Indian stock market today: After showing an excellent upside recovery from the lows on Thursday, the Indian stock market shifted into a range-bound action for the whole session on Friday and closed in the red territory. After climbing to a new all-time high of 22,297, the Nifty 50 index went off 4 points and closed at the 22,212 level, the BSE Sensex slipped 15 points and ended at the 73,142 mark while the Bank Nifty index lost 108 points and finished at 46,811 level.
However, experts believe that the overall sentiment of the Indian stock market today is bullish as the Nifty 50 index is sustaining above the crucial 22,000 level. They advised nine stocks to buy today — SONACOMS, Centum Electronics, M&M Finance, Sunteck Realty, Welspun Corp, LT, Cochin Shipyard, Kfin Technologies, and Astral.
Day trading guide for Indian stock market today
On the outlook for the Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, “The near-term uptrend of the Nifty 50 index remains intact. Having faced a hurdle at 22,250 to 22,300 levels, there is a possibility of a minor dip in the market next week and that could be a buy-on-dips opportunity. Immediate support for Nifty today is placed at 22,040 levels.
On the outlook for the Bank Nifty today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, “Bank Nifty has been quite underperforming as compared to the Nifty index and would need a decisive breach above 47,400 zones to establish a conviction for a further upward move for next targets of 48,650 and 49,750 levels in the coming days.”
On the outlook for the Indian stock market today, Siddhartha Khemka, Head – Retail Research at Motilal Oswal said, “This week market might take a pause ahead of various global economic data releases. US would be reporting its Q4 GDP numbers along with Initial jobless claim, PCE data, and Consumer Confidence for Feb. However, the overall trend remains positive and thus we recommend investors to continue with buy on dips strategy.”
Nifty Call Put Option data
Speaking on the Nifty Call Put Options data, Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities said, “One of the major total Call open interest was seen at 22300 and 22500 strikes with a total open interest of 111567 and 132704 contracts respectively. The strike price of 22300 and 22500 saw one of the major open interest addition of 59103 and 55814 contracts respectively,” adding, “One of the major total Put open interests was seen at 22200 and 22000 strikes with a total open interest of 82255 and 152969 contracts respectively. One of the major Put open interest additions was seen at 22200 strike which added 33014 contracts in open interest.”
Bank Nifty Call Put Option data
On Bank Nifty Call Put Options data, Chinmay Barve of Profitmart Securities said, “One of the major total Call open interest was seen at 47000 and 47500 strikes with total open interest of 224770 and 192427 contracts in open interest. The strike price of 47000 saw one of the major additions of 69095 contracts in open interest,” adding, “One of the major total Put open interest was seen at 46800 and 46500 strikes with a total open interest of 76592 and 101826 contracts respectively. One of the major Put open interest additions was seen at 46800 strike which added 27487 contracts in open interest.”
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; Shiju Koothupalakkal, Technical Analyst at Prabhudas Lilladher; and Virat Jagad, Technical Analyst at Bonanza Portfolio — recommended nine stocks to buy or sell today.
Sumeet Bagadia’s stock recommendations
1] SONACOMS: Buy at ₹649.25, target ₹683, stop loss ₹630.
SONACOMS share price is currently trading at ₹649.25 and shows signs of a bullish trend with consolidation between the range of ₹600 to ₹650. Rejections on lower levels, along with significant trading volume, indicate growing market interest and the potential for further upward movement. Any move above ₹652 would reinforce this trend.
2] Centum Electronics: Buy at ₹1917.15, target ₹2000, stop loss ₹1877.
Centum share price is currently trading at ₹1917.15. After a period of small falls and sideways consolidation, the stock has lately broken the neckline levels of ₹1850 and is rising quickly on the upside with substantial volume. There are expectations of further upward movement, potentially reaching ₹2000 levels. On the downside, substantial support is evident near ₹1877.
Ganesh Dongre’s day trading stocks
3] M&M Financian Services: Buy at ₹293, target ₹302, stop loss ₹287.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till 302. So, holding the support level of ₹287 this stock can bounce toward the ₹302 level in the short term. Hence, the trader can go long with a stop loss of ₹287 for the target price of ₹302.
4] Suntech Realty: Buy at ₹485, target ₹505, stop loss ₹475.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹505. So, holding the support level of ₹475 this stock can bounce toward the ₹505 level in the short term. Hence, the trader can go long with a stop loss of ₹475 for the target price of ₹505.
Shiju Koothupalakkal’s stocks to buy today
5] Welspun Corp: Buy at ₹565.85, target ₹590, stop loss ₹548.
The stock after taking support near the important 100 period MA of ₹515 levels has indicated a decent pullback to move past the significant 50EMA level of ₹550 zone to improve the bias and is anticipated to carry on with the gain further ahead. The RSI is also well-placed, has shown improvement, and has signaled a buy. We suggest buying the stock for an initial upside target of ₹590 keeping the stop loss of ₹548.
6] LT: Buy at ₹3387, target ₹3500, stop loss ₹3325.
The stock has witnessed a decent correction from the peak made near the ₹3740 zone and currently, after a short consolidation taking support near the important 100 period MA of ₹3250 level has seen a decent pullback with a positive candle formation on the daily chart to improve the bias. The RSI has also corrected from the overbought zone and is currently well-placed to signal a buy with a trend reversal indicated. With the chart technically looking attractive, we suggest buying the stock for an initial target of ₹3500 keeping the stop loss of ₹3325 level.
7] Cochin Shipyard: Buy at ₹858.70, target ₹910, stop loss ₹840.
The stock after a short period of consolidation, currently has indicated a positive candle formation on the daily chart to improve the bias and with the RSI improving, we anticipate for further rise in the coming days. We suggest buying the stock for an initial target of ₹910 levels keeping the stop loss of ₹840.
Virat Jagad’s buy or sell stocks
8] KFin Technologies: Buy at ₹704 to ₹706, target ₹735, stop loss ₹680.
KFin Technologies has recently exhibited an upside breakout of the Pennant Pattern on the daily chart, indicating a continuation of the prevailing trend. Within this pattern, the security has demonstrated a bullish price action, reflecting a strong interest from buyers and an anticipation of upward movement in the stock. Throughout the pattern formation, there was a gradual decrease in volume, and notably, during the breakout, there was a steady increase in volume. This observation solidifies the control of the bulls over the stock. In terms of Exponential Moving Averages (EMA), the prices are trading above significant EMAs (21, 50, 100), affirming the bullish sentiment in the script. Turning to indicators, the MACD is displaying a positive crossover, further confirming the prevailing buying interest. The confluence of these technical signals suggests a bullish outlook for KFin Technologies.
9] Astral: Buy at ₹2070 to ₹2080, Target ₹2200, stop loss ₹2020.
Astral Ltd has recently experienced an upside breakout of a Rectangle Pattern on the Daily time frame, signaling a favorable trend in the stock. Buyers are likely to find the security more appealing above the ₹2050 level. The breakout is accompanied by elevated volume, indicating a significant demand for security. The positive trend is further substantiated by the Fast (21) EMA trading above the Slow (50) EMA, reflecting strength on the upside. Additionally, the price is trading above both EMAs, emphasizing the bullish momentum. The breakout in the Relative Strength Index (RSI) contributes to the overall analysis, suggesting a robust upward movement and the potential for further price gains.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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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.
