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

“Nifty opened lower but soon made a gradual recovery to close with gains of 76 points at 22198 levels. Broader market traded mix with Nifty midcap 100 down -0.1% while Nifty Smallcap 100 up +0.3%. Sector-wise it was a mixed bag with buying seen in Realty, Consumer Durables, Auto, IT, and Healthcare. Railway stocks were in momentum for the second consecutive session after the government announced rail infra projects worth around Rs.41,000 crore on Feb 26. Defensive sectors like IT and Pharma were in momentum with key gainers in large caps like TCS, Sun Pharma, and Cipla. Also, strength was visible in select large caps like L&T, Tata Motors, and HDFC Life providing support to the overall market. Domestic Equities are consolidating in a range with every dip being bought showing strength at lower levels. Overall we expect the market to trade in range with positive bias. Globally investors would watch out for US & Europe Consumer Confidence Data,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

Day trading guide for stock market today

On the outlook for the Nifty 50 today, Rupak De, Senior Technical Analyst, LKP Securities, said, “The Nifty has formed a bullish engulfing pattern after two days of weakness. Additionally, the trend remains positive as the index has consistently stayed above the near-term moving average. Overall, the bulls may continue to exert control as the index has closed above the previous consolidation high. A decisive move above 22,200 might propel the index for a decent rally towards 22,400 in the near term. Support on the lower end is situated at 22,000.”

On the outlook for the Bank Nifty today, Rupak De of LKP Securities further said, “The Bank Nifty has undergone a correction from its recent peak, reaching the 21-day Exponential Moving Average (21EMA) on the daily timeframe, where it has encountered immediate support. The battle between the bulls and bears may persist for a few more days or until a decisive breakout from the range of 46,500-47,000 on a closing basis. A significant decline below 46,500 could lead the index towards 45,500 in the short term. Conversely, a sustained trade above 47,000 might propel the index towards 47,700.”

On the outlook for the Indian stock market today, Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said, “Markets rebounded from 2-session losses as selective buying in frontline stocks aided recovery from early weakness. There is no major trigger and investors are taking cues from global markets. Buying in IT, auto and realty shares boosted gains of key indices, while sharp fall in oil & gas and financial stocks kept gains under check. As we approach F&O expiry day on Thursday, volatility will begin to kick-in as traders will rollover their positions to next expiry day. Technically, the Nifty has support at 22001-21839 while the index faces resistance at 22351 and 22501 levels.”

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 22300 and 22500 strikes with total open interest of 152035 and 162641 contracts respectively. Strike price of 22500 saw one of the major open interest addition of 26649 contracts,” adding, “one of the major total Put open interests was seen at 22100 and 22000 strikes with total open interest of 125102 and 185181 contracts respectively. One of the major Put open interest addition was seen at 22000 strike which added 52522 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 46700 and 47000 strikes with total open interest of 106604 and 270015 contracts respectively in open interest. Strike price of 46500 saw one of the major addition of 73243 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 182017 and 134763 contracts respectively. One of the major Put open interest addition was seen at 46500 strike which added 51727 contracts in open interest.”

Bulk Deal Data

CMS Info Systems: Sion Investment Holdings PTE, the promoter of CMS Info Systems, sold its entire stake in the company. It offloaded 4,17,71,975 shares or a 26.69% stake at ₹370.38 per share, bulk deal data on BSE showed.

Societe Generale, ICICI Prudential Mutual Fund, Morgan Stanley Asia Singapore PTE, IIFL Securities, Think India Opportunities Master Fund LP, AIG Global Investment Corporation, Abu Dhabi Investment Authority-WAY, Kotak Small Cap fund, Nomura Funds Ireland Public Ltd. among others bought CMS Info Systems shares.

ICICI Lombard General Insurance Company: Bharti Enterprises sold 62,50,900 shares of ICICI Lombard General Insurance Company, representing a 1.26% stake, for ₹1,666.35 per share. ICICI Bank bought 69,82,852 shares at the same price in ICICI Lombard.

AVG Logistics: Arnold Holdings offloaded 73,736 shares of AVG Logistics at an average price of ₹628.46.

BGR Energy Systems: Promoter of BGR Energy Systems, Sasikala Raghupathy sold 50,76,571 equity shares, or 7.03% stake, of the company at ₹64.95 per share.

Sapphire Foods India: Wellington Trust company sold 3,25,298 shares, representing 0.51% stake, in Sapphire Foods India at ₹1497.08 per share.

Senco Gold: Saif Partners India IV sold 6,00,000 shares, or 0.77%, stake in Senco Gold at an average price of ₹875.08.

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 — recommends nine stocks to buy or sell today.

Sumeet Bagadia’s stock recommendations

1] Larsen and Toubro Ltd: Buy at ₹3506, target ₹3730, stop loss ₹3400

The stock is presently trading at 3506.45 levels and has found substantial support around 3400, closely aligned with its 20-day and 50-day Exponential Moving Average (EMA) levels. The recent robust bounce from this support suggests a bullish stance for LT. The potential for further upward movement, potentially reaching new all-time highs, is underlined by the stock’s resilience at key support levels.

The Relative Strength Index (RSI) indicator is a testament to the stock’s strength, comfortably trading at 58.09 levels. Additionally, LT is trading above all significant moving averages, reinforcing its positive technical position.

A breakthrough above the resistance at 3550 could catalyze a strong upward movement, approaching the all-time high levels of 3730 and beyond. This analysis suggests a favorable outlook for LT, supported by technical indicators pointing towards potential bullish momentum in the upcoming sessions.

Based on the above technical analysis we recommend buying LT at CMP of 3506.45 for a short to medium term outlook with a stop loss of 3400 for targets of 3730.

2] CESC: Buy at ₹130.50, target ₹137, stop loss ₹127.50

CESC, currently trading at ₹130.50, is consolidating within the range of ₹126 and ₹132, exhibiting a potential bullish trend. This consolidation phase, characterized by a bullish candle and notable trading volume, suggests a strong possibility of further upward movement.

Additionally, CESC is trading above key Exponential Moving Averages (EMAs), including the 50-day, 100-day, and 200-day EMAs. This indicates a robust bullish momentum, implying a sustained upward price trend. The Relative Strength Index (RSI) at 47.50 further supports this notion, showing an upward trajectory and heightened buying momentum.

For investors looking to enter the market, buying CESC at ₹130.50 is recommended. To manage risk effectively, setting a stop-loss (SL) at ₹127.50 is advisable. This SL level acts as a protective measure, shielding against potential losses in the event of an unforeseen market reversal.

In conclusion, CESC presents an appealing buying opportunity, with a target price of ₹137. However, investors should exercise caution and implement risk management strategies, such as setting a stop-loss, to protect their investments.

Ganesh Dongre’s stocks to buy today

3] DLF: Buy at ₹916, target ₹935, stop loss ₹900

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till 935 so, holding the support level of 900 this stock can bounce toward the 935 level in the short term, so the trader can go long with a stop loss of 900 for the target price of 935.

4] GAIL: Buy at ₹180, target ₹190, stop loss ₹175

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till 190 so, holding the support level of 175 this stock can bounce toward the 190 level in the short term, so the trader can go long with a stop loss of 175 for the target price of 190.

Shiju Koothupalakkal’s day trading stocks

5] Zensar Tech: Buy at ₹545, target ₹570, stop loss ₹535

The stock after slipping down from 644 levels has consolidated near 530 zone for quite some time and currently has indicated a positive candle formation on the daily chart to improve the bias with just moving above the important 100 period MA of 544 level. With the RSI getting better and signalling a buy, we suggest to buy the stock for an initial upside target of 570 keeping the stop loss of 535.

6] BSE Ltd: Buy at ₹2396, target ₹2510, stop loss ₹2320

The stock after a decent correction from 2600 zone has bottomed out taking support near the important 100 period MA zone of 2160 and with a positive candle formation on the daily chart has improved the bias to anticipate for further rise. With the RSI improving and is on the rise, we suggest to buy the stock for an initial upside target of 2510 level keeping the stop loss of 2320.

7] Indusind Bank Ltd: Buy at ₹1493, target ₹1560, stop loss ₹1455

The stock after the steep decline witnessed has bottomed near 1430 zone and currently with a positive candle formation visible on the daily chart, there is improvement in the bias and with the RSI on the rise has signalled a buy. With the chart looking attractive, we suggest to buy the stock for an initial target of 1560 levels keeping the stop loss of 1455.

Mitesh Karwa’s buy or sell stocks

8] Railtel Corporation of India Ltd: Buy at ₹468-470, target ₹515, stop loss ₹440

RAILTEL is seen to be breaking out of a resistance zone on the daily timeframe and making a bullish candlestick which is why a buy recommendation is initiated for targets upto Rs.515. One can initiate buy on dip in the range of 468-470 with stoploss below 515 on daily closing basis.

9] Tata Motors: Buy at ₹960-962, target ₹1000, stop loss ₹942

TATAMOTORS is seen to be breaking out of a resistance zone on the daily timeframe and making a bullish candlestick which is why a buy recommendation is initiated for targets upto Rs.1000. One can initiate buy on dip in the range of 960-962 with stoploss below 942 on 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: 28 Feb 2024, 06:21 AM IST