As the Indian stock market continues to navigate through fluctuations, market expert Sumeet Bagadia has provided valuable intraday trading recommendations for investors. With the Nifty index showing signs of caution and the Bank Nifty facing resistance, here are the stocks to watch for potential gains on Monday, November 18, 2024.
Market Overview
On Thursday, November 14, the Nifty closed lower at 23,533 after a day of tight consolidation. The India VIX, which measures market volatility, decreased by 4.27% to 14.78, indicating a slight reduction in market anxiety. The Bank Nifty showed resilience, closing around 50,180 after initial volatility. Analysts suggest that traders adopt a “sell on rise” strategy as the market remains cautious.
Nifty Outlook
The outlook for the Nifty index has shifted towards a bearish-to-sideways trend. With the index closing below the crucial 200-day moving average and last week’s low of 23,800, traders are advised to be cautious. Support levels are identified at 23,500 and further down at 23,300-23,200. A failure to hold these levels could lead to continued downward pressure.
Bank Nifty Outlook
The Bank Nifty index also reflects a cautiously bearish sentiment. Resistance is observed between the 50,500-51,000 range, with heavy call writing suggesting that sellers remain dominant at higher levels. The index is trading near its 200-DMA around 49,900, which serves as critical support. Traders should consider a “sell on rise” approach if the index remains below 51,500.
Recommended Stocks to Buy on November 18
Ganesha Ecosphere (GANECOS)
- Buy Price: ₹2,338.50
- Stop-Loss: ₹2,255
- Target Price: ₹2,500
Ganesha Ecosphere has shown strong bullish momentum with significant buying interest leading to consecutive gains. The Relative Strength Index (RSI) indicates positive trends as the stock trades above key moving averages. With strong volume backing this upward movement, GANECOS is positioned for potential continued growth.
Tips Industries (TIPSMUSIC)
- Buy Price: ₹924.50
- Stop-Loss: ₹888
- Target Price: ₹985
TIPSMUSIC is currently demonstrating robust upward momentum with an active buying trend. The stock recently rebounded from support at the 20-day EMA level of ₹862.42 and is well-positioned to reach a target of ₹985 if it maintains its current trajectory. The RSI is trending upward at 67.10, indicating increasing buying momentum.
Conclusion
Investors should remain vigilant as they navigate the current market landscape characterized by volatility and resistance levels. Sumeet Bagadia’s recommendations for Ganesha Ecosphere and Tips Industries present potential buying opportunities for those looking to capitalize on short-term movements in the market.
Disclaimer
This article is intended for informational purposes only and does not constitute financial advice. Investors should conduct their own research and consult with financial professionals before making any investment decisions regarding securities mentioned herein
