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

“Nifty opened positive but soon lost some sheen to close flat at 21931 levels. Barring IT, all sectors ended in green. Buying was seen in the PSU Bank and Realty sector. The realty sector was in momentum amid healthy Q3 numbers from the real estate companies, while IT saw some profit booking after an up-move in the last few sessions,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal.

Day trading guide for stock market today

On the outlook for the Nifty 50 index, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, “The short-term trend of Nifty continues to be positive. All eyes are on the outcome of RBI policy, which is expected to be out today by around 10 AM. There is a higher possibility of an upside breakout of 21,950 to 22,000 mark in the short term. Immediate support for Nifty today is placed at 21,750.”

On the outlook for the Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities said, “Bank Nifty closed on Wednesday at 45,818.50 and ended higher by 0.28%. The index would attempt for 46,600 once it sustains above 46,000 levels. As the Reserve Bank of India (RBI)’s Monetary Policy Committee (MPC) meeting’s outcome will be out today, during market hours, the market may see momentum shifting to key Banking stocks in the wake of the status quo being maintained on the interest rate front.”

On triggers for the stock market today, Siddhartha Khemka of Motilal Oswal said, “Overall market has remained on the sidelines ahead of the RBI policy meeting outcome on Thursday. On the economic front, US Retail Sales data and China’s CPI data were released on Wednesday. Investors would continue to take cues from the earning season. Insurance giant LIC will announce results on Thursday where new business premium growth is expected to remain healthy.”

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 Kunal Kamble, Senior Technical Analyst at Bonanza Portfolio — recommended nine stocks to buy or sell today.

Sumeet Bagadia’s day trading stocks

1] JSW Steel: Buy at ₹836.60, target ₹870, stop loss ₹811.

JSW Steel share, currently trading at 836.60 levels, is showing signs of a positive technical outlook. The stock has recently rebounded from the support levels around ₹815, demonstrating its ability to maintain price stability. There is another resistance level in the vicinity of ₹845. If the stock manages to sustain a position above this mentioned resistance, it may pave the way for an upward movement towards the target level of ₹870 and beyond.

2] IndiaMart: Buy at ₹2673.60, target ₹2780, stop loss ₹2610.

IndiaMart share price, currently positioned at ₹2683.60 levels, showcases a robust technical stance with a comfortable position above key Exponential Moving Averages (EMAs), including the 20-day and 50-day indicators. The recent consolidation phase observed within the range of ₹2450 to ₹2550 levels hints at a potential upward movement, further emphasized by the presence of a bullish candlestick pattern on the daily charts. An important highlight is the emergence of a modest resistance zone at ₹2720 levels, serving as a critical juncture for IndiaMart. A successful breach of this resistance could propel the stock towards the target of ₹2780 levels and potentially beyond. Investors are strongly advised to closely monitor the stock’s performance around this resistance, as it significantly influences the sustainability of the positive momentum in the short term.

Ganesh Dongre’s stocks to buy today

3] HDFC Life: Buy at ₹605, target ₹630, stop loss ₹590.

In the short-term trend, HDFC Life share price has a bullish reversal pattern, technically retrenchment could be possible till ₹630. So, holding the support level of ₹590 this stock can bounce toward the ₹630 level in the short term. Hence, the trader can go long with a stop loss of ₹590 for the target price of ₹630.

4] McDowell-N: Buy at ₹1080, target ₹1125, stop loss ₹1060.

In the short-term trend, McDowell share price has a bullish reversal pattern, technically retrenchment could be possible till ₹1125. So, holding the support level of ₹1060 this stock can bounce toward the ₹1125 level in the short term. Hence, the trader can go long with a stop loss of ₹1060 for the target price of ₹1125.

Shiju Koothupalakkal’s buy or sell stocks

5] Likhitha Infrastructure: Buy at ₹283, target ₹300, stop loss ₹277.

The stock after the gradual correction witnessed has indicated a trend reversal with a series of bullish candle patterns on the daily chart to move past the 50EMA level of the ₹277 zone to improve the bias and in addition, has also given a breakout above the falling trendline zone of ₹277 to strengthen the trend. With the RSI also well placed, we expect further rise with an initial target of ₹300 level to be achieved keeping the stop loss of ₹277.

6] Mrs. Bectors Food: Buy at ₹1232, target ₹1280, stop loss ₹1210.

The stock maintaining the support near the 50EMA level of ₹1175, has once again indicated a positive candle to improve the bias and anticipates further rise in the coming session for an initial upside target of ₹1280 keeping the stop loss of ₹1210.

7] NIIT: Buy at ₹128.90, target ₹139, stop loss ₹125.

The stock with decent volume participation has indicated a positive bullish candle formation on the daily chart maintaining the strong support near the confluence of 50EMA and 100 period MA at ₹119 zone to improve the bias. We expect the stock to carry on with the positive move further ahead for an initial target of ₹139 maintaining the stop loss of ₹125.

Kunal Kamble’s stock recommendations

8] Chambal Fertilizer: Buy at ₹377.65, target ₹447, stop loss ₹342.

Chambal fertilizer had given a breakout of a rounding bottom pattern on December 20th, which was followed by above-average volume. A throwback was witnessed towards the neckline where 50 EMA was posed, Price took support and formed a bullish harami pattern conforming the regain move towards the northern direction. Currently, the price has closed above 12 days close, with an increase in volume which indicates buyers’ interest in the security. RSI is following the price action which confirms the trend.

9] CDSL: Buy at ₹1957.95, target ₹2074, stop loss ₹1900.

CDSL Ltd. has formed a Flag and Pole Pattern on a Daily time frame. Today’s closing has confirmed a breakout from the pattern on the upside with volume increasing, which indicates that the buyers are regaining control. The security has closed strongly near the high, which indicates positive price action with positive sentiments. The price has taken support from the Fast (21) EMA and Slow (50) EMA, which will act as support in the coming days. Price trading above the EMA indicates a positive trend, whereas the slow EMA trending upward also indicates an uptrend. On the Momentum front, RSI has given a breakout of the falling trend line, confirming the price action.

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: 08 Feb 2024, 08:30 AM IST