Day trading guide for today: Indian stock market continue to trade mix as selling pressure in IT and pharma stocks dent every bulls’ attempt to outperform bears during Thursday deals. Nifty 50 and BSE Sensex ended marginally lower while Nifty Bank index finished in green territory. The 50-stock index ended 9 points lower at 19,802 levels while 30-stock index ended 5 points lower at 66,017 mark. Bank Nifty index finished 127 points higher at 43,577 levels.
“Domestic equities traded lacklustre ahead of extended weekend and lack of global cues. Nifty traded in a narrow range and closed flat with negative bias at 19802 levels. Majority of the sectors ended in green with Realty, Oil & Gas, and Metals being top gainers. Oil marketing stocks were in limelight on account of fall in Brent crude price after US inventories expanded and discord within OPEC+ forced the group to delay its upcoming meeting. Sugar stocks too witnessed fresh buying due to improved domestic demand. Two -wheeler stocks like Hero Motocorp, Bajaj Auto and TVS Motor were also in focus amid strong sales growth witnessed during the festival season and rating agency’s rising growth foRECast,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal.
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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 50 index remains choppy. A decisive move above 19,900 levels could open doors towards new all-time highs. Any weakness from here could find immediate support around 19,650 to 19,600 levels.”
On outlook for Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities said, “Bank Nifty concluded with a 0.29% gain, closing at 43,577.50. The index demonstrated some strength by breaking above the prior resistance level of 43500, which was backed by strength seen in private sector banks stocks. For the next trading session, Bank Nifty would move within the wider range of 43,200 to 43,900.”
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On outlook for stock market today, Siddhartha Khemka of Motilal Oswal said, “Overall market is likely to trade sideways in the near term with stock specific action in the broader space.”
Nifty Call Put Option data
Speaking 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 19900 and 20000 strikes with total open interest of 111306 and 127618 contracts respectively. Major Call open interest addition was seen at 19900 strike which added 43218 contracts in open interest,” adding, “Major total Put open interest was seen at 19800 and 19700 strikes with total open interest of 136912 and 97591 contracts respectively. Major Put open interest addition was seen at 19800 strike which added 50876 contracts in open interest.”
Bank Nifty Call Put Option data
On Bank Nifty Call Put Option data, Chinmay Barve of Profitmart Securities said, “Major total Call open interest was seen at 44000 strike with total open interest of 154749 contracts. Major Call open interest addition was seen at 43600 and 44200 strikes which added 45312 and 40279 contracts respectively in open interest,” adding, “Major total Put open interest was seen at 43500 and 43000 strikes with total open interest of 159827 and 116629 contracts respectively. Major Put open interest addition was seen at 43600 strike which added 53575 contracts.”
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 trading stocks for today
1] Hindustan Aeronautics Ltd or HAL: Buy at ₹2146.25, target ₹2285, stop loss ₹2085.
HAL share price is presently trading at ₹2146.25, showcasing a significant price breakout, characterized by a range retest and pullback from the breakout level. This breakout is accompanied by robust volume, signaling a bullish momentum in the stock. Furthermore, the stock is trading above crucial Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs, reinforcing its bullish stance and suggesting the potential for further upward price movement.
2] REC: Buy at ₹341.25, target ₹362, stop loss ₹330.
REC share price, currently trading at ₹341.25, has recently been consolidating within the range of ₹332 to ₹351. The current price is displaying a robust bullish momentum, and a potential continuation towards the ₹362 level is anticipated if the price closes above the ₹344 level. On the downside, strong support is observed near ₹330.
Ganesh Dongre’s stocks to buy today
3] PI Industries: Buy at ₹3765, target ₹3880, stop loss ₹3700.
In the short-term trend, PI Industries has a bullish reversal pattern, technically retrenchment could be possible till ₹3880. So, holding the support level of ₹3700 this stock can bounce toward the ₹3880 level in the short term. Hence, the trader can go long with a stop loss of ₹3700 for the target price of ₹3880.
4] McDowell-N or United Spirits: Buy at ₹1060, target ₹1100, stop loss ₹1040.
On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of ₹1040. This stock can bounce toward the ₹1100 level in the short term. Hence, the trader can go long with a stop loss of ₹1040 for the target price of ₹1100.
Mitesh Karwa’s buy or sell stock
5] Deepak Nitrite: Buy at ₹2000 to ₹2206, target ₹2280, stop loss ₹2170.
Deepak Nitrite share price is seen to be breaking out of a resistance zone with a bullish candlestick on the daily timeframe which indicates strength which is buying is recommended for targets upto ₹2280. One can initiate a buy trade in between the range of ₹2200 to ₹2206 with stoploss of ₹2170 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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