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

“Nifty traded in a narrow range post-major event and closed with a loss of 28 points at 26697 levels. Sector-wise it was a mixed bag Major buying was seen in government companies especially PSU Bank which was up 3% post-FM speech. On the global front, the US Fed concluded by maintaining its status quo and did not hint at an early rate cut which dampened global sentiments. In the Interim Budget, the government emphasized empowering 4 pillars of Viksit Bharat namely Youth, Poor, Women, and Farmers. Further, the government continues to focus on consolidating the fiscal deficit and investing in infrastructure. Some of the sectors to benefit are affordable housing & finance, infra, railway, defense, and consumption,” 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, “A rising wedge type pattern was formed on the daily chart and the previous significant opening downside gap of 17th Jan remains intact and the lower end of the gap around 21,850 is offering strong resistance for the market as of now. Hence, a decisive move above 21,850 and below 21,550 levels could trigger fresh movement for the market ahead.”

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On the outlook for the Bank Nifty today, Shrikant S Chouhan, Head – Equity Research at Kotak Securities Limited said, “As long as Bank Nifty is trading above 45600 it can go to 46,300 and 46,600 levels. Below 45,600 mark, it would gradually fall towards 45,200 to 45,000 levels.”

On triggers for the stock market today, Siddhartha Khemka of Motilal Oswal said, “With two major events (US Fed meeting and Union Budget 2024) now behind, we expect markets to take support from the ongoing earning season and should remain in positive territory.”

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 seven stocks to buy or sell today.

Also Read: Dividend stocks: Oberoi Realty, 7 other shares to trade ex-dividend today

Sumeet Bagadia’s day trading stocks

1] State Bank of India or SBI: Buy at ₹647.65, target ₹680, stop loss ₹628.

SBI share price is currently positioned at a crucial juncture in its trading dynamics. With a robust support base at ₹628 levels, near its 20-day Exponential Moving Average (EMA), the stock stands resilient. Trading at approximately ₹647.65 levels, SBI share price exhibits strength by maintaining levels above key moving averages.

2] Tata Consumer: Buy at ₹1129.65, target ₹1190, stop loss ₹1095.

Tata Consumer share is currently exhibiting positive technical signals in its trading pattern. With the stock trading at ₹1129.65 levels, it’s notable that a robust support base lies near ₹1095 levels, enhancing the stock’s stability.

Ganesh Dongre’s stock of the day

3] NCC: Buy at ₹209, target ₹215, stop loss ₹203.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹215. So, holding the support level of ₹203 this stock can bounce toward the ₹215 level in the short term. Hence, the trader can go long with a stop loss of ₹203 for the target price of ₹ ₹215.

Shiju Koothupalakkal’s stocks to buy today

4] Havells India: Buy at ₹1314.60, target ₹1370, stop loss ₹1295.

The stock after witnessing a decent correction, has taken support near the long-term trendline support at ₹1280 levels and with a pullback witnessed has improved the bias anticipating further upward move. The RSI indicating a trend reversal from the oversold zone has signaled a buy and we suggest buying this stock for an upside target of ₹1370 keeping the stop loss of ₹1295.

5] NMDC: Buy at ₹225.40, target ₹236, stop loss ₹220.

The stock after a short correction witnessed has once again indicated a higher lows formation pattern on the daily chart and with a decent pullback seen has improved the bias anticipating for further rise. With the RSI currently well placed has much upside potential to carry on with the positive move and we suggest buying this stock for an upside target of ₹236 keeping the stop loss of ₹220.

Drumil Vithlani’s buy or sell stocks

6] Repco Home Finance: Buy at ₹450 to ₹452, target ₹490, stop loss ₹430.

On a Daily time frame, Repco Home Finance has given a breakout of a symmetrical triangle pattern on the upside, indicating a positive trend in the stock. With volume increasing it 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 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.

7] Jammu & Kashmir Bank: Buy at ₹139 to ₹139.10, target ₹147, stop loss ₹135.

An Ascending triangle breakout has been witnessed in the Jammu & Kashmir bank. There is a gradual increase in volume indicating buyers are interested in buying the security.

The price is trading above the short-term EMA (20) indicating an uptrend in the security. On the indicator front, The breakout in the relative strength Index (RSI) indicates that security is now in bullish mode and trading above the 60 level.

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: 02 Feb 2024, 08:26 AM IST