Shares to Buy Today: Nifty 50, Bank Nifty Insights

Nifty 50

Osho Krishan, a Senior Analyst at Angel One, says the Nifty 50 index has shown resilience, bouncing back from the upper band of its “Rising Channel.” This suggests that the bulls are getting tired, and the upper band around 23,150-23,200 will likely be a hurdle. Meanwhile, the support around 22,800-22,750 should cushion any declines. For now, Nifty is expected to trade within this range with a bullish bias, and proper risk management is advised.

Bank Nifty

According to Rahul Ghose, CEO of Hedged, Bank Nifty showed strength, trading above its opening range and maintaining an upward momentum. Increased put options at the 49,500 and lower levels indicate strong support. The PCR (Put-Call Ratio) fluctuated but ended the day at 0.98. The India VIX index also rose 7% to 23.36, suggesting increased volatility.

Stock Recommendations for Today

Sumeet Bagadia’s Picks:

1. Indian Hotels Company (IHC): Buy at ₹581, target ₹618, stop loss ₹560.
   • Indian Hotels shares have shown a strong bullish momentum, breaking out of a rounding bottom chart pattern with significant volume and trading above key EMAs.
2. Godrej Consumer Products: Buy at ₹1329, target ₹1410, stop loss ₹1290.
   • Godrej Consumer Products shares rebounded from a support level near ₹1290, trading above all essential EMAs, indicating strength.

Ganesh Dongre’s Picks:

3. Infosys: Buy at ₹1472, target ₹1520, stop loss ₹1430.
   • Infosys shares have major support around ₹1430 and show a reversal at ₹1472, suggesting potential for further rally.
4. Voltas: Buy at ₹1408, target ₹1450, stop loss ₹1380.
   • Voltas shares show a bullish reversal pattern, with potential retracement to ₹1450, supported at ₹1380.
5. Bank of Baroda: Buy at ₹270, target ₹282, stop loss ₹263.
   • Bank of Baroda shares have strong support around ₹263, showing bullish candlestick patterns at ₹270, aiming for ₹282.

Shiju Koothupalakkal’s Picks:

6. Jindal Saw: Buy at ₹565.75, target ₹587, stop loss ₹554.
   • Jindal Saw shares show a series of higher lows and a positive bullish candle on the daily chart, suggesting potential upside.
7. Bank of India: Buy at ₹132.45, target ₹140, stop loss ₹129.50.
   • Bank of India shares have pulled back after consolidation, indicating potential for further rise with support near ₹121.
8. AU Small Finance Bank: Buy at ₹634.60, target ₹665, stop loss ₹622.
   • AU Small Finance Bank shares have shown a pullback after finding support near ₹600, indicating a trend reversal with potential upside.

These recommendations are based on technical analysis and market conditions, aiming to guide traders on potential buys and sells for the day.