Stock market today: Day trading guide for Nifty 50 to Sensex, six stocks to buy or sell on Tuesday

“Nifty opened positive but soon witnessed profit booking amid weak global cues and SEBI warning over midcap-smallcap rally. The index closed near the day’s low with a loss of 161 points (-0.7%) at 22333 levels. Broader markets especially smallcap bore the brunt and were down 2%. Barring Healthcare, all sectors ended in red,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.

Day trading guide for stock market today

On the outlook for the Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, “The short-term trend of the Nifty 50 index seems to have turned down and the next lower levels to be watched around 22,100 to 22,050 levels. Intraday resistance for Nifty today is placed at the 22,525 mark.”

On the outlook for the Bank Nifty today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, “The Bank Nifty, in a similar way, found resistance near the 48,000 zone and formed a ‘LOWER TOP’ formation on the daily chart. It has not closed above 48,000 and is anticipating some profit booking /sideways movement in the coming days. It would need to cross the 48,000 zone decisively for a further upward move. The overall bias has been maintained as cautiously positive until further clarification and confirmation,” said Parekh.

Parekh went on to add that the immediate support for Sensex and Nifty today is placed at 73,000 and 22,200 levels respectively, while the resistance for the Nifty and Sensex today would be seen at 74,000 and 22,500 levels. The Bank Nifty would have a daily range of 46,500 to 48,000 levels.

On triggers for the Indian stock market today, Sidhartha Khemka of Motilal Oswal said, “Market has turned cautious ahead of key inflation data from India and the US this week. Further, Japan’s GDP increased by 0.1% in Q4CY23, vs -0.1% in Q3CY23, which raised speculation that the Bank of Japan is likely to increase its interest rates and discontinue its ultra-loose monetary policy. On the domestic front, sentiments dampened after the SEBI Chief highlighted irrational run-ups and expensive valuations in small and midcaps. Also, Stress test disclosures for small and midcap funds are to be announced on March 15. This is likely to keep the pressure on the broader market in the near term. Going ahead, we expect the consolidation to continue in the market with large bouts of volatility. We recommend switching to large caps where the risk-reward is more favourable.”

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] Pidilite Industries: Buy at ₹2906.40, target ₹3050, stop loss ₹2820.

Pidilite share price, currently trading at ₹2906.40, has displayed a robust bullish trend after a period of consolidation between ₹2660 and ₹2760. The stock has witnessed a breakout with significant volume and is currently displaying continuously bullish candles on the daily chart, indicating a strong upward movement.

2] Apollo Hospital: Buy at ₹6204.70, target ₹6520, stop loss ₹6060.

Apollo Hospital share price, currently trading at ₹6204.70, has shown signs of a reversal after a period of profit booking near support levels. The stock has witnessed significant volume-oriented buying and bullish candles, indicating a potential upside movement.

Ganesh Dongre’s day trading stocks

3] Hindustan Petroleum: Buy at ₹514, target ₹536, stop loss ₹500.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹536. So, holding the support level of ₹500 this stock can bounce toward the level ₹536 in the short term. Hence, the trader can go long with a stop loss of ₹500 for the target price of ₹536.

4] M&M Finance: Buy at ₹287, target ₹305, stop loss ₹280.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹305. So, holding the support level of ₹280 this stock can bounce toward the ₹305 level in the short term. Hence, the trader can go long with a stop loss of ₹280 for the target price of ₹305.

Mitesh Karwa’s buy or sell stocks

5] CAMS: Buy at ₹3000 to ₹3006, target ₹3124, stop loss ₹2940.

CAMS share price is seen to be taking support from a support zone on the daily timeframe and making a bullish candlestick which is why a buy recommendation is initiated for targets up to ₹3124. One can initiate a buy on the dip in the range of ₹3000 to ₹3006 with a stop loss below ₹2940 on a daily closing basis.

6] KEC: Buy at ₹745 to ₹748, target ₹790, stop loss ₹727.

KEC 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 ₹790. One can initiate a buy on the dip in the range of ₹745 to ₹748 with a stop loss below ₹727 on a 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 making any investment decisions.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!

Published: 12 Mar 2024, 08:41 AM IST