Day trading guide for today: Indian stock market snapped two days winning streak and ended lower on Wednesday session. 50-stock index Nifty lost 55 points and closed at 19,384 levels whereas 30-stock BSE Sensex went down 223 points and finished at 65,393 mark. Bank Nifty index corrected 105 points and closed at 44,639 levels. However, broad market continue to catch attention of stock market bulls as small-cap index went up 0.57 per cent while mid-cap index surged 0.48 per cent.
Day trading guide for stock market today
On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “Positive chart pattern like higher tops and bottoms is intact as per daily timeframe chart and present weakness could be in line with new higher bottom formation at the highs. On a move below 19,300 levels, the market is likely to find another important support of 19,100 to 19,000 levels. Fresh buying interest could only emerge on a decisive move above 19,500 levels.”
On Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities said, “Bank Nifty took support from the 50 per cent Fibonacci Retracement level of 44,583, drawn from the low of 43,520 made on 23rd June to the high of 45,656 made on 4th July. The option activity at 45,000 Strike will provide cues about Bank Nifty’s future direction with the bears having upper hand currently. A break below 44,500 can further intensify the selling pressure in Bank Nifty.”
On triggers that may dictatte stock market today, Siddhartha Khemka, Head – Retail Research at Motilal Oswal said, ” We expect the market to remain in consolidative mode with support at lower levels. Investors would react to the domestic and US CPI data released on Wednesday. TCS and HCL Tech results would give cues for other IT majors. Auto, PSU Banks, Pharma, building material, and defence sector stocks could continue to see positive momentum.”
Speaking on US CPI inflation hitting two year low, Apurva Sheth, Head of Market Perspectives and Research at SAMCO Securities said, “US CPI Inflation came in at 3 per cent Y-o-Y basis. This is the lowest reading since March 2021. The main reason behind this fall is a high base effect and general fall in prices. With this inflation reading the gap between US interest rates and inflation has widened even further. US interest rates are at 5.25 per cent while inflation is just above Feds comfort level of 2 per ent. We can now comfortably say that the Fed is done with hiking rates in this cycle. This is good news for corporations worldwide who are paying interest cost through their nose. It will be interesting to see what the Fed has to say now in their upcoming meet scheduled on 26 July.”
Stocks to watch today
Six stocks are going to trade ex-dividend today and those six dividend stocks include Oriental Hotels, ICICI Prudential and Titan Company. Dalal Street is expected to remain vigilant about the board meetings of Angel One and Bhansali Engineering Polymers as these two companies are expected to announce dividend for its eligible shareholders.
Q1 results today
Amid company results season, Indian stock market is expected to remain vigilant about the Q1 results announcements on Thursday. In Q1 results 2023, a good number of companies are going to declare their first quarter earnings for the current financial year. Those companies include Angel One, Bhansali Engineering Polymers, Federal Bank, Tata Metaliks and Wipro.
F&O ban
Six shares have been put in F&O ban list for trade on 13th July 2023. Those six stocks are Hindustan Copper, Indiabulls Housing Finance, India Cements, Manappuram Finance, Punjab National Bank ((PNB) and ZEEL.
Day trading stocks for today
On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi — recommended five stocks to buy today.
Sumeet Bagadia’s stocks to buy today
1] Mahindra & Mahindra (M&M): Buy at ₹1570, target ₹1625, stop loss ₹1540.
M&M share price is currently experiencing robust trading activity, with its shares reaching a significant value of ₹1570, which is close to its all-time high. Notably, M&M has demonstrated a notable increase in trading volume, and its closing price has consistently remained above the ₹1545 level for the past week, indicating a favorable trend.
M&M share is currently trading above its 20, 50, 100, and 200-day Exponential Moving Averages (EMAs), implying a favorable momentum for stock market bulls.
2] Grasim Industries: Buy at ₹1777.85, target ₹1850, stop loss ₹1735.
Grasim share is currently trading near ₹1777.85 levels, indicating a breakout of a flag pattern on the daily chart. Strength is shown by the RSI indicator’s current trading range of 56 levels. The stock is currently trading above all of the key moving averages. The Bollinger band continues to expand on the daily chart, with the price trading above the band’s centre line, indicating the stock’s strength. A small resistance is placed near ₹1800 levels; if the stock surpasses this level, it may move towards ₹1850 levels and higher.
Anuj Gupta’s buy or sell stocks
3] ONGC: Buy at CMP, target ₹185, stop loss ₹158.
ONGC share price has formed higher top higher bottom on chart. The stock is in bull trend and trading in sync with crude oil prices.
4] Titan Company: Buy at CMP, target ₹3160, stop loss ₹3045.
Titan share price has formed bullish chart structure and substantial rise in trade volume may support further upside trend.
Ganesh Dongre’s intraday stocks for today
5] Kotak Mahindra Bank: Buy at ₹1880, target ₹1930, stop loss ₹1840.
In the short-term trend, Titan share price has a bullish reversal pattern, technically retrenchment could be possible till ₹1930. So, holding the support level of ₹1840 this stock can bounce toward the ₹1930 level in the short term. Hence, the trader can go long with a stop loss of ₹1840 for the target price of ₹1930.
6] Tech Mahindra or TechM: Buy at ₹1155, target ₹1183, stop loss ₹1133.
On the short-term chart, the stock has showing a bullish reversal pattern, so holding the support level of ₹1133 this stock can bounce toward the ₹1183 level in the short term. Hence, the trader can go long with a stop loss of ₹1133 for the target price of ₹1183.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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