Stock market today: Day trading guide for Nifty to Sensex; six stocks to buy or sell on Friday

Day trading guide for stock market today

On the outlook for Nifty today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, “A sustainable upside bounce of Thursday could be a cheering factor for bulls to make a comeback. But a strong follow-through upside move from here could pull Nifty towards the hurdle of 22,450 to 22,500 levels. Any failure could open another round of weakness from the lower highs.”

On the outlook for the Bank Nifty today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, “The Bank Nifty index also halted the slide near the significant 50EMA level of 46,600 zones and remained sluggish failing to sustain above the 47,000 levels during the intraday session. A decisive move past 47,300 levels is necessary to improve the bias to some extent and thereafter, anticipate further rise.”

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, “The major total Call open interest was seen at 22400 and 22500 strikes with a total open interest of 47698 and 54271 contracts respectively. The strike price of 22600 Call saw one of the major open interest addition of 26404 contracts,” adding, “The major total Put open interests was seen at 22000 strikes with a total open interest of 75650 contracts. The strike price of 22000 Put saw one of the major additions in open interest where it added 40969 contracts.”

Bank Nifty Call Put Option data

On the Bank Nifty Call Put Options data, Chinmay Barve of Profitmart Securities said, “One of the major total Call open interest was seen at 47000 and 47500 strikes with total open interest of 151682 and 113326 contracts respectively in open interest. The strike price of 47000 Call saw the addition of 77441 contracts in open interest,” adding, “The major total Put open interest was seen at 46500 and 46000 strikes with a total open interest of 68072 and 58820 contracts respectively. One of the major Put open interest additions was seen at 46500 strike which added 33143 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 Drumil Vithlani, Research Analyst at Bonanza Portfolio — recommended six stocks to buy or sell on Friday.

Sumeet Bagadia’s stocks to buy today

1] Tech Mahindra: Buy at ₹1293.55, target ₹1365, stop loss ₹1250.

Tech Mahindra share, a prominent player in the technology sector, has exhibited resilience by rebounding from the critical support level of ₹1255, showcasing its underlying strength. Currently trading at ₹1293.55, the stock’s positioning just above its short-term 20-day and medium-term 50-day EMA levels signals optimism among investors. With a modest resistance observed at ₹1310 levels, a sustained breakthrough above this level could trigger further upward momentum, potentially unlocking new opportunities for market participants.

2] Zydus Lifesciences: Buy at ₹995.30, target ₹1054, stop loss ₹967.05.

Zydus Lifesciences share is currently priced at ₹995.30 and has recently formed a bullish engulfing candlestick pattern, accompanied by increasing volume. This pattern suggests a strong interest from buyers in the stock.

Ganesh Dongre’s day trading stocks

3] Tata Consultancy Services or TCS: Buy at ₹4209, target ₹4260, stop loss ₹4160.

TCS share price has a bullish reversal pattern, technically retrenchment could be possible till ₹4260. So, holding the support level of ₹4160, TCS share price can bounce toward the level of ₹4260 in the short term. Hence, the trader can go long with a stop loss of ₹4160 for the target price of ₹4260.

4] Wipro: Buy at ₹518, target ₹530, stop loss ₹505.

Wipro share price has a bullish reversal pattern, technically retrenchment could be possible till ₹530. So, holding the support level of ₹505, Wipro shares can bounce toward the level of ₹530 in the short term. Hence, the trader can go long with a stop loss of ₹505 for the target price of ₹530.

Drumil Vithlani’s buy or sell stocks

5] Cigniti Technologies: Buy at ₹1205 to ₹1207, target ₹1250, stop loss ₹1180.

Cigniti Technology share is seen to be breaking out a Rectangle pattern on the daily timeframe and making a bullish candlestick which is why a buy recommendation is initiated for targets up to ₹1845. One can initiate buying on a dip in the range of ₹1791 to ₹1793 with a stop loss below ₹1765 on a daily closing basis.

6] HEG: Buy at ₹1813 to ₹1815, target ₹1860, stop loss ₹1775.

HEG share is seen to be breaking out a Rectangle pattern on the daily timeframe and making a bullish candlestick which is why a buy recommendation is initiated for targets up to ₹1860. One can initiate a buy-on dip in the range of ₹1813 to ₹1815 with a stop loss below ₹1775 on a daily closing basis.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!

Published: 15 Mar 2024, 08:28 AM IST