Day trading guide for today: After trading choppy during morning deals, Indian stock market witnessed sharp upside in later half and ended higher on Tuesday. Nifty 50 index gained 95 points and ended at 19,889 levels, BSE Sensex surged 204 points and closed at 66,174 mark whereas Bank Nifty index finished 111 points higher at 43,880 levels. In broad market, both small-cap and mid-cap indices finished positive but not more than Nifty 50 index.
“Domestic equities were positive despite mixed global cues, after global rating agency S&P raised India’s GDP growth forecast for FY24 by 40 bps to 6.4%. Nifty opened higher and sustained its upward move to close with gains of 95 points (+0.5%) at 19890 levels. Majority of the sector ended in green with action seen in Oil & Gas, Metals, PSU Bank and Auto. Oil marketing companies are witnessing renewed interest on account of fall in oil price ahead of OPEC+ meeting this week,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal.
Day trading guide for stock market today
On outlook for Nifty 50 index, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “A sustainable move above 19,900 levels could result in Nifty zooming towards new all-time highs in quick period of time. Any dips from here could find support around 19,800 to 19,750 levels.”
On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, “Bank Nifty has formed doji pattern on the daily chart which signals indecision. The Index has also given a higher close for two consecutive days. Strong put writing was observed at 43,800 Strike, which is likely to act as a support for the Index. The option activity at 44,000 Strike will provide cues about future direction of Bank Nifty. Bank Nifty closed 112 points higher at 43,881.”
On outlook for stock market today, Siddhartha Khemka at Motilal Oswal said, “Bank Nifty has formed doji pattern on the daily chart which signals indecision. The Index has also given a higher close for two consecutive days. Strong put writing was observed at 43,800 Strike, which is likely to act as a support for the Index. The option activity at 44,000 Strike will provide cues about future direction of Bank Nifty. Bank Nifty closed 112 points higher at 43,881.”
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 Kunal Kamble, Sr. Technical Analyst at Bonanza Portfolio — recommended six stocks to buy or sell today.
Sumeet Bagadia’s intraday stocks for today
1] Reliance Industries Ltd or RIL: Buy at ₹2394.40, target ₹2480, stop loss ₹2355.
Reliance share price is currently trading at ₹2394.40 levels. RIL share price has a strong support at ₹2355 levels which is close to its 20 and 50 day EMA levels. We can also witness small resistance near ₹2425 levels. Once stock maintains a higher level than ₹2425, it may advance upward and approach the ₹2480 levels. Also the stock is trading above all the important moving averages indicating strength. The RSI indicator is comfortably trading at 62 levels which indicate that the stock has potential to move upwards.
2] Tata Motors: Buy at ₹697.50, target ₹745, stop loss ₹670.
Tata Motors share is currently trading at ₹697.5. There has been a recent strong breakout of range on the Weekly chart, accompanied by robust volume. The monthly chart reveals the formation of a substantial inverted head and shoulders pattern, suggesting the potential for positive returns in both the short and long term, with price targets of ₹800 and ₹945.
Ganesh Dongre’s stocks to buy today
3] PI Industries: Buy at ₹3745, target ₹3800, stop loss ₹3700.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹3800. So, holding the support level of ₹3700 this stock can bounce toward the 3800 level in the short term. Hence, the trader can go long with a stop loss of ₹3700 for the target price of ₹3800.
4] McDowell-N or United Spirits: Buy at ₹1042, target ₹1080, stop loss ₹1020.
On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of ₹1020. This stock can bounce toward the ₹1080 level in the short term, so the trader can go long with a stop loss of ₹1020 for the target price of ₹1080.
Kunal Kamble’s buy or sell stocks
5] Navkar Corporation: Buy at ₹80.40 to ₹80.70, target ₹100, stop loss ₹69.
On a daily time, frame NAVKARCORP has given a breakout of Head and Shoulder Pattern. The security has opened gap up above the neckline and closed higher which indicates a strong breakout. The volume after breakout has outburst which indicates buyers are interested in buying the security after breakout.
Price is trading above Fast(100) and Slow (200) EMA which indicates uptrend. The slow EMA is trending upward which indicates positive trend. On the Momentum front RSI is trading at higher zone which indicates bullishness well as a breakout of falling trend line is also supporting the price action. On the Directional front DI+ is trading above DI- which indicates bullishness whereas ADX is trading above DI- which indicates strength in the upward move. Hence based on above technical setup a long position can be created for a TP of ₹100 with a SL of ₹69.
6] Eimco Elecon: Buy at ₹1740 to ₹1755, target ₹2180, stop loss ₹1536.
On a daily time, frame EIMCOELECO has given a breakout of Pennant. A classical pattern breakout is witnessed with gap up opening with increasing volume indicating a positive trend. The price is able to close near high which indicates buyers are aggressive to buy the security. On the EMA front price is trading above the Fast (21) and Slow (50) EMA indicating upward trend, whereas the price has taken support of Fast EMA. On the momentum front RSI has given a breakout of falling trend line which is supporting the price action. On the ADX front DI+ is trading above DI- indicating uptrend whereas ADX trading above both the DI indicates strength in the upward move. Hence based on above technical setup a long position can be created for a TP of ₹2180 with a SL of ₹1536.
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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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.
