Top Stocks to Buy/Sell Today - 16 May, 2024
Explore the leading Indian stock market selections primed for potential profits and lucrative short-selling prospects within the day's trading window! Here we present best intraday stocks to buy on 16 May, 2024!
During the previous session, the Nifty commenced on a buoyant note, but encountered profit-locking sentiments around the 22300 threshold, which prompted a dip below 22200 in the initial hour. The index subsequently oscillated within a narrow band of 22155-22255, ultimately closing with a modest decline of 0.08%.
Outperforming the Nifty 50, the Nifty Midcap 100 index displayed resilience and concluded in positive territory, registering a gain of 0.96%.
Within the sectoral landscape, PSU Banks and Realty emerged as notable gainers, demonstrating robust performance. However, FMCG and Media encountered headwinds and recorded losses.
An analysis of the options market revealed a heightened concentration of open interest in the call option at the 22500 strike price, while the put option had it at 22000. The day's option chain analysis indicated a stronger volume of call writing relative to put writing, suggesting a cautious outlook in the market.
The Volume Weighted Average Price (VWAP) anticipates a trading range between 22110 and 22285 for the current session. The Max Pain level is assessed at 22200 spot, with the Combined Residual Premium/Pain Value of CE/PE pegged at 590.73 Crores.
In the cash market, Foreign Institutional Investors (FIIs) assumed a net selling stance, recording an activity of 2832.83 Crores. Conversely, Domestic Institutional Investors (DIIs) exhibited net buying to the tune of 3788.38 Crores.
Top Stocks to Buy Today:
1) JSL
Buy JSL shares in intraday timeframe at CMP Rs. 671.2
2) NLCINDIA
Buy NLCINDIA shares in intraday timeframe at CMP Rs. 222.15
3) REDINGTON
Buy REDINGTON shares in intraday timeframe at CMP Rs. 206.75
4) GMMPFAUDLR
Buy GMMPFAUDLR shares in intraday timeframe at CMP Rs. 1408.3
Top Stocks to Short Today:
1) APOLLOTYRE
Sell APOLLOTYRE shares in intraday timeframe at CMP Rs. 504.9
2) ECLERX
Sell ECLERX shares in intraday timeframe at CMP Rs. 2357.25
3) RALLIS
Sell RALLIS shares in intraday timeframe at CMP Rs. 279.2
4) BSE
Sell BSE shares in intraday timeframe at CMP Rs. 2841
Disclaimer: Remember, the market is a living beast, and even the most informed predictions can be devoured by unforeseen events. While this analysis is based on a thorough rule-based research, the ultimate decision to buy or sell rests with you. Do your own due diligence, consider your risk tolerance, and craft a strategy that aligns with your financial goals. Stratzy provides insights, not guarantees, and cannot be held responsible for any gains or losses incurred in your trading activities. Invest wisely, trade responsibly, and may the market gods favor you!