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

Stock market experts believe that the Nifty 50 index is close to its crucial support placed at the 21,850 mark. They said that positive bias is still intact but confirmation is required, which can be assumed after the positive opening and the 50-stock index sustaining above the 22,000 mark. On stocks to buy today, market experts recommended nine buy or sell stocks for today — McDowell-N, Berger Paints, L&TFH, Shilpa Medicare, Suzlon Energy, Tata Elxsi, Borosil Renewables, Ramkrishna Forgings, and Rico Auto Industries.

Day trading guide for stock market today

On the outlook for the Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, “Nifty is currently placed at the support of ascending trend line around 21,850 levels. The positive chart pattern like higher tops and bottoms remains intact on the daily chart and currently Nifty is in the process of forming a new higher bottom of the sequence. Confirmation by sustainable upside bounce in the subsequent session is required to call this market action a short-term higher-bottom reversal pattern. Immediate support for Nifty today is placed at 21,850 and the next crucial overhead resistances to be watched around 22,200 to 22,300 levels.”

On the outlook for Bank Nifty today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, “Bank Nifty index also witnessed volatility with support maintained near the 45,700 zone and with a pullback seen managed to reach the 46,300 levels but failed to give a close above the 46,200 levels of the significant 50EMA zone. The overall bias for the index remains weak and would need a decisive breach above the 47,000 zone to improve the bias,” said Parekh.

On the outlook for the Indian stock market today, Rajesh Bhosale, Technical Analyst at Angel One said, “The emergence of a fresh sell signal in the RSI Smoothened indicator, along with its average line, suggests a capped upside. Traders are advised to consider lightening long positions on any rebounds. Furthermore, the resistance zone of 22,100 to 22,200 seems a stiff hurdle for Nifty today. Given the recent surge in volatility, traders should refrain from aggressive overnight positions until market stability returns.”

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 22200 and 22300 strikes with a total open interest of 67650 and 64986 contracts respectively. The strike price of 22300 saw one of the major open interest addition of 35701 contracts,” adding, “One of the major total Put open interests was seen at 21900 and 21800 strikes with a total open interest of 48083 and 60305 contracts respectively. One of the major Put open interest additions was seen at 21800 strike which added 41818 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 46000 and 46500 strikes with total open interest of 62079 and 71216 contracts respectively in open interest. The strike price of 46000 and 46500 saw some of the major addition of 18826 and 19952 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 78523 and 35359 contracts respectively. One of the major Put open interest additions was seen at 46000 strikes which added 34522 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 Drumil Vithlani, Technical Research Analyst at Bonanza Portfolio — recommended nine stocks to buy or sell today.

Sumeet Bagadia’s stock recommendations

1] McDowell-N: Buy at ₹1165.85, target ₹1220, stop loss ₹1132.

McDowell-N share price, currently trading at ₹1165.85, has consolidated within the range of ₹1050 to ₹1100 and has recently experienced a breakout, indicating a potential bullish trend. This consolidation phase was marked by a bullish candle and significant trading volume, suggesting a strong possibility of further upward movement.

2] Berger Paints: Buy at ₹606.70, target 628, stop loss ₹586.

The stock is currently trading at ₹606.7 levels. Currently stock is trading above all the important moving averages. On daily charts, the stock has formed a strong green candle which indicates bullishness in the stock. Now any dip in the stock around ₹595 levels will be a buying opportunity. A small resistance can be witnessed near ₹620 levels, and once stock crosses the mentioned level BERGEPAINT can now further move towards ₹628 levels and higher.

Ganesh Dongre’s stocks to buy today

3] L&TFH: Buy at ₹168, target ₹175, stop loss ₹163.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹175. So, holding the support level of ₹163 this stock can bounce toward the 175 level in the short term. Hence, the trader can go long with a stop loss of ₹163 for the target price of ₹175.

4] Shilpa Medicare: Buy at ₹420, target ₹445, stop loss ₹405.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹445. So, holding the support level of ₹405 this stock can bounce toward the ₹445 level in the short term. Hence, the trader can go long with a stop loss of ₹405 for the target price of ₹445.

Shiju Koothupalakkal’s day trading stocks

5] Suzlon Energy: Buy at ₹45.25, target ₹50, stop loss ₹43.

The stock after the recent slide from ₹50.60 levels has once again shown signs of bottoming out near the ₹42 zone and witnessing a decent pullback to move past the 50EMA level of ₹43.20 has improved the bias to anticipate further rise. Currently, the RSI also improving and is on the rise to indicate a trend reversal and with implied strength with the potential to carry on with the positive move further ahead. We suggest buying the stock for an initial upside target of ₹50 keeping the stop loss of ₹43.

6] Borosil Renewables: Buy at ₹538, target ₹570, stop loss ₹520.

The stock has witnessed a short period of correction from ₹604 levels, has witnessed a pullback from the ₹510 zone taking support, and moving past the 50EMA level of ₹530 has improved the bias with further rise anticipated. The chart looks attractive and with the RSI indicating improvement has scope for further upward. We suggest buying the stock for an initial target of ₹570 keeping the stop loss of ₹520 level.

7] Tata Elxsi: Buy at ₹7811, target ₹8200, stop loss ₹7620.

The stock after the decline has consolidated taking support near ₹7400 levels and indicating a pullback with a positive candle formation moving above the 200 period MA of ₹7740 level to improve 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 ₹8200 levels keeping the stop loss of ₹7620.

Drumil Vithlani’s buy or sell stocks

8] Ramkrishna Forgings: Buy at ₹782 to ₹784, target ₹825, stop loss ₹762.

Ramkrishna Forgings share is seen to be breaking out of a symmetrical pattern on the daily timeframe and making a bullish candlestick which is why a buy recommendation is initiated for targets up to ₹825. One can initiate a buy on a dip in the range of ₹782 to ₹784 with a stop loss below ₹762 on a daily closing basis. 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.

9] Rico Auto Industries: Buy at ₹103, target ₹111, stop loss ₹99.

Rico Auto Industries share is seen to be breaking out a symmetrical triangle pattern on the daily timeframe and making a bullish candlestick which is why a buy recommendation is initiated for targets up to ₹111. One can initiate a buy-on dip in the range of ₹103 to ₹104 with a stop loss below ₹99 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: 01 Mar 2024, 08:15 AM IST