Indian stock market today: Day trading guide for Nifty 50 to Sensex; eight stocks to buy or sell today

Stock market experts believe that Dalal Street’s mood has turned cautious after the Nifty 50 index breached below the 22,000 level decisively. On stocks to buy today, experts recommended eight buy or sell stocks for today and those day trading stocks are Rainbow, HUL, Birlasoft, ICICI Bank, Dreamfolks Services, Max Financial Services, Havells India, and KEC International.

Day trading guide for Indian stock market today

On the outlook for the Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, “Positive chart pattern like higher tops and bottoms is intact and present weakness could be in line with the new higher bottom of the pattern. The next crucial lower levels to be watched are around 21800 and 21700 levels (ascending trend line and 10-week EMA). Nifty has bounced up from near these levels in the past, but a slide below 21700 could open a sharp fall in the near term. Immediate resistance is placed around 22150-22200 levels.”

Speaking on the outlook for the Bank Nifty today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, “Bank Nifty also witnessed heavy profit booking to indicate a big bearish candle further weakening the bias moving below the significant 50EMA zone of 46,200 level. The index has turned the bias weak and has got the next major support near the important 200 period MA of 45,000 levels.”

On the outlook for the Indian stock market today, Rajesh Bhosale, Technical Analyst at Angel One said, “There’s a proximity to breaking below a rising wedge formation, coupled with a fresh sell signal in the RSI Smoothened, indicating potential further weakness in the near term. With monthly expiry session, upside potential appears limited, and any rebounds likely to encounter selling pressure.”

Nifty Call Put Option data

Speaking on the Nifty Call Put Options data, Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities said, “One of the major total Call open interest was seen at 22000, 22100 and 22200 strikes with total open interest of 209590, 222494 and 325888 contracts respectively. The strike price of 22200 saw one of the major open interest addition of 176883 contracts,” adding, “One of the major total Put open interests was seen at 21900 and 21800 strikes with a total open interest of 90652 and 118280 contracts respectively. One of the major Put open interest additions was seen at 21800 strikes which added 18330 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 46000 and 46500 strikes with total open interest of 166355 and 260245 contracts respectively in open interest. The strike price of 46000 and 46200 saw some of the major addition of 138251 and 118494 contracts respectively in open interest,” adding, “One of the major total Put open interest was seen at 46000 and 45500 strikes with a total open interest of 131298 and 133149 contracts respectively. One of the major Put open interest additions was seen at 45800 strikes which added 15580 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 Kunal Kamble, Senior Technical Analyst at Bonanza Portfolio — recommended eight stocks to buy or sell today.

Sumeet Bagadia’s stock recommendations

1] Rainbow: Buy at ₹1429.2, target ₹1529, stop loss ₹1385.

RAINBOW share price is currently trading at ₹1429.2. After a period of small falls and sideways consolidation, the stock has lately broken the neckline levels of ₹1333 and is rising quickly on the upside with substantial volume. There are expectations of further upward movement, potentially reaching ₹1529 levels. On the downside, substantial support is evident near ₹1385.

2] Hindustan Unilever Ltd or HUL: Buy at ₹2421.55, target ₹2510, stop loss ₹2375.

HUL share price has demonstrated resilience, rebounding from the support level at ₹2375, and is currently trading at approximately ₹2421.55, surpassing its 20-day Exponential Moving Average (EMA). The momentum indicator, Relative Strength Index (RSI), currently at 48.21, is on an upward trajectory, indicating strengthening momentum.

Ganesh Dongre’s day trading stocks

3] Birlasoft: Buy at ₹765, target ₹795, stop loss ₹752.

In the short-term trend, Birlasoft share price has a bullish reversal pattern, technically retrenchment could be possible till ₹795. So, holding the support level of ₹752 this stock can bounce toward the ₹935 level in the short term. Hence, the trader can go long with a stop loss of ₹752 for the target price of ₹795.

4] ICICI Bank: Buy at ₹1050, target ₹1090, stop loss ₹1030.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹1090. So, holding the support level of ₹1030 this stock can bounce toward the ₹1090 level in the short term. Hence, the trader can go long with a stop loss of ₹1030 for the target price of ₹1090.

Shiju Koothupalakkal’s stocks to buy today

5] Dreamfolks Services: Buy at ₹508, target ₹540, stop loss ₹495.

The stock currently, has indicated a big candle formation on the daily chart with huge volume participation to improve the bias and anticipate for further rise in the coming days. With the RSI picking up well from the oversold zone has signalled a buy with trend reversal indication. We suggest buying the stock for an initial target of ₹540 keeping the stop loss of ₹495 level.

6] Max Financial Services: Buy at ₹964, target ₹1010, stop loss ₹938.

The stock after the decline has taken support near ₹913 levels, indicating a pullback to form a higher low pattern on the daily chart. Two series of bullish candle formations to move past the confluence of 50EMA and 100 periods MA at the ₹942 zone have improved the bias and with the RSI on the rise and indicating strength has triggered a buy signal. We suggest buying the stock for an initial target of ₹1010 levels keeping the stop loss of ₹938.

Kunal Kamble’s buy or sell stocks

7] Havells India: Buy at ₹1530 to ₹1535, target ₹1665, stop loss ₹1469.

Classical Technical Rising Wedge Pattern is forming on a Daily time frame in Havells India. The proper Factual nature of short-term pattern examples can be witnessed. The security is trading above the Fast EMA (50) indicating an upward move, whereas the Fast (50) and Slow EMA is still trending upward which also indicates an uptrend.

On the volume front, the rise in volume during the breakout is indicating buyers are keen to buy the security at the current level. On the momentum front RSI is trading in a higher range which indicates the uptrend.

8] KEC International: Buy at ₹725 to ₹727, target ₹777, stop loss ₹700.

KEC International share has regained strength after a throwback and closed near the high indicating strength in the upward move. The increase in volume suggests that the buyers are interested in buying the security at the current rate. Price is trading above Fast (50) and Slow (200) EMA indicating a bullish trend in the security. On the momentum front RSI is trading in a higher range which indicates an upward move in the security. On the Directional front, DI+ is trading above DI- which indicates uptrend whereas ADX trading above the DI’s indicates strength in the move.

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: 29 Feb 2024, 08:54 AM IST