Day trading guide for stock market today: Nine stocks to buy or sell on Thursday

“Domestic equities recovered smartly to close near the day’s high after opening on a negative note after US inflation came in higher than expected. Nifty gained more than 1.5% from intraday low to close with gains of 97 points (+0.5%) at 21840 levels near the day’s high. All sectors ended in the green, baring IT & Pharma. On the global front, US inflation came at 0.3% higher than expected, dashing the hopes of rate cuts in the near term. This impacted the sentiments and the market saw a gap-down opening. However, strong buying emerged at lower levels lifting market sentiments. The broader market outperformed with Nifty Mid/small gaining 1.0%/1.6% respectively,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.

Day trading guide for stock market today

On the outlook of the Nifty 50 index, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, “The immediate support of 21,500 has been held on Wednesday’s volatile session and the short-term uptrend seems to be gaining momentum. Nifty is currently placed at the edge of breaking above the immediate hurdle of 21,850 levels and a decisive move above this resistance is likely to pull Nifty towards 22,000 to 22,100 levels in the short term. Immediate support for Nifty today is placed at 21,720 levels.”

On the outlook for the Bank Nifty today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, “Bank Nifty also gave a strong recovery from the 44900 zone of the significant 200 period MA and gained momentum as the day progressed to cross above the 46000 level during the intraday session. With the index closing on a decent note, further ahead a decisive breach above the 50EMA level of 46100 zone shall further improve the bias and can anticipate further rise.”

On the outlook for the stock market today, Siddhartha Khemka of Motilal Oswal said, “With result season almost over, the focus will shift to global cues and economic data points. Overall we expect the market to see a gradual upside move on the back of strong fundamentals.”

Nifty Call Put Option data

Speaking on the Nifty Call Put Option data, Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities said, “One of the major total Call open interest was seen at 22000, 22100 and 22200 strikes with total open interest of 229955, 142159 and 144906 contracts respectively. The strike price of 22000 and 22100 saw one of the major open interest addition of 48515 and 57803 contracts respectively,” adding, “One of the major total Put open interests was seen at 21800, 21700 and 21600 strikes with a total open interest of 137893, 166829 and 184122 contracts respectively. One of the major Put open interest additions was seen at 21800 and 21700 strikes which added 84763 and 78731 contracts respectively in open interest.”

Bank Nifty Call Put Option data

On the outlook of the Bank Nifty Call Put Options data, Chinmay Barve of Profitmart Securities said, “One of the major total Call open interest was seen at 46000 and 46500 strikes with total open interest of 68401 and 57693 contracts in open interest. The strike price of 46000 saw one of the major additions of 36444 contracts in open interest,” adding, “One of the major total Put open interest was seen at 45500 strikes with a total open interest of 68556 contracts respectively. One of the major Put open interest additions was seen at 45500 strikes which added 42746 contracts in open interest.”

Day trading stocks for today

Asked about 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 Drumil Vithlani, Technical Research Analyst at Bonanza Portfolio — recommended nine stocks to buy or sell today.

Sumeet Bagadia’s day trading stocks

1] Axis Bank: Buy at ₹1096.85, target ₹1160, stop loss ₹1060.

Axis Bank share price appears to be displaying positive signals in its recent price movements. The stock’s resilience is evident as it rebounded from a support level of ₹1060, indicating investor interest at that point. At present, Axis Bank share price is trading around ₹1096.85 levels, showcasing a recovery from the aforementioned support level. The most noteworthy aspect is the successful breach of the crucial resistance levels at ₹1076, which aligns with both the 20-day and 50-day Exponential Moving Averages (EMA).

2] IRFC: Buy at ₹150 to ₹154, target ₹164, stop loss ₹145.

The IRFC share price is presently valued at ₹154, displaying a notable upward trend supported by a consistent pattern of higher highs and higher lows on the daily chart, coupled with robust trading volume. These patterns underscore a robust upward trajectory in the stock. The overall trend for IRFC is bullish, with various technical indicators reinforcing the optimistic outlook. Given these signals, there is potential for the stock to reach a target price of ₹164 in the near term.

Ganesh Dongre’s stocks to buy today

3] MRPL: Buy at ₹207, target ₹220, stop loss ₹201.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹220. So, holding the support level of ₹201 this stock can bounce toward the ₹220 level in the short term. Hence, the trader can go long with a stop loss of ₹201 for the target price of ₹220.

4] HDFC Life: Buy at ₹584, target ₹610, stop loss ₹575.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹610. So, holding the support level of ₹575 this stock can bounce toward the ₹610 level in the short term. Hence, the trader can go long with a stop loss of ₹575 for the target price of ₹610.

Shiju Koothupalakkal’s buy or sell stocks

5] SJVN: Buy at ₹120.55, target ₹130, stop loss ₹116.

The stock after a decent erosion from the peak level of ₹170 zone, has bottomed out near the ₹102 to ₹104 zone and currently with a positive candle formation moving past the 50EMA level of ₹109 has further improved the bias to anticipate for further rise in the coming sessions. With the RSI indicator getting better, we suggest buying this stock for an upside target of ₹130 keeping the stop loss of ₹116.

6] HUDCO: Buy at ₹198.15, target ₹210, stop loss ₹193.

The stock after the decline has indicated a higher bottom formation taking support near the ₹165 zone and witnessed a decent pullback with a strong positive candle formation on the daily chart similar to a “Morning Star” pattern to improve the bias and expect further gains. With the RSI well placed, once again we anticipate for further rise with an initial upside target of ₹210 expected keeping the stop loss of ₹193.

7] Century Text: Buy at ₹1429.65, target ₹1510, stop loss ₹1400.

The stock has witnessed a series of higher lows formation patterns on the daily chart and currently once again taking support near the ₹1330 zone, a decent pullback moving past the 50EMA level of ₹1365 has improved the bias and can expect further upward move in the coming sessions. We expect for an initial target of ₹1510 maintaining the stop loss of ₹1400.

Drumil Vithlani’s shares to buy today

8] Sasken Technologies: Buy at ₹1609.50, target ₹1675, stop loss ₹1570.

Sasken Technologies is seen to be breaking out of a rectangle pattern on the daily timeframe and making a bullish candlestick which is why a buy recommendation is initiated for targets up to ₹1675. One can initiate a buy-on dip in the range of ₹1600 to ₹1610 with a stop loss below ₹1570 on a daily closing basis. The price is trading above the short-term EMA (20) indicating an uptrend in the security. The RSI is now trading in the northern direction supporting the price action.

9] SAIL: Buy at ₹122 to ₹123, target ₹131, stop loss ₹119.

SAIL share price is seen taking a support exactly near the rising trend line (demand zone) on the daily timeframe and making a bullish candlestick which is why a buy recommendation is initiated for targets up to ₹131. One can initiate a buy-on dip in the range of ₹122 to ₹123 with a stop loss below ₹119 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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Published: 15 Feb 2024, 07:52 AM IST