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

“Nifty continued its previous session’s momentum and closed with gains of 71 points at 21911 levels near the day’s high. The broader market outperformed with Nifty midcap 100/Nifty smallcap 100 up 1% each. PSU stocks resumed their ongoing rally after a short pause. OIL & Gas posted solid gains due to impressive quarterly results, improved GRM, and strong growth expected in India’s oil consumption going forward. With the end of Q3 result season, the focus is now shifting to fundamentals and economic macro data,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.

Day trading guide for stock market today

On the outlook for the Nifty 50 index, Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities said, “Nifty is currently placed at the edge of moving above the minor downtrend line resistance around 21900-21950 levels. A decisive break above this hurdle could open the doors for new all-time highs around 22,150 levels. Immediate support for Nifty today is placed at 21800.”

On the outlook for the Bank Nifty today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, “Bank Nifty maintaining above the 46000 zone for most of the session improved the bias with a decent close above the significant 50EMA level of 46070 zone after a month. With the indicators showing signs of improvement, it is expected to achieve the next targets of 46800 and thereafter 48000 levels in the coming days.”

On the outlook for the Indian stock market today, Siddhartha Khemka of Motilal Oswal said, “Domestic equities are taking support from better-than-expected inflation which would keep the trend positive. Nifty is now close to 22k as well as its all-time high, we expect it to surpass these levels and touch new highs.”

Nifty Call Put Option data

Speaking on the Nifty Call Put option data, Chinmay Barve, Head of Derivative and Technical Research at Profitmart Securities said, “One of the major total Call open interest was seen at 22000 and 22200 strikes with total open interest of 66191 and 44100 contracts respectively. The strike price of 22000 and 22200 saw one of the major open interest addition of 35662 and 29085 contracts respectively,” adding, “One of the major total Put open interests was seen at 21800 and 21700 strikes with a total open interest of 52255 and 72183 contracts respectively. One of the major Put open interest additions was seen at 21900 strikes which added 48895 contracts in open interest.”

Bank Nifty Call Put Option data

On Bank Nifty Call Put Options data, Chinmay Barve of Profitmart Securities said, “One of the major total Call open interest was seen at 46500 and 47000 strikes with total open interest of 96765 and 114401 contracts in open interest. The strike price of 47000 saw one of the major additions of 61162 contracts in open interest,” adding, “One of the major total Put open interest was seen at 46000 strikes with a total open interest of 133309 contracts. One of the major Put open interest additions was seen at 46000 strike which added 86672 contracts in open interest.”

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

Sumeet Bagadia’s day trading stocks

1] HDFC AMC: Buy at ₹3783, target ₹3905, stop loss ₹3737.

HDFC AMC share price is exhibiting strong bullish momentum, currently trading at a 52-week high of ₹3819.3 levels. The recent breakout above the crucial resistance at ₹3700 levels is a significant technical development, supported by robust trading volumes, reinforcing the strength in the stock. The breakthrough suggests a potential continuation of the upward trend, offering an optimistic outlook for investors.

2] Deepak Fertilisers: Buy at ₹507.90, target ₹531, stop loss ₹493.

Deepak Fertilisers share is currently trading at ₹507.90, presenting a compelling opportunity for investors. The Relative Strength Index (RSI) is at a low of 24, indicating that the stock is oversold, which could be seen as a signal for a potential buying opportunity.

Ganesh Dongre’s stocks to buy today

3] Voltas: Buy at ₹1082, target ₹1122, stop loss ₹1062.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹1122. So, holding the support level of ₹1062 this stock can bounce toward the ₹1122 level in the short term. Hence, the trader can go long with a stop loss of ₹1062 for the target price of ₹1122.

4] SBI: Buy at ₹763, target ₹785, stop loss ₹745.

SBI share price has a bullish reversal pattern, technically retrenchment could be possible till ₹785. So, holding the support level of ₹745 this stock can bounce toward the ₹785 level in the short term. Hence, the trader can go long with a stop loss of ₹745 for the target price of ₹785.

Shiju Koothupalakkal’s buy or sell stocks

5] FACT: Buy at ₹778, target ₹817, stop loss ₹750.

The stock after witnessing a significant erosion from the peak level of the 908 zone, has shown signs of bottoming out near the important 100 period MA level of ₹730 zone and currently with a positive candle formation has indicated a pullback to improve the bias. With the RSI indicator signaling a buy with a trend reversal confirmed, we suggest buying this stock for an upside target of ₹817 keeping the stop loss of ₹750.

6] BDL: Buy at ₹1664, target ₹1740, stop loss ₹1620.

The stock after the steep decline witnessed recently has taken support near the ₹1560 zone and consolidated near the significant 50EMA zone of ₹1605 levels, and a pullback witnessed with a series of positive candle formations has improved the bias to anticipate further rise. With the RSI well placed, once again we anticipate further upward with an initial upside target of ₹1740 expected keeping the stop loss of ₹1620.

7] EIH Ltd: Buy at ₹409.55, target ₹426, stop loss ₹400.

The stock after the decent rally witnessed has maintained the strong uptrend and with some consolidation seen, has formed a flag pattern on the daily chart with a short correction, with currently once again regaining strength with a positive candle formation, and further rise is anticipated. With the RSI cooling off from the highly overheated zone, we expect another round of fresh upward moves for an initial target of ₹426 levels keeping the stop loss of ₹400.

Drumil Vithlani’s shares to buy today

8] Mahindra & Mahindra or M&M: Buy at ₹1755 to ₹1765, target ₹1825, stop loss ₹1735.

Mahindra & Mahindra share 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 ₹1825. One can initiate a buy on a dip in the range of ₹1755 to ₹1765 with a stop loss below ₹1735 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] NOCIL: Buy at ₹278 to ₹280, target ₹300, stop loss ₹270.

NOCIL is seen to be breaking out of a symmetrical triangle exactly near the falling trend line on the daily timeframe and making a bullish candlestick which is why a buy recommendation is initiated for targets up to ₹300. One can initiate a buy-on dip in the range of ₹278 to ₹280 with a stop loss below ₹270 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: 16 Feb 2024, 09:11 AM IST