Vijaya Diagnostic Centre Or JSW Steel: Day Trading Picks By Sumeet Bagadia On Friday 4th October

Following weak global cues, the domestic benchmark indices began with a gap-down on Thursday. Nifty closed the day down at 25,250 after beginning the day lower and continuing to be under pressure. Additionally, Bank Nifty began the day lower than it ended, continued to trade under pressure, and ended the day lower at 51,845. The volatility index, INDIA VIX, increased by 9.86%, wrapping up at 13.17, suggesting a spike in market volatility.

Nifty Outlook

"Technically, on the daily chart, the index formed a large red candle, signaling further weakness. Moreover, the index has broken its key support base and trend line support at 25,350, indicating fresh weakness. On the downside, the 50-DEMA support is placed near 25,067, followed by the psychological level of 25,000, which will act as key supports for the index in the short term," said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd.

Bank Nifty Outlook

"Technically, the index formed a large red candle on the daily chart, indicating weakness. On the downside, the 100-DEMA support is placed near 50,990, which will serve as key support for the index," added Hrishikesh Yedve.

Stocks To Buy Today

Sumeet Bagadia, executive director of Choice Broking, recommended buying two stocks on Friday, October 4, following the RSI's decline below the 50-point level, which further supported the notion that Nifty's momentum was waning after the index crossed the critical 25,300 barrier.

Vijaya Diagnostic Centre

Buy VIJAYA in Cash @ Rs 984.7, stop-loss @ 951, target @ 1054

Vijaya is currently trading at Rs 984.7, exhibiting a strong bullish trend. The stock has recently bounced from a key support zone and given a breakout from its consolidation range, confirming upward momentum. This breakout has been accompanied by a significant increase in trading volumes, signaling strong buying interest from investors. In the short term, Vijaya appears poised to target Rs 1054.

The Relative Strength Index (RSI) stands at 66.26, indicating the stock is in a bullish zone, with room for further upside potential. Additionally, Vijaya is trading well above its key 20-day, 50-day, and 200-day Exponential Moving Averages (EMA), which reinforces the positive trend.

If the stock holds above the critical resistance level of Rs 1000, it presents a favorable opportunity for long positions. Traders may consider entering at current levels, with a target price of Rs 1054 and a stop loss set at Rs 951 to manage risk effectively. While the trade setup looks attractive, caution is advised due to potential short-term volatility. Proper risk management is essential for navigating this trade successfully.

JSW Steel

Buy JSWSTEEL in Cash @ Rs 1039.1, SL @ 1005, target @ 1102

JSWSTEEL is currently trading at Rs 1,039.10 and showing a strong uptrend, with the price consistently making higher highs and higher lows. The price action is also suggesting a continuation pattern. The stock reached its all-time high of Rs 1,060 today, along with a significant increase in volume, confirming the strength of the bullish move. If the stock manages to close above the key resistance level of Rs 1,050, it could target the next level of Rs 1,102.

On the downside, immediate support is located at Rs 1,020, which could be seen as a buying opportunity on dips. The Relative Strength Index (RSI) is currently at 72.78, trending upward and indicating increasing buying momentum, though nearing overbought levels.

To manage risk effectively, setting a stop-loss (SL) at Rs 1,005 is recommended. This helps protect against any potential market reversal.

In summary, based on technical analysis and current market conditions, JSWSTEEL presents a favourable buying opportunity for those targeting Rs 1,102, provided that appropriate risk management measures, such as the stop-loss, are in place.

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.