Best Stocks to Buy Today in India – Paresh Gordhandas Power Calls

Buy Indian Oil Corporation (Short Term Power Call)

CMP: Rs. 175.77

Price Action & Trend Setup

Indian Oil Corporation has witnessed a sharp momentum expansion, gaining 7.7% in the last one week and trading very close to its 52-week high of Rs. 177.90. The stock has delivered a strong breakout from a multi-week consolidation zone with above-average volumes, reflecting aggressive buying interest.

Trend structure:

• Short Term (5 days): BULLISH

• Medium Term (21 days): BULLISH

• Long Term (63 days): BULLISH

This alignment across all timeframes confirms a well-established uptrend, with strength visible on both daily and weekly charts.

Moving Averages & Volatility

Price is trading well above all key SMAs and EMAs (20D to 200D), confirming trend strength and continuation.

• The 20D–50D moving average cluster around Rs. 161–163 now acts as a strong demand zone.

• Parabolic SAR at Rs. 159.21 further validates the bullish bias.

• Bollinger Bands show price sustaining above the upper band (Rs. 171.81), indicating strong directional momentum rather than exhaustion.

Volatility (ATR ~4.37) supports healthy price expansion without panic-driven spikes.

Momentum & Strength Indicators

• RSI at 70.09: Strong momentum, entering overbought territory — typical in trending phases.

• MACD remains firmly positive with a rising histogram, indicating trend acceleration.

• ADX at 14.51 with DMI+ (34.11) well above DMI− (15.49) shows a strengthening directional bias.

• Stochastics, StochRSI, Williams %R, and CCI are all in extreme zones, confirming strong momentum, though short-term pauses are possible.

Support, Resistance & Trading Levels

Key Supports

• Rs. 172.80–175.30 (Pivot & Camarilla zone)

• Rs. 169.80–166.50 (Fibonacci & short-term support)

• Rs. 161–163 (20D–50D MA cluster – positional support)

Upside Levels

• Rs. 178–181 (immediate hurdle zone)

• Rs. 186–191 (next breakout zone)

• Rs. 197 (positional extension if momentum sustains)

Risk Management

• A daily close below Rs. 172 would signal short-term exhaustion and consolidation.

• As long as the stock holds above Rs. 170, the bullish structure remains intact.

• Traders should prefer buy-on-dips rather than chasing sharp intraday spikes.

Power Call View (Paresh Gordhandas)

Indian Oil Corporation is displaying a high-conviction continuation breakout, supported by trend alignment across timeframes and strong momentum indicators. While short-term overbought readings may lead to brief consolidations, the broader structure favours accumulate-on-dips for delivery-based traders, with higher levels likely over the coming sessions as long as key supports hold.