Day trading guide for today: After showing a reasonable upside bounce from the lows in the last two straight sessions, the Indian stock market shifted into a consolidation on the special trading session of Saturday. Nifty 50 index ended 49 points lower at 21,571 level, and the BSE Sensex shed 77 points and closed at 71,423 mark. However, the Bank Nifty index gained 316 points and closed at 46,058 level.
“Domestic markets started the special trading session on a positive note led by firm global cues but drifted into the red in the second half. Nifty ended the session with a loss of 50 points (-0.2%) at 21571 levels. Broader market however outperformed with both Midcap 100/Smallcap 100 up 0.5%/0.2%. PSU Banks were the biggest gainers rallying almost 2% after robust results from smaller PSU Banks. Niche sectors like railways, and power utilities saw huge buying interest. However profit booking was seen in the IT sector after strong run-up over last few sessions following better than expected results by IT heavyweight,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal.
On the outlook for the Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, “The short-term trend of Nifty remains choppy. Having faced weakness after a small rise on Saturday signals a weak bias for the market ahead. At the higher levels, the market could encounter strong overhead resistance around 21,750 to 21,850 levels and on the downside could find support around 21,300 levels in the near term.”
On the outlook for the Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, “Bank Nifty opened with a gap up but remained sideways throughout the day and added 1 point to its previous close to end at 46,058. Call writers exiting (bears exit) was observed at 45,800 & 45,000 Strike in Bank Nifty, which kept the Index above 45,900 levels. Both the call & put writers battled out at 46,000 Strike in the Index and the option activity at 46,000 Strike will set the tone for future movement in Bank Nifty.”
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 21700 and 22000 strikes with total open interest of 161197 and 163137 contracts respectively. One of the major Call open interest additions was seen at 21700 strikes which added 46641 contracts in open interest,” adding, “Major total Put open interests was seen at 21600 and 21500 strikes with total open interest of 103491 and 133386 contracts respectively. One of the major Put open interest additions was seen at 21000 strikes which added 17968 contracts in open interest while the 21350 strike saw a reduction of 7855 contracts in open interest.”
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Bank Nifty Call Put Option data
On Bank Nifty Call Put Option Data, Barve further added, “Major total Call open interest was seen at 46500 and 47000 strikes with total open interest of 154099 and 193910 contracts respectively in open interest. While the strike price of 46400 saw a reduction of 10299 contracts in open interest,” adding, “major total Put open interest was seen at 46000 and 45500 strikes with a total open interest of 156934 and 104819 contracts respectively. One of the major Put open interest additions was seen at 46000 strike which added 41320 contracts in open interest.”
Day trading stocks
On stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi; Mitesh Karwa, Research Analyst at Bonanza Portfolio and Shiju Koothupalakkal, Technical Analyst at Prabhudas Lilladher — recommended nine stocks to buy or sell today.
Sumeet Bagadia’s intraday stocks for today
1] Union Bank of India: Buy at ₹141.80, target ₹156, stop loss ₹136.50.
Union Bank of India share has recently displayed notable strength and upward momentum in trading sessions characterized by high volume. Currently trading at approximately ₹141.80, the stock has successfully rebounded from a support zone near ₹134, closely aligning with its 20-day Exponential Moving Average (EMA). This recovery not only demonstrates the stock’s resilience but also signals a positive trend in its trajectory.
2] Coal India: Buy at ₹399, target ₹430, stop loss ₹386.
Coal India share has recently demonstrated robust strength and upward momentum in recent trading sessions, marked by high volume. As of the latest data, the stock is currently trading at approximately ₹399, showcasing a noteworthy recovery from a support zone near ₹382. This rebound is in close alignment with its 20-day Exponential Moving Average (EMA), reflecting the stock’s resilience and indicating a positive trend in its trajectory.
Ganesh Dongre’s stocks to buy today
3] NCC: Buy at ₹205, target ₹215, stop loss ₹196.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹215. Hence, holding the support level of ₹196 this stock can bounce toward the ₹215 level in the short term. Hence, the trader can go long with a stop loss of ₹196 for the target price of ₹215.
4] Adani Enterprises: Buy at ₹2985, target ₹3040, stop loss ₹2940.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹3040. So, holding the support level of ₹2940 this stock can bounce toward the ₹3040 level in the short term. Hence, the trader can go long with a stop loss of ₹2940 for the target price of ₹3040.
Shiju Koothupalakkal’s buy or sell stocks
5] NLC India: Buy at ₹242, target ₹255, stop loss ₹235.
The stock has witnessed a decent rally in the last 3 months to indicate a strong uptrend resisting near the peak level of 266 and thereafter, with a short correction seen, has formed a higher low pattern on the daily chart taking support near ₹215 levels. With a pullback seen, it has regained strength with the RSI also cooling off from the overbought zone and currently is well placed indicating a trend reversal to signal a buy. Currently, with a bullish candle formation, the chart looks attractive and we suggest buying this stock for an upside target of ₹255 keeping the stop loss of ₹235 level.
6] Finolex Cables: Buy at ₹1091.65, target ₹1140, stop loss ₹1070.
The stock after witnessing a consolidation phase for quite some time maintains above the significant moving averages of 50EMA and 100 period MA, there is an indication of a positive candle formation to improve the bias expecting a further rise and to carry on with momentum still further upside. The RSI also has shown signs of improvement to signal a buy. We expect the stock to gain further for the next near-term target of ₹1140 levels keeping the stop loss of ₹1070.
7] Paras Defence: Buy at ₹761.65, target ₹800, stop loss ₹750.
The stock has taken support near the confluence of the significant moving averages of 50EMA and 100 period MA at the ₹735 zone and indicated a bullish candle pattern to improve the bias and expected the momentum to carry on further for the next coming sessions. The near-term target would be ₹800 keeping the stop loss of ₹750 levels with momentum oscillator RSI indicator also signaling a buy.
Mitesh Karwa’s day trading stocks
8] Bank of Maharashtra: Buy at ₹52.50 to ₹53, target ₹58, stop loss below ₹50.
MAHABANK is seen to be breaking out of a resistance zone on the daily timeframe and making a bullish candlestick which is why a buy recommendation is initiated for targets up to ₹58. One can initiate a buy-on dip in the range of ₹52.5 to ₹53 with a stop loss below ₹50 on a daily closing basis.
9] Punjab & Sind Bank or PSB: Buy at ₹47.50 to ₹48, target ₹53, stop loss ₹45.50.
PSB is seen to be breaking out of a downwards-sloping trendline resistance and making a bullish candlestick which is buying is recommended for targets up to ₹53. One can initiate a buy trade in between the range of ₹47.5 to ₹48 with a stop loss of ₹45.5 on a 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 making any investment decisions. Re
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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.
