signal a shift in sentiment. Overall, SHARDAMOTR 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 SHARDAMOTR and the CMP of 1534 with a stop loss of 1504 for the target of 1598.

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.