After Tuesday’s rapid pullback, Nifty opened positively today. However, throughout the session, the index traded within the 150-point band, which is its lowest daily range since Feb. 9. Follow-up action at 17,000 should be watched closely as the downward gap at 17028, which Nifty formed on Feb. 24, is still open.
All sector indices ended in green. The Nifty Realty index performed best, rising 3.5%. After a few days of consolidation, the bulls have regained momentum in the real estate world and therefore a stock-specific rally is possible.
The Midcap100 index has managed to break above its 50 day moving average, persistence at current levels is likely to drive stock specific outperformance; however, the Smallcap100 index lacked the required momentum at the upside.
Buy near Rs 53.80
Target: Rs 62
With the downward trend after several months, the stock quickly recovered in the recent past. The recent consolidation above the 51 level appears to be in a mature phase. Hence, food could lift the supply above 60 zones.
Buy March 720 call option near 10
Stop Loss: Rs 5
Target: Rs 20
The appearance of multiple bullish candles shifts the range to the higher side. Positive follow-ups are likely to unlock further upside potential as far as the 740-750 zone.
(The author, Amit Trivedi, CMT is Technical Analyst-Institutional Equities at YES Securities)
This post Stocks to Buy: Day Trading Guide: 2 Stock Recommendations for Thursday was original published at “https://economictimes.indiatimes.com/markets/stocks/news/day-trading-guide-2-stock-recommendations-for-thursday/articleshow/90276053.cms”