Day trading guide for today: Following weak global market sentiments, Indian stock market ended lower on Wednesday session. Nifty 50 index went down 140 points and closed at 19,671 levels, BSE Sensex corrected 551 points and ended at 65,877 mark whereas Bank Nifty index finished 520 points lower at 43,888 levels. In broad market, small-cap index shed 0.32 per cent while mid-cap index went down 0.85 per cent.
Day trading guide for stock market today
On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term trend of Nifty seems to have reversed down, after showing a range bound action. Further weakness from here is likely to drag Nifty down to 19,400 to 19,350 levels in the near term. Immediate resistance is placed at 19,750 levels.”
On Bank Nifty outlook, Ruchit Jain, Lead Research at 5paisa.com said, “The RSI oscillator in the Bank Nifty index has given a negative crossover and thus, then momentum there could be on the negative side. Until we see any strength in the banking space again, traders should turn cautious and avoid aggressive trading for directional moves.”
Nifty Call Put Option data
On Nifty Call Put Option data, Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities said, “Major total Call open interest was seen at 19700, 19800 and 19900 strikes with total open interest of 197233, 326146 and 269375 contracts respectively. Major Call open interest addition was seen at 19700 and 19800 strikes which added 154782 and 183140 contracts in open interest,” adding, “Major total Put open interest was seen at 19600 and 19500 strikes with total open interest of 192615 and 176357 contracts respectively. Major Put open interest addition was seen at 19550 and 19450 strikes which added 61098 and 58719 contracts in open interest.”
Bank Nifty Call Put Option data
“Major total Call open interest was seen at 44000 and 44500 strikes with total open interest of 109262 and 165129 contracts respectively. Major Call open interest addition was seen at 44000 and 44500 strikes which added 88771 and 80040 contracts in open interest respectively,” said Chinmay Barve adding, “Major total Put open interest was seen at 44000 and 43800 strikes with total open interest of 115739 and 48069 contracts respectively. Major Put open interest addition was seen at 44000 strike which added 48918 contracts respectively.”
Day trading stocks for today
On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking, Executie Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Mitesh Karwa, Research Analyst at Bonanza Portfolio — recommended six stocks to buy today.
Sumeet Bagadia’s intraday stocks for today
1] Cipla: Buy at ₹1210, target ₹1258, stop loss ₹1180.
Cipla share price exhibits strong technical indicators that suggest a favorable trading opportunity. The stock has recently witnessed a breakout in the daily timeframe, coupled with a robust support level at ₹1200, affirming its upward potential. Notably, Cipla has sustained its position above key moving averages, including the 20, 50, 100, and 200-day EMAs, underscoring its bullish momentum. The RSI at 58 is on an upward trajectory, indicating increasing strength in price movement, while the ADX is notably strong at 23, further confirming a solid trend.
2] Tata Motors: Buy at ₹668.50, target ₹695, stop loss ₹650.
Tata Motors share is currently trading at 668.50 levels. We have witness a bounce back of Tata Motors share price from the strong support of ₹655 levels. Currently stock is moving above 20, 50 and 200 Day EMA levels. The stock has moved higher with strong volumes indicating strength. Any dip in the stock can be a buying opportunity. The momentum indicator RSI is currently near to 67 levels which indicate bullishness in the stock. A small resistance is placed close to 678 levels which is all-time high for the stock. Once stock crosses the above mentioned resistance it can move towards the target of ₹695 levels and above.
With a Medium term outlook one can buy Tata Motors at CMP of ₹668.50 with an SL of ₹650 for a target price of ₹695.
Ganesh Dongre’s stocks to buy today
3] Godfrey Phillips: Buy at ₹2301, target ₹2400, stop loss ₹2250.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹2400 so, holding the support level of ₹2250 this stock can bounce toward the 2400 level in the short term. Hence, the trader can go long with a stop loss of ₹2250 for the target price of ₹2400.
4] Quess Corp: Buy at ₹443, target ₹455, stop loss ₹433.
On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of ₹433. This stock can bounce toward the ₹455 level in the short term, so the trader can go long with a stop loss of ₹433 for the target price of ₹455.
Mitesh Karwa’s buy or sell stocks
5] Radhika Jeweltech: Buy at ₹40.50 to ₹40.60, target ₹44, stop loss ₹38.70.
Radhika Jeweltech share price is seen to be breaking out of a bullish pattern and closing in green which is why a buy recommendation is initiated for targets upto ₹44. One can initiate buy on dip in the range of ₹40.5 to ₹40.9 with stoploss below ₹38.7 on daily closing basis.
6] Vimta Labs: Buy at ₹580 to ₹586, target ₹615, stop loss ₹568.
Vimta Labs 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 ₹615. One can initiate a buy trade in between the range of ₹580 to ₹586 with stoploss of ₹568 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 decisions.
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