“Domestic equities surged higher fuelled by moderation in both India as well as US inflation. Nifty opened gap up and strengthen during the day to close near day’s high with gains of 232 points (+1.2%) at 19675 levels. All sectorial indices, including broader market ended in green. IT, Realty, Oil & Gas and Auto were top gainers today. Rally was seen in global markets after weak US inflation data raised hopes that interest rate-hiking cycle has reached its peak. Additionally, news of fresh stimulus in China and sharp fall in UK’s inflation boosted the sentiments,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal.
Day trading guide for stock market today
On outlook for Nifty 50 today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short-term trend of the Nifty remains positive. Having moved above the key resistance of around 19,600 levels, there is a possibility of Nifty 50 advancing towards the next set of hurdles of around 19,850 and the next 20,050 levels in the near term. Any dips down to the immediate support of 19,500 could be a buy on dips opportunity.”
On outlook for Bank Nifty index, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, “Bank Nifty opened on a positive note above the 44,000 zone but thereafter remained sluggish witnessing a slight gradual slide to end near 44,200 levels to improve the bias to some extent. The close above the significant 50EMA level of 44,000 has opened further upside initial target of 44,700 and thereafter 45400 levels if strength sustains.”
F&O Ban List: MCX, Delta Corp, ZEEL, 3 others placed under futures & options ban for Nov 16
Speaking on stock market today, Siddhartha Khemna of Motilal Oswal said, “We expect market to maintain its momentum, driven by positive domestic data, cooling off US bond yields and dollar index.”
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 today.
Sumeet Bagadia’s intraday stocks for today
1] TCS: Buy at ₹3404, target ₹3570, stop loss ₹3320.
TCS share price currently trading at ₹3404.3, has recently undergone a strong breakout from its trading range, forming new higher lows accompanied by substantial trading volumes. This trend indicates a positive shift in momentum for the stock. Furthermore, TCS is presently trading above crucial Exponential Moving Averages (EMAs), including the 20-day and 200-day EMAs, highlighting its bullish momentum and suggesting the potential for further upward price movement.
2] Tata Motors: Buy at ₹671.55, target ₹712, stop loss ₹649.
Tata Motors shares currently trading at ₹671.55, has recently formed a rounding bottom pattern with significant trading volumes, indicating a potential breakout. Additionally, the auto sector is exhibiting outperformance. Furthermore, Tata Motors share is presently trading above critical Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs, underscoring its bullish momentum and suggesting the potential for further upward price movement.
Ganesh Dongre’s stocks to buy today
3] HDFC Life: Buy at ₹635, target ₹650, stop loss ₹625.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹650. So, holding the support level of ₹625 this stock can bounce toward the ₹650 level in the short term.
4] SP Apparels: Buy at ₹611, target ₹630, stop loss ₹601.
On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of ₹601. This stock can bounce toward the ₹630 level in the short term, so the trader can go long with a stop loss of ₹601 for the target price of ₹630.
Virat Jagad’s buy or sell stocks
5] PNB housing Finance: Buy at ₹790 to ₹791, target ₹850, stop loss ₹765.
On the weekly chart PNB housing finance Ltd has established a robust hurdle zone between ₹760 and ₹780, where buyers have been actively accumulating shares, propelling the stock above the hurdle mark. The recent positive price action confirms the dominance of buyers, result in the breakout of the rounding bottom formation suggesting the potential for further upward movement. Additionally, the stock is currently trading above significant moving averages, supporting the bullish momentum, and today’s closing above the previous resistance line reinforces the positive trend.
6] MRPL: Buy at ₹118 to ₹118.50, target ₹125, stop loss ₹115.
MRPL was making a pennant pattern which is known as an ongoing pattern, during the daily timeframe. In current formation the security has formed a bullish price action indicating buyers been keen to buy the securities and are expecting the stock to head towards the north. On the EMA front, prices are moving above major EMAs indicating a positive trend. The quick EMA 10 continues to follow the trend and is rising upwards, indicating a favourable trend. Momentum Indicator RSI is trading near 70 zones supporting the uptrend.
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.
Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.
Download The Mint News App to get Daily Market Updates.
More
Less
Updated: 16 Nov 2023, 08:15 AM IST
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
