Day trading guide for stock market today: Eight stocks to buy or sell on Monday

In the broad market, both small-cap and mid-cap indices touched a new high on Friday. The small-cap index ended 0.49 percent higher after touching a new lifetime high of 46,469 while the mid-cap index finished 0.80 percent northward after touching a new peak of 39,140.

“Nifty remained in positive territory throughout the session to close with gains of 156 points (+0.7%) at 21854 levels. The majority of the sectors ended in green with buying seen in Oil & Gas, Metals, PSU Bank, and IT. Oil marketing stocks gained ~3% on account of Brent crude falling to a nearly 1-month low at $78/bbl amid a ceasefire in the Middle East. Tech stocks witnessed fresh buying on account of bargain hunting after strong quarterly results announced by Meta and Amazon. PSU bank surged over 2% on account of the 10-Year G-Sec Yield falling to an 8-month low at 7.04% after the Finance Minister announced a lower borrowing plan,” said Siddhartha Khemka, Head – Retail Research at 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 uptrend status of Nifty remains intact but the overall chart pattern suggests a possibility of high volatility at the new highs. Any attempt of an upside move from here could encounter strong resistance around 22,100 to 22,200 levels and that could result in short-term weakness from the highs. Immediate support for Nifty today is placed at 21,700 levels.”

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On the outlook for the Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities said, “As small and mid-cap stocks enter the oversold territory, investors are advised to remain vigilant and consider a diversified strategy in the upcoming trading sessions as in Bull Run, the correction typically takes place very sharply.”

On triggers for the stock market today, Siddhartha Khemka of Motilal Oswal said, “With the US Fed and Interim Budget now behind, all eyes will be on RBI’s policy meeting this week. We expect the Central Bank to maintain its status quo. Overall we expect the market to remain in positive territory as sentiments remain high amid commendable delivery on budget.”

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; Shiju Koothupalakkal, Technical Analyst at Prabhudas Lilladher and Virat Jagad, Technical Analyst at Bonanza portfolio — recommended eight stocks to buy or sell today.

Sumeet Bagadia’s day trading stocks

1] Tata Consumer: Buy at ₹1162.75, target ₹1210, stop loss ₹1125.

Tata Consumer share, currently positioned at the ₹1162.75 level, signals a robust technical stance, as the stock comfortably maintains its position above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, and 200-day indicators. The recent surge in both price and volume adds further credence to the potential for an upward movement, accentuated by a bullish candlestick pattern observed on the daily charts.

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2] CARE Ratings: Buy at ₹1164, target ₹1212, stop loss ₹1135.

Care Ratings share has recently exhibited a robust breakout from the critical resistance zone of ₹1000 to ₹1050 on the daily chart, consolidating the move with higher highs and higher lows. This breakout is supported by a notable increase in trading volume, indicating strong bullish sentiment.

Ganesh Dongre’s stocks to buy today

3] GAIL: Buy at ₹178, target ₹182, stop loss ₹174.

In the short-term trend, GAIL share price has a bullish reversal pattern, technically retrenchment could be possible till ₹182. So, holding the support level of ₹174 this stock can bounce toward the ₹182 level in the short term. Hence, the trader can go long with a stop loss of ₹174 for the target price of ₹182.

4] Tata Steel: Buy at ₹138, target ₹145, stop loss ₹133.

In the short-term trend, Tata Steel share has a bullish reversal pattern, technically retrenchment could be possible till ₹145. So, holding the support level of ₹133 this stock can bounce toward the ₹145 level in the short term. Hence, the trader can go long with a stop loss of ₹133 for the target price of ₹145.

Shiju Koothupalakkal’s buy or sell stocks

5] India Glycols: Buy at ₹941, target ₹977, stop loss ₹920.

The stock has recently witnessed a decent rally and after a short dip, has once again regained strength with a higher low formation pattern on the daily chart currently with a positive bullish candle witnessed, we expect further rise for an upside target of ₹977 keeping the stop loss of ₹920.

6] BF Utilities: Buy at ₹664.50, target ₹695, stop loss ₹645.

The stock has indicated a strong pullback from the support zone of ₹580 levels and a further upward move is expected in the coming sessions. With the chart indicating a triangular pattern breakout, has strengthened the overall bias and with the RSI also getting better, we suggest buying this stock for an upside target of ₹695 keeping the stop loss of ₹645.

7] Sat Industries: Buy at ₹119, target ₹128, stop loss ₹115.

The stock after the recent slide has witnessed a recovery from the important support of the ₹114 zone of the trendline zone to move past the significant 50EMA level of ₹117 level, witnessing a higher low formation pattern on the daily chart, improving the bias anticipating for further rise. The RSI has indicated a trend reversal to signal a buy with a target of ₹128 level visible, maintaining a stop loss of ₹115 level.

Virat Jagad’s stock of the day

8] Varroc Engineering: Buy at ₹600 to ₹601, target ₹640, stop loss ₹580.

Varroc Engineering Ltd has established a formidable resistance level of around ₹580, witnessing active buying interest that propelled the stock beyond this barrier. Recent positive price movements affirm the influence of buyers, resulting in the breakout of a rounding bottom formation, suggesting potential ongoing upward momentum. Additionally, the stock is trading above significant moving averages, consolidating the bullish trend. A positive crossover on the Moving Average Convergence Divergence (MACD) indicator further signifies optimism. In conclusion, Varroc Engineering Ltd’s daily chart depicts a resilient resistance zone at 580, overcome by heightened buying activity. Positive price action, combined with trading above key moving averages and a favorable MACD crossover, suggests a bullish sentiment with potential for further upward movement.

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: 05 Feb 2024, 07:44 AM IST