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

Day trading guide for stock market today

On the outlook for the Nifty 50 today, Rajesh Bhosale, Equity Technical Analyst at Angel One said, “The benchmark index Nifty has been oscillating within a range defined by the 20 and 50-day EMA since last week. A breakout from this range will likely dictate the next directional move. As of now, with no major traction, prices are expected to remain within this range. Consequently, it is advisable to adopt a cautious approach, focusing on buying on dips and exiting long positions on rallies while the range persists. Immediate support levels are seen at 21,900 to 21,850, while 21,700 is a key support level. On the upside, resistance is anticipated around 22,200 to 22,250.”

On the outlook for the Bank Nifty today, Om Mehra, Technical Analyst, SAMCO Securities said, “`The Bank Nifty concluded the session at 46,600.20, marking a 0.56% decline. The Bank Nifty remained weaker throughout the day, failing to hold up above the 20-day Exponential Moving Average (EMA). Both PSU and private banking stocks did not support the Index adequately. The 50-day Daily Moving Average (DMA) placed around 47,000 levels will act as formidable resistance for the next trading session. The support for Bank Nifty remains at 46,300 and a breach below this level could potentially trigger further weakness towards the 46,000 mark.”

On triggers that may dictate the Indian stock market today, Siddhartha Khemka, Head of Retail Research at Motilal Oswal said, “We expect the market to consolidate in a broader range, however, buying in a broader market before the financial year end cannot be ruled out. Investors would watch for US Consumer confidence data to be released late today.”

Sharing intraday trading tips for Wednesday, Rajesh Bhosale of Angel One said, “Traders should also monitor global cues, as they could serve as catalysts for the next market movement. While opportunities in the mid-cap space appear promising, traders should exercise selectivity and refrain from aggressive overnight positions ahead of one more long weekend.”

Buy or sell stock ideas by experts

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 Virat Jagad, Technical Analyst at Bonanza Portfolio — recommended nine buy or sell stocks for today.

Sumeet Bagadia’s stock recommendations

1] Larsen & Turbo or LT: Buy at ₹3670, target ₹3900, stop loss ₹3550.

LT share price is presently trading at ₹3670.10 levels and has found substantial support around ₹3550, closely aligned with its 20-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.

2] Finolex Industries: Buy at ₹244.75, target ₹261, stop loss ₹237.50.

Finolex Industries share, currently trading at ₹244.75, has formed a cup-and-handle pattern on the hourly chart and has also experienced a breakout, indicating bullish momentum. This pattern is supported by a bullish candle and increasing volume, suggesting strong buying interest in FINPIPE.

Ganesh Dongre’s stocks to buy today

3] Bharti Airtel: Buy at ₹1212, target ₹1245, stop loss ₹1190.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹1245. So, holding the support level of ₹1190 this stock can bounce toward the level ₹1245 in the short term. Hence, the trader can go long with a stop loss of ₹1190 for the target price of ₹1245.

4] Amber Enterprises: Buy at ₹3620, target ₹3750, stop loss ₹3570.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹3750. So, holding the support level of ₹3570 this stock can bounce toward the level of ₹3750 in the short term. Hence, the trader can go long with a stop loss of ₹3570 for the target price of ₹3750.

Shiju Koothupalakkal’s day trading stocks

5] TVS Motor: Buy at ₹2082, target ₹2200, stop loss ₹2025.

The stock has corrected quite well for the short-term time frame consolidating near the ₹2000 to ₹2020 levels and with a positive candle formation just moving past the significant 50EMA level of ₹2080 has improved the bias and further rise is anticipated. With the RSI flattened out after the slide and indicating a trend reversal to signal a buy, has much upside potential visible from the current rate. We suggest buying the stock for an initial target of ₹2200 keeping the strict stop loss of ₹2025.

6] IRFC: Buy at ₹145.70, target ₹157, stop loss ₹139.

The stock has witnessed a gradual slide in the last 2 months currently indicating a decent pullback to move above the significant 50EMA level of ₹139 with improvement in the bias and expecting further rise in the coming days. The RSI is also on the rise, getting better to signal a buy and we suggest buying the stock for an initial target of ₹157 keeping the strict stop loss of ₹139 level.

7] Bharat Dynamics: Buy at ₹1729, target ₹1850, stop loss ₹1680.

The stock has been in consolidation for quite some time and after an indication of the double bottom formation near the ₹1550 zone, a decent pullback to move past the important 50EMA level of ₹1690 has improved the bias and can expect further upward move in the coming days. The RSI also indicating improvement has signaled a buy and we suggest buying the stock for an initial target of ₹1850 keeping the strict stop loss of ₹1680 level.

Virat Jagad’s shares to buy today

8] EIH: Buy at ₹443 to ₹445, target ₹470, stop loss ₹430.

On a Daily time, frame EIH Ltd. has given a breakout of a Rectangle Pattern on the upside, indicating a positive trend in the stock. The volume after the breakout is high, suggesting demand for security. Buyers have to look more attractive to buy the security above ₹430 levels. The volume increase on the day of the breakout indicates that buyers are active in the market. In the momentum area, RSI is trading in a wider range which indicates that it’s an upward trend. On the directional front, DI+ is trading above DI- indicating a positive trend, and ADX trades above the 20 mark indicating strength in movement.

9] Zydus Lifesciences: Buy at ₹1015 to ₹1020, target ₹1050, stop loss ₹1000.

On a Daily time, frame Zydus Lifesciences Ltd formed a Flag and pole pattern. Usually, the flag and pole are a continuous pattern. In the current formation, the security has formed a bullish price action indicating buyers have been keen to buy the securities and are expecting the stock to move higher. On the EMA front, the prices are trading above major EMA’s which indicates a positive trend. The Slow EMA (50) is following the trend and trending upward which indicates a positive trend. The DMI+ is positioned above DMI-, confirming the presence of a positive trend, while the ADX trading above DMI- reflects the underlying strength in the ongoing 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: 27 Mar 2024, 08:38 AM IST