Day trading guide for today: The choppy movement continued on Friday last week and Indian stock market ended mixed as Nifty 50 index ended marginally lower at 19,794 levels. BSE Sensex ended 47 points lower at 65,970 mark whereas Bank Nifty index gained 191 points and finished at 43,769 levels on Friday last week. In broad market, small-cap index gained 0.14 per cent while mid-cap index finished 0.13 per cent higher.
“Nifty traded sideways throughout the session to close flat at 19,795 levels. Sector wise it was mixed bag with buying seen in Pharma, Metals and Banking. Insurance sector was too in momentum. Market has been consolidating for last few session in the absence of any major events and extended weekend,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal.
Day trading guide for stock market today
On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The near-term uptrend status of Nifty 50 index remains intact. The cues of recent assembly elections (exit poll predictions on 30th Nov and election result on 3rd Dec) are expected to be a trend decider for the market ahead. The upcoming above-said event is likely to trigger sharp movement on either side of the range. A sustainable up move above 19,900 could pull Nifty towards all-time highs and a decisive move below 19,600 is likely to open a near-term downward correction for the market.”
On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, “Bank Nifty ended the volatile day, moving sharply both sides on Intraday basis to end at 43,769, up 192 points. Bank Nifty has given a higher close on the daily chart, which is a positive sign. The level of 43,300 is likely to act as a strong support for Bank Nifty. A strong close above 43,800 level can lead to initiation of fresh longs in the Index.”
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On outlook for stock market today, Siddhartha Khemka of Motilal Oswal said, “With the onset of wedding season sectors like jewellery, apparel, hotels, aviation and other related industries are likely to gain traction. This week, we expect some momentum in market to return as investors will take cues from various economic data including GDP numbers for US, China & India.”
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 Virat Jagad, Technical Analyst at Bonanza Portfolio — recommended six stocks to buy or sell today.
Sumeet Bagadia’s intraday stocks for today
1] Lupin: Buy at ₹1243, target ₹1285, stop loss ₹1211.
Based on a comprehensive technical analysis, Lupin share exhibits strong indications of a bullish trend. The stock recently experienced a breakout at ₹1243, subsequently retesting this level and confirming it as a new support. Furthermore, Lupin has demonstrated remarkable resilience by closing above its short, mid, and long-term moving averages, including the 20, 50, 100, and 200-day Exponential Moving Averages (EMA). This affirms a robust underlying strength in the stock’s price action.
2] Tata Consumer: Buy at ₹930.85, target ₹970, stop loss ₹910.
Tata Consumer share is currently displaying several positive technical indicators in its trading pattern. The Relative Strength Index (RSI) at 63 suggests that the stock is in a balanced state, neither overbought nor oversold, indicating a stable trend. The strong support for the stock is at ₹910 levels which is close to its 20 Day EMA levels. Furthermore, the stock is trading above its 20, 50 and 200-day Exponential Moving Average (EMA), which is often considered a bullish sign.
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With a medium-term target price of ₹970, we advise purchasing Tata Consumer share at the CMP of ₹930.85. If the price closes below ₹910, our analysis will be regarded as being invalid.
Ganesh Dongre’s stocks to buy today
3] State Bank of India or SBI: Buy at ₹561, target ₹575, stop loss ₹548.
In the short-term trend, SBI share price has a bullish reversal pattern, technically retrenchment could be possible till ₹575. So, holding the support level of ₹ ₹548 this stock can bounce toward the ₹575 level in the short term. Hence, the trader can go long with a stop loss of ₹548 for the target price of ₹575.
4] Havells India: Buy at ₹1295, target ₹1325, stop loss ₹1280.
On the short-term chart, Havells share price has shown a bullish reversal pattern, so holding the support level of ₹1280. This stock can bounce toward the ₹1325 level in the short term, so the trader can go long with a stop loss of ₹1280 for the target price of ₹1325.
Virat Jagad’s buy or sell stocks
5] Adani Power: Buy at ₹395 to ₹398, target ₹930, stop loss ₹835.
After a strong run, Adani Power share started trading in the consolidation range. Where it took pause near the hurdle mark. Where in previous trading session bulls manage to close above the higher band and we observed breakout of the flag and pole formation.
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On the Relative Strength Index, the RSI is hovering around the overbought area, which supports the bullish trend. Stock is trading above the important EMAs’ which confirms the bullishness in the script. For the coming period, if bulls manage to sustain above 400 marks then another round of buying can be observed and immediate support could be ₹380.
6] Bharat Forge: Buy at ₹1110 to ₹1120, target ₹1200, stop loss ₹1075.
On a Daily time frame Bharat Forge share price has given a breakout of downward moving channel on the upside, indicating a positive trend in the stock. On EMA front the prices is trading above major EMA’s which indicates positive trend. The Slow EMA (50) and Fast EMA (21) are following the trend and trending upward which is indicating a positive trend. Momentum Indicator RSI is started trading above the previous hurdle zone which is showing strong buying interest in the script.
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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