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

“Domestic Equities attained new highs with Nifty touching fresh levels of 22186.65 levels before closing with gains of 81 points at 22122. The midcap and smallcap indices surged in line with the benchmark. The majority of the sectors ended in the green. Consumer Durables, Pharma, and FMCG were top gainers today, while Realty, PSU Bank, and IT were laggards. The US equity market remains closed today on account of President’s Day,” 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 near-term trend of Nifty remains positive. However, the market is displaying a lack of strength to witness a decisive upside breakout of the resistance around 22,150 to 22,200 levels. Further consolidation or minor dip can’t be ruled out in the coming sessions. Immediate support for Nifty today is placed at 21,950 levels.”

On the outlook for the Bank Nifty today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, “Bank Nifty once again witnessed resistance near the 46,700 zone and overall remained subdued for the entire session. As mentioned earlier, the index would have the crucial hurdle of 46,800 levels which need to be breached to expect further upward move while on the downside the levels near the significant 50EMA zone of 46,100 would be the near-term support level.”

On the outlook for the Indian stock market today, Siddhartha Khemka of Motilal Oswal said, “Overall we expect the market to continue its upward momentum while taking support from global cues. US Fed meeting minutes that would be released during the week, would hold importance after the US reported above-expectation CPI and PPI data which dampened sentiments.”

Nifty Call Put Option data

Speaking on Nifty Call Put Options data, Chinmay Barve, Head of Derivative and Technical Research at Profitmart Securities said, “One of the major total Call open interest was seen at 22300 and 22500 strikes with total open interest of 91193 and 94982 contracts respectively. The strike price of 22200 and 22300 saw one of the major open interest addition of 29434 and 27155 contracts respectively,” adding, “One of the major total Put open interests was seen at 22100 and 22000 strikes with a total open interest of 94354 and 156279 contracts respectively. One of the major Put open interest additions was seen at 22100 strikes which added 53481 contracts in open interest.”

Bank Nifty Call Put Option data

On Bank Nifty Call Put Options data, Chinmay Barve said, “One of the major total Call open interest was seen at 46600 and 47000 strikes with total open interest of 92940 and 162841 contracts in open interest. The strike price of 46700 saw one of the major additions of 45259 contracts in open interest,” adding, “One of the major total Put open interest was seen at 46500 and 46000 strikes with total open interest of 147827 and 201684 contracts respectively. One of the major Put open interest additions was seen at 46500 strikes which added 70735 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 Mitesh Karwa, Research Analyst at Bonanza Portfolio — recommended nine stocks to buy or sell today.

Sumeet Bagadia’s stock recommendations

1] Reliance Industries Ltd or RIL: Buy at ₹2948, target ₹3050, stop loss ₹2880.

Reliance share price is currently positioned at ₹2948.00 levels, reflecting a solid foundation established at the support level of ₹2880. The consolidation and base formation at this support level signify stability in the stock’s performance. Additionally, Reliance share exhibits resilience by trading above crucial moving averages, affirming its inherent strength.

2] Bajaj Finserv: Buy at ₹1620, target ₹1690, stop loss ₹1580.

Bajaj Finserv share price is currently trading at ₹1620.15. In terms of technical indicators, Bajaj Finserv share is currently trading above the key support levels of the 100-day and 200-day exponential moving averages (EMA). This suggests a strong bullish sentiment and reinforces the buying recommendation.

Ganesh Dongre’s day trading stocks

3] HCL Technologies: Buy at ₹1675, target ₹1715, stop loss ₹1650.

In the short-term trend, HCL Tech share has a bullish reversal pattern, technically retrenchment could be possible till ₹1715. So, holding the support level of ₹1650 this stock can bounce toward the ₹1715 level in the short term. Hence, the trader can go long with a stop loss of ₹1650 for the target price of ₹1715.

4] Tata Power: Buy at ₹382, target ₹395, stop loss ₹374.

In the short-term trend, Tata Power share has a bullish reversal pattern, technically retrenchment could be possible till ₹395. So, holding the support level of ₹374 this stock can bounce toward the ₹395 level in the short term. Hence, the trader can go long with a stop loss of ₹375 for the target price of ₹395.

Shiju Koothupalakkal’s buy or sell stocks

5] BLS International: Buy at ₹383.45, target ₹405, stop loss ₹375.

BLS International share after the short correction from the high made near the ₹430 zone has once again indicated a positive candle from near the significant 50EMA level of ₹356 to improve the bias and expect for a further rise in the coming sessions. With the RSI also improving and indicating a buy signal, we suggest buying the stock for an initial upside target of ₹405 keeping the stop loss of ₹375.

6] DCX Systems: Buy at ₹335.45, target ₹347, stop loss ₹328.

The stock has taken support near the long-term trendline zone of ₹310 levels and has indicated a positive candle formation breaching above the important 100 period MA of ₹330 level to improve the bias and expect for further rise in the coming sessions. With the RSI also improving and indicating a buy signal, we suggest buying the stock for an initial upside target of ₹347 keeping the stop loss of ₹328.

7] GRSE: Buy at ₹839.65, target ₹880, stop loss ₹822.

The stock after the steep correction witnessed has bottomed out taking support near the ₹755 zone and has indicated a pullback to just move past the 100 period MA of 829 levels improving the bias and anticipating for further rise in the coming sessions. The RSI reversing from the oversold zone has signalled a buy and we expect another round of fresh upward move for an initial target of ₹880 levels keeping the stop loss of ₹822.

Mitesh Karwa’s stocks to buy today

8] Aegis Logistics: Buy at ₹468 to ₹470, target ₹500, stop loss ₹455.

Aegis Logistics share is seen to be breaking out of a cup and handle formation on the weekly timeframe and making a bullish candlestick which is why a buy recommendation is initiated for targets up to ₹500. One can initiate a buy on a dip in the range of ₹468 to ₹470 with a stop loss below ₹455 on a daily closing basis.

9] Sonata Software: Buy at ₹842 to ₹844, target ₹897, stop loss ₹813.

Sonata Software share 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 ₹897. One can initiate a buy on a dip in the range of ₹842 to ₹844 with a stop loss below ₹813 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: 20 Feb 2024, 09:10 AM IST