Stock market today: Despite strong global cues on a possible US Fed rate cut buzz, the Indian stock market remained range-bound on Thursday last week. The Nifty 50 index added 19 points and closed at the 22,493 level, the BSE-sensitive index Sensex went up 33 points and ended at the 74,119 mark whereas the Bank Nifty index finished 129 points lower at 47,865 level. However, the broad market witnessed buying interest as the small-cap index went up 0.70 percent while the mid-cap index shot up 0.39 percent.
“Nifty after making a new high above the 22,500 zone, consolidated in positive territory ahead of the long weekend. The index closed with gains of 20 points at 22494 levels. The broader market saw some buying after remaining under pressure for the past few sessions. The majority of the sectors ended in green with buying seen in Metals, FMCG, Financials, and Consumer Durables. Several Tata group stocks were in focus due to the buzz around Tata Sons’ IPO and several of them held a stake in it,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal.
On the outlook for the Nifty 50 index, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, “The near-term uptrend of the Nifty 50 index remains intact. The upside targets to be watched are around 22,800 levels in the next one week (1.618% Fibonacci projection of long-term up and down swings). Immediate support for Nifty today is placed at 22,310 levels.”
On the outlook for the Bank Nifty today Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, “Bank Nifty, which has already indicated strength, is gradually on the rise and is hovering near the 48,000 zones with positive bias maintained, with frontline banking stocks like HDFC Bank, Kotak Bank, and IndusInd Bank looking good for the near-term future. With the indices at their peak levels, some consolidation is anticipated, with the trend remaining strong and further rises expected in the coming days,” said Parekh.
Vaishali Parekh of Prabhudas Lilladher went on to add that the support for the week is seen at 73,000/22,000 levels, while the resistance is seen at 75,200/23,000 levels. Bank Nifty would have a weekly range of 46,500 to 49,000 levels.
On the outlook for the stock market today, Siddhartha Khemka of Motilal Oswal said, “This week, the Indian stock market investors will take cues from the outcome of the ECB interest rate meeting and US Non-Farm Payroll data released on Friday last week. Also, the second set of economic data would continue to drive the market sentiments. We expect the Nifty 50 index to move towards 22,700 to 22,750 in the next few days with the ongoing rally focused towards the large-cap stocks.”
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, “The major total Call open interest was seen at 22500 and 22600 strikes with total open interest of 84194 and 56169 contracts respectively. The strike price of 22500 Call saw one of the major open interest addition of 54242 contracts,” adding, “One of the major total Put open interests was seen at 22500 and 22400 strikes with a total open interest of 71491 and 77563 contracts respectively. The strike price of 22500 Put saw one of the major additions in open interest where it added 55348 contracts.”
Bank Nifty Call Put Option data
On the Bank Nifty Call Put Options data, Chinmay Barve said, “One of the major total Call open interest was seen at 48000 and 48500 strikes with a total open interest of 208147 and 93279 contracts respectively in open interest. The strike price of 48000 Call saw some of the major addition of 90901 contracts in open interest,” adding, “One of the major total Put open interest was seen at 48000 and 47500 strikes with a total open interest of 133998 and 107131 contracts. One of the major Put open interest additions was seen at 47800 strike which added 48620 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; and Mitesh Karwa, Research Analyst at Bonanza Portfolio — recommended six stocks to buy or sell today.
Sumeet Bagadia’s stocks to buy today
1] Zensar Technologies: Buy at ₹591, target ₹622, stop loss ₹580.
Zensar Tech share is currently trading at ₹591. The stock has consistently found support around the ₹525 level, establishing it as a reliable support zone. The anticipated trading range for the stock is expected to be between ₹550 and ₹600, with the possibility of sideways movement within this range. A decisive close above the ₹600 level could propel the stock towards the ₹622 level in the coming days.
2] Blue Star: Buy at ₹1324, target ₹1367, stop loss ₹1292.
Blue Star share price is currently positioned at ₹1323.9 levels, reflecting a solid foundation established at the support level of ₹1290. The consolidation and base formation at this support level signify stability in the stock’s performance. Additionally, Blue Star shares exhibit resilience by trading above crucial moving averages, affirming its inherent strength.
Ganesh Dongre’s day trading stocks
3] Hero Motocorp: Buy at ₹4645, target ₹4850, stolp loss ₹4570.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹4850. So, holding the support level of ₹4570 this stock can bounce toward the level of ₹4850 in the short term. Hence, the trader can go long with a stop loss of ₹4570 for the target price of ₹4850.
4] Raymond: Buy at ₹1760, target ₹1820, stop loss ₹1730.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹1820. So, holding the support level of ₹1730 this stock can bounce toward the 1820 level in the short term. Hence, the trader can go long with a stop loss of ₹1730 for the target price of ₹1820.
Mitesh Karwa’s buy or sell stocks
5] Tata Power: Buy at ₹424 to ₹425, stop loss ₹445, stop loss ₹413.
Tata Power share price 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 ₹445. One can initiate a buy on a dip in the range of ₹424 to ₹425 with a stop loss below ₹413 on a daily closing basis.
6] Chambal Fertilisers: Buy at ₹372 to ₹373, stop loss ₹385, stop loss ₹367.
Chambal Fertilisers share price is seen to be breaking out of a bullish pattern on the daily timeframe and making a bullish candlestick which is why a buy recommendation is initiated for targets up to ₹385. One can initiate a buy on a dip in the range of ₹372 to ₹373 with a stop loss below ₹367 on a daily closing basis.
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.
