Day trading guide for today: Indian stock market finished on a higher note for sixth straight Muhurat trading session on Diwali 2023. Nifty 50 index gained 100 points and closed at 19,525 levels, BSE Sensex shot up 354 points and finished at 65,259 mark whereas Bank Nifty index ended 176 points higher at 43,996 levels. Small-cap index surged 1.14 per cent while mid-cap index 0.67 per cent.
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“Indian Indices rose in the Muhurat trading session in-line with most such sessions in the past, helped also by positive global cues. After a great year for broader equity markets, investors are looking forward to markets continue rising though not at the same pace. They remain a bit apprehensive of the key risks including outcome of elections, inflation and interest rate trajectory and geopolitical events induced negatives. However, equities remain a preferred choice for investors given the favourable macros and micros and the benevolent view of global institutions/brokerages towards Indian markets. Having said that investors need to conduct asset allocation review, portfolio review at regular intervals, and raise the quality of stocks held in their portfolio,” said Dhiraj Relli, MD & CEO at HDFC Securities.
Speaking on outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “A decisive upside breakout above 19,500 levels may open renewed buying enthusiasm towards 19,800 and higher in the near term. Any weakness from here could find support around 19250-19300 levels.”
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On outlook for Bank Nifty today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, “Bank Nifty also witnessing a rangebound session for quite some time hovering between 43,950 and 43,500 levels and would need a decisive breach above the important 200 period MA level of 44,000 zone to establish some conviction. The index would have the important support zone of 43,200 of the significant 200 period MA which needs to sustain and expect for further rise from current levels.”
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On outlook for stock market today, Motilal Oswal, Group MD & CEO at Motilal Oswal said, “Hindu Samvat 2080 is likely to start on a positive note on the back strong earnings and healthy economic outlook. Samvat 2079 ended with Nifty gaining around 10%, despite economic headwinds and global geopolitical concerns. Entering into Samvat 2080, we believe India would continue to shine and expect markets to maintain its outperformance. We believe that over the next couple of quarters, sector rotation would be an important driver along with the overall market uptrend. We expect sectors like BFSI, Discretionary Consumption, Construction & Real Estate and High Growth Niche Sectors to drive the overall market uptrend.”
Day trading stocks for today
On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Mitesh Karwa, Research Analyst at Bonanza Portfolio — recommended five stocks to buy or sell today.
Sumeet Bagadia’s intraday stocks for today
1] Axis Bank: Buy at ₹1029, target ₹1070, stop loss ₹1005.
Axis Bank share price appears to be displaying positive signals in its recent price movements. The stock’s resilience is evident as it rebounded from a support level of ₹1005 which is also close to its 20 Day EMA levels, indicating investor interest at that point. At present, Axis Bank share is trading around ₹1029.20 levels, showcasing a recovery from the aforementioned support level. The fact that the stock is trading above key moving averages reinforces the notion of its strength in the current market conditions. The stock has also formed a bullish engulfing pattern on daily chart indicating strength. A minor hurdle can be observed at the ₹1036 level, which presents a smaller resistance. Once Axis Bank share manage to surmount this resistance, it is anticipated to continue its upward trajectory.
Based on the above analysis we expect Axis Bank share price to move higher towards 1070 and hence we recommend buying Axis Bank share at CMP of ₹1029.20 with a SL of ₹1005.
2] NMDC: Buy at ₹168, target ₹176.50, stop loss ₹163.
NMDC share price is currently trading at 168, has exhibited remarkable growth since September 2023, showcasing a consistent upward trajectory marked by a well-defined trendline. The stock is currently forming an ascending triangle pattern, with a breakout signal identified at ₹168. Sustaining at these levels could pave the way for substantial upside potential.
An encouraging sign of the stock’s strength lies in its ability to close above key short, mid, and long-term moving averages, including the 20-day, 50-day, 100-day, and 200-day EMAs. This not only signifies a robust trend but also underscores the resilience of NMDC Industries in the market.
Ganesh Dongre’s stock of the day
3] City Union Bank or CUB: Buy at ₹142, target ₹150, stop loss ₹138.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹150. So, holding the support level of ₹138 this stock can bounce toward the ₹150 level in the short term. Hence, the trader can go long with a stop loss of ₹138 for the target price of ₹150.
Mitesh Karwa’s buy or sell stocks
4] Quess Corp: Buy at ₹466 to ₹467, target ₹487, stop loss ₹456.
QUESS share price is seen to be breaking out of a cup and handle pattern formation on the daily timeframe and closing in green with a bullish candlestick which is why a buy recommendation is initiated for targets upto ₹487. One can initiate buy on dip in the range of ₹466 to ₹467 with stoploss below ₹456 on daily closing basis.
5] Apollo Pipe: Buy at ₹696 to ₹697, target ₹716, stop loss ₹685.
Apollo Pipe share price is seen to be breaking out of a pattern formation with a bullish candlestick on the daily timeframe which indicates strength which is buying is recommended for targets upto Rs. 716. One can initiate a buy trade in between the range of 696-697 with stoploss of 685 on daily closing basis.
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.
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