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

“Nifty made a smart recovery in the last hour of the session to close with handsome gains of 118 points (+0.5%) at 22474 levels. Domestic equities made a comeback after a minor pause and continued to make new highs. Nifty is now 10 points away from crossing the 22500 mark. Positive up-move was supported by buying in Banking, IT, Healthcare, and Auto. Broader market however continued to witness selling with Nifty Midcap 100 down -0.5% and Nifty Smallcap 100 down -2%. Sectorial rotation was seen in the market with Private Banks gaining momentum and supporting the index. NBFC came under pressure after RBI’s disciplinary action against IIFL and JM Financials,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal.

Stock market today

On the outlook for the Nifty 50 today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, “The Nifty 50 index has finally entered a new zone above its previous all-time high and moving ahead a close near the 22,500 zone would further establish stability with an improved overall trend and would open the gates for the 22,700 to 23,000 levels.”

On the outlook for the Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities Bank Nifty remained strong, continuing the prior day’s rally and closed with a gain of 0.81% to close at 47,965. uptick. RSI at 65 signalled ongoing positive momentum. The Index holds above key moving averages, driven by the upward trajectory of both private banking and PSU stocks. Immediate support rests at 47,400, while resistance stands at an all-time high of 48,636.45.”

On the outlook for the Indian stock market today, Vaishali Parekh of Prabhudas Lilladher said, “With the overall sentiment and bias remaining positive and NIFTY IT stocks participating actively, we anticipate a further upward move.”

Nifty Call Put option data

Speaking on the Nifty Call Put option data, Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities said, “One of the major total Call open interest was seen at 22700 and 22800 strikes with total open interest of 148993 and 172232 contracts respectively. Strike price of 22800 Call saw one of the major open interest addition of 53288 contracts,” adding, “One of the major total Put open interests was seen at 22300 and 22200 strikes with total open interest of 200791 and 170914 contracts respectively. Strike price of 22300 Put saw one of the major addition in open interest where it added 102711 contracts.”

Bank Nifty Call Put option data

On the outlook for the Bank Nifty Call Put option data, Chinmay Barve said, “One of the major total Call open interest was seen at 48000 and 49000 strikes with total open interest of 118547 and 71674 contracts respectively in open interest. Strike price of 48000 Call saw some of the major addition of 85634 contracts in open interest,” adding, “One of the major total Put open interest was seen at 48000 and 47500 strike with total open interest of 100060 and 82139 contracts. One of the major Put open interest addition was seen at 48000 strike which added 86725 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; and Kunal Kamble, Senior Technical Analyst at Bonanza Portfolio — recommended six stocks to buy or sell today.

Sumeet Bagadia’s stocks to buy today

1] Tata Chemicals: Buy at ₹1178.45, target ₹1234, stop loss ₹1143.

Tata Chemicals’ daily chart analysis reveals a notable shift in market dynamics, transitioning from a period of minor declines and sideways consolidation to a promising upside bounce. The current trading session reflects a up move, potentially signalling an upside breakout from a narrow range momentum. This development aligns with a positive short-term trend, further reinforced by a surge in trading volume.

2] Pidilite Industries: Buy at ₹2831.55, target ₹2888, stop loss ₹2790.

Pidilite Industries share has recently exhibited a robust breakout from the critical resistance zone of ₹2795 to ₹2800 on the daily chart. This breakout is supported by a notable increase in trading volume, indicating strong bullish sentiment.

Ganesh Dongre’s day trading stocks

3] Shilpa Medicare: Buy at ₹402, target ₹435, stop loss ₹385.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹435. So, holding the support level of ₹385 this stock can bounce toward the level ₹435 in the short term. Hence, the trader can go long with a stop loss of ₹385 for the target price of ₹435.

4] CG Power: Buy at ₹470, target ₹495, stop loss ₹455.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹495. So, holding the support level of ₹455 this stock can bounce toward the ₹495 level in the short term. Hence, the trader can go long with a stop loss of ₹455 for the target price of ₹495.

Kunal Kamble’s buy or sell stocks

5] NATCO Pharma: Buy at ₹1017 to ₹1019, target ₹1229, stop loss ₹923.

NatcoPharma had given a breakout of the Supply zone on 16th Feb 24 which was followed by an upward move towards ₹1108 level and next day a throwback was witnessed leading towards the supply zone. Buyers have been active near the Supply zone which will act as a strong support in coming trading session. A spurt in volume during the breakout followed by low volume during the throwback and increase in volume near the supply zone indicate an uptrend in the security. The price has taken support of Fast (21) EMA which is acting as a support for the stock, and price trading above both the Fast and Slow EMA indicates uptrend. On the momentum front RSI is trading in higher range which suggest an uptrend in the security. On the Directional Front DI+ is trading above DI- which indicates uptrend in the security, whereas ADX trading above DI- indicates strength in the move.

6] TCS: Buy at ₹4064 to ₹4066, target ₹4156, stop loss ₹3946.

TCS share price had given a breakout of the Rising Wedge Pattern on 15th Dec 23 which was followed by an upward move towards 4148.75 level and next day a throwback was witnessed leading towards the Fast EMA. Buyers have been active near the EMA which will act as a strong support in coming trading session. A spurt in volume during the breakout followed by low volume during the throwback and increase in volume near the EMA indicate an uptrend in the security. The price has taken support of Fast (21) EMA which is acting as a support for the stock, and price trading above both the Fast and Slow EMA indicates uptrend. On the momentum front RSI is trading in higher range which suggest an uptrend in the security.

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: 07 Mar 2024, 08:59 AM IST