Day trading guide for today: Following weak global market sentiments, Indian stock market ended lower for fourth day in a row on Friday last week. Nifty 50 index finished 68 down at 19,674 levels, BSE Sensex corrected 221 points and ended at 66,009 mark whereas Bank Nifty index ended 11 points lower at 44,612 levels. In broad market, small-cap index ended with marginal gains while mid-cap stock nudged lower by 0.14 per cent.
According to stock market experts, FIIs continued to liquidate long positions in Index futures with the Long-Short Ratio falling from 65.69% to 56.46% in the previous three trading sessions. The Futures Open Interest (OI) indicated buildup of fresh short positions in Nifty futures for the second consecutive day.
Day trading guide for stock market today
On outlook for Nifty 50 today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term trend of Nifty continues to be weak. Having placed near the crucial lower supports, there is a possibility of minor upside bounce from near 19,550 levels by next week. The anticipated upside bounce could be short lived and the market is expected to reverse down from the lower highs. Immediate resistance for Nifty 50 index is placed around 19,800 to 19,850 levels.”
On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, “Bank Nifty made a couple of attempts to go past the 45,000-level mark to Friday but failed to do so. The level of 44,600 on the downside acted as a strong support for Bank Nifty. A break below 44,600 level will take the Index until 44,200 levels.”
Day trading stocks for today
On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Ashish Katwa, Technical Analyst at Bonanza Portfolio — recommended six stocks to buy or sell today.
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Sumeet Bagadia’s intraday stocks for today
1] Granules India: Buy at ₹336.80, target ₹365, stop loss ₹323.
Granules India share price is currently trading at ₹336.80, has undergone consolidation within the range of ₹338.7 to ₹320.9. On the daily chart, the price has formed a rounding bottom chart pattern. Over the past week, the stock has shown robust support at the ₹320.9 level, indicating a degree of price stability. Furthermore, GRANULES is presently trading above critical Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs, underscoring its bullish momentum and suggesting the potential for further upward price movement.
2] Persistent Systems: Buy at ₹5850, target ₹6100, stop loss ₹5705.
Persistent Systems share is presently trading at ₹5849.35, has consolidated in range of ₹5700 to ₹5860. During the past week, the stock has demonstrated strong support at the ₹5705 level, signalling price stability. Additionally, PERSISTENT is currently trading above critical Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs, underlining its bullish momentum and the possibility of further upward price movement.
The Relative Strength Index (RSI) is currently at 63.8 and exhibits an upward trajectory, indicating an increasing buying momentum. Additionally, the Stochastic Relative Strength Index (Stoch RSI) is displaying a positive crossover from oversold region. This combination of technical factors suggests that PERSISTENT may have the potential to achieve a target price of ₹6100 in the near term.
Ganesh Dongre’s stocks to buy today
3] State Bank of India or SBI: Buy at ₹598, target ₹610, stop loss ₹592.
In the short-term trend, SBI share price has a bullish reversal pattern, technically retrenchment could be possible till ₹610. So, holding the support level of ₹592 this stock can bounce toward the ₹610 level in the short term. Hence, the trader can go long with a stop loss of ₹592 for the target price of ₹610.
4] ITC: Buy at ₹443, target ₹455, stop loss ₹435.
On the short-term chart, ITC share price has shown a bullish reversal pattern. So, holding the support level of ₹435. This stock can bounce toward the ₹455 level in the short term. Hence, the trader can go long with a stop loss of ₹435 for the target price of ₹455.
Ashish Katwa’s buy or sell stocks
5] Quickheal: Buy at ₹244.75 to ₹243, target ₹270, stop loss ₹232.
Quickheal share price has given a breakout of the Range on the upside indicating a positive trend, with strong bullish candle followed by strong volume which is why a buy recommendation is initiated for targets up to ₹270. One can initiate buy on dip in the range of ₹244.75 to ₹243 with stop loss below ₹232 on daily closing basis.
6] JSW Energy: Buy at ₹422 to ₹421, target ₹450, stop loss ₹408.
On the Four hourly charts, the stock has given a breakout of Pennant pattern with good volume. JSW Eenrgy share price is trading above its 21-38 day’s exponential moving averages on the daily time frames, which is positive for the prices in the short term. Based on the above Technical studies we can come out with a view that the price may move towards higher levels over the short period which shows bullish strength. One can initiate a buy trade in between the range of ₹422.10 to ₹421 with stop loss of ₹408 on 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 taking any investment decisions.
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