Day trading guide for today: On account of strong global cues, Indian stock market extended its rally on fourth day in a row on Wednesday. All three key benchmark indices touched a new peak and ended at record closing highs respectively. Nifty 50 index touched a new peak of 21,675 while BSE Sensex hit a new record high of 72,119 mark. Bank Nifty index hit a new life-time high of 48,347 mark. Broad market indices rose less than the Nifty even as the advance-decline ratio after falling managed to remain in the positive at 1.07:1.
“Domestic equities surged higher supported by positive global cues and sharp decline in India’s current account deficit to 1%. Nifty made a fresh high of 21676 supported by buying in index heavy weights and closed with handsome gains of 213 points (+1%) at 21655 levels. All sectors ended in green, baring Oil & Gas. PSU Banks and Metals were top gainers today up 1-2% each. Cement sector was in limelight on the expectation of strong volume growth. Healthy macro data and rally in global markets helped Nifty to make new highs even in the in the holiday season,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal.
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Day trading guide for stock market today
On outlook for Nifty 50 index, Nagaraj Shetti, Senior Technical Research Analyst at HDFC securities said, “Positive chart patterns like higher tops and bottoms are intact as per the daily chart and currently, the Nifty is moving towards the new higher top formation. Still, there is no confirmation of any higher top reversal at the highs. Having breached above the immediate resistance of 21,550 to 21,600 levels, there is a possibility of more upside in the short term. The next upside targets to be watched around 22,000 to 22,200 levels in the next week. Immediate support is placed at 21,300 levels.”
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On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, “Bank Nifty hit an all-time high of 48,348 and closed 557 points higher at 48,282. All the twelve constituents of Bank Nifty Index closed in green. Heavy put writing with short covering was observed at the 48,000 Strike in Bank Nifty. The resistance for Bank Nifty shifts to 48,500 Strike. The option activity at 48,500 Strike will provide cues about Bank Nifty’s direction ahead of the monthly expiry tomorrow.”
On outlook for stock market today, Rajesh Bhosale, Technical Analyst at Angel One said, “The upcoming session is a monthly expiry and holds significant importance from the calendar year-end point. Expect potential price settlements and increased volatility. Traders can view this as an opportunity and explore trending trading opportunities.”
Day trading stocks for today
On stocks to buy 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.
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Sumeet Bagadia’s intraday stocks for today
1] Zydus Wellness: Buy at ₹1635, target ₹1675, stop loss ₹1603.
Zydus Wellness daily chart analysis reveals a notable shift in market dynamics, transitioning from a period of minor declines and sideways consolidation to a promising upside bounce. The current trading session reflects a up move, potentially signalling an upside breakout from a narrow range momentum. This development aligns with a positive short-term trend, further reinforced by a surge in trading volume.
Key technical indicators, such as the Relative Strength Index (RSI), underscore the stock’s positive momentum. The RSI not only exhibits positive signals but the stock is also trading above crucial moving averages—specifically, the 20-day, 50-day, and 100-day Exponential Moving Averages (EMA). This convergence suggests sustained strength in Zydus Wellness price action.
2] Pidilite Industries: Buy at ₹2700, target ₹2750, stop loss ₹2664.
Pidilite Industries has recently exhibited a robust breakout from the critical resistance zone of ₹2670 to ₹2688 on the daily chart, consolidating the move with higher highs and higher lows. This breakout is supported by a notable increase in trading volume, indicating strong bullish sentiment.
Key technical indicators, particularly the Relative Strength Index (RSI), emphasize the stock’s positive momentum. The RSI not only signals positive trends but also aligns with the stock trading above crucial moving averages, including the 20-day, 50-day, and 200-day Exponential Moving Averages (EMA). This convergence underscores the sustained strength in Pidilite Industries price action.
Ganesh Dongre’s stocks to buy today
3] SBI: Buy at ₹649, target ₹670, stop loss ₹630.
In the short-term trend, SBI share price has a bullish reversal pattern, technically retrenchment could be possible till ₹670. So, holding the support level of ₹630 this stock can bounce toward the ₹670 level in the short term, so the trader can go long with a stop loss of ₹630 for the target price of ₹670.
4] Nykaa: Buy at ₹174, target ₹180, stop loss ₹170.
On the short-term chart, Nykaa share has shown a bullish reversal pattern, so holding the support level of ₹170. This stock can bounce toward the ₹180 level in the short term, so the trader can go long with a stop loss of ₹170 for the target price of ₹180.
Virat Jagad’s buy or sell stocks
5] Bank of Baroda: Buy at ₹232 to ₹235, target ₹250, stop loss ₹225.
BoB share price has formed a pennant pattern on a Daily time frame. Today’s closing has given a confirmation of breakout from the pattern on the upside with volume increasing which indicates that the buyers are regaining the control.
The security has closed strong near the high which indicates positive price action with positive sentiments. Additionally, On EMA front the price is trading above major EMA’s which indicates positive trend. The Slow EMA (50) is following the trend and trending upward which is indicating a positive trend. On the Directional front DI+ is trading above DI- indicating a positive trend on Daily time frame with ADX gaining strength on the upward move.
6] JK Paper: Buy at ₹413 to ₹415, target ₹440, stop loss ₹400.
After a long run, JK Paper Ltd. started trading in the consolidation range. In previous trading session bulls manage to close above the higher band and we observed breakout of the Cup & Handle formation. On the Relative Strength Index, the RSI is about to enter in the overbought area, which supports the bullish stance.
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. On the indicator front, the MACD is showing positive crossover, which confirms the buying interest.
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.
