Buy or sell: Sumeet Bagadia recommends three stocks to buy today — 8th December | Mint
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Business News/ Markets / Stock Markets/  Buy or sell: Sumeet Bagadia recommends three stocks to buy today — 8th December
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Buy or sell: Sumeet Bagadia recommends three stocks to buy today — 8th December

Buy or sell stocks: Sumeet Bagadia has recommended three stocks to buy today — Kotak Mahindra Bank, Voltas and Laurus Labs

Stock market today: Sumeet Bagadia of Choice Broking believes that PSU bank, financial and consumer durable stocks may fuel Nifty 50 index above 21,000 levels. (MINT)Premium
Stock market today: Sumeet Bagadia of Choice Broking believes that PSU bank, financial and consumer durable stocks may fuel Nifty 50 index above 21,000 levels. (MINT)

Buy or sell stocks for today: On account of retreat in the US stock market and weakness in global market sentiments, Indian stock market snapped its seven days winning streak on Thursday. Nifty 50 index ended 36 points lower at 20,901 levels, BSE Sensex lost 132 points and closed at 69,521 mark whereas Bank Nifty finished marginally higher at 46,841 levels. 

However, broad market indices continued to climb new peak on yet another session. Small-cap index touched a new peak of 41,369 while mid-cap index touched new record high of 35,371 on the previous session.

Intraday trading tips for Friday

Sumeet Bagadia, Executive Director at Choice Broking believes that overall market sentiment is bullish till Nifty 50 index is trading above 20,500 levels. Choice Broking expert said that PSU bank, financial and consumer durable stocks are expected to provide support to the Indian stock market at lower levels and may fuel Nifty 50 index above 21,000 levels. On stocks to buy today, Sumeet Bagadia recommended three intraday stocks for today — Kotak Mahindra Bank, Voltas and Laurus Labs.

Stocks to buy today

1] Kotak Mahindra Bank: Buy at 1825, target 1935, stop loss 1780.

Kotak Mahindra Bank share is trading at 1825, and its price indicates a potential breakout of an inverted head and shoulder pattern on the daily chart. This breakout is accompanied by robust trading volume and is supported by a bullish candlestick pattern, suggesting a strong upward momentum in the stock.

Also Read: Stocks to Watch: Zomato, Maruti Suzuki, SpiceJet, IDFC First Bank

Moreover, Kotak Mahindra Bank share is positioned above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This alignment above crucial EMAs strengthens the bullish outlook, indicating the potential for sustained upward price movement.

The Relative Strength Index (RSI) is currently at 68.4 and trending upwards, signaling an increase in buying momentum. Additionally, the Stochastic Relative Strength Index (Stoch RSI) has shown a positive crossover from the oversold region, further contributing to the bullish sentiment. The confluence of these technical indicators suggests that KOTAKBANK may have the potential to reach a target price of 1935 in the near term.

Also Read: Day trading guide for stock market today: Four stocks to buy or sell on Friday

For a strategic entry, it is advisable to consider buying on dips, especially near 1935. To effectively manage risk, implementing a stop-loss (SL) at 1780 is recommended. This precautionary measure is crucial to safeguard investments in the event of an unexpected market reversal.

2] Voltas: Buy at 966.05, target 910, stop loss 841.

Voltas share price is currently trading at 866.05 levels, having recently rebounded from a support level at 841 levels which is also close to its 200 Day EMA levels. This bounce has given a strong breakout of a falling trend line indicates that buyers are active at this level, potentially providing a foundation for further price gains.

The Relative Strength Index (RSI) at 56 suggests that there is strength in the stock as it has bounced from the lower levels, leaving room for further price appreciation. However, there is a smaller resistance level at 880 that the stock needs to overcome. If it successfully surpasses this resistance, it could potentially target higher levels, specifically 910 and beyond.

Also Read: F&O ban list: National Aluminium, Balrampur Chini, SAIL, 4 others placed under futures & options ban for today

According to the aforementioned technical analysis, we advise buying Voltas share price at CMP of 866.05 for the target of 910 levels, if the stock closes below 841, our analysis will be invalid.

3] Laurus Labs: Buy at 390.05, target 410, stop loss 379.

Laurus Labs share price is currently trading at 390.05 levels. Laurus Labs share has a strong support in a small range of 376 to 379 with the important 20, 50 and 200 Day EMA levels in the mentioned rang. The stock has shown strong bounce with decent volumes indicating strength. Momentum indicator RSI is moving upwards and currently trading at 63 levels indicating strength. A small resistance is witnessed near 400 levels. Once stock overcomes the mentioned resistance it can move higher towards the target of 410 levels and above.

Based on the above analysis we recommend buying Larus Labs shares at CMP of 390.05 levels with a stop loss of 379 for the target of 410.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.ead

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
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Published: 08 Dec 2023, 07:53 AM IST
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