Day trading guide for today: On positive, strong global cues, the Indian stock market ended higher for the second consecutive session on Wednesday. The Nifty 50 index gained 121 points to close at 19,811 levels, the BSE Sensex gained 393 points to end at 66,473 points, while the Bank Nifty index added 156 points to end at 44,516 levels. On the broad market, the small-cap index rose 0.77 per cent, while the mid-cap index rose 0.55 per cent.
“Nifty remained in positive territory for second straight day amid buying in index heavyweights and closed up 122 points (+0.6%) at 19811 levels. Market sentiment was boosted after IMF raised India’s GDP growth forecast for FY24 to 6.3% from 6.1% and strong quarterly business updates from several companies. Among the sectors, the biggest gainers were Auto, FMCG and Realty, while PSU Bank and IT closed in the red,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal .
Day trading guide to the stock market today
On the outlook for the Nifty 50 today, Nagaraj Shetti, technical research analyst at HDFC Securities said, “The short-term trend for the Nifty continues to be positive. A decisive move above 19,800 levels is likely to pull the Nifty towards the next upside levels of 20,000-20,200 in the near term . Important support is located at 19,650 levels.”
Speaking on the outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, “Bank Nifty started positively but quickly lost momentum and traded flat for much of the day to close at 44,517, up 157 points. Bank Nifty is most likely to gather momentum on a successful close above 44,700 level. 44,400 level on the downside is likely to act as a strong support for the index.”
Expecting the positive momentum to continue, Siddhartha Khemka of Motilal Oswal said, “Going forward, we expect the market momentum to continue on the back of positive global cues, easing US bond yields and a strong domestic economic position. Further, with the start of Q2 results , we expect a lot of stock-specific action as well as sector rotation in the market. The IT sector will be in focus as TCS will announce its Q2FY24 post-market on Wednesday followed by Infosys and HCL Tech on Thursday.”
Smart Call Put Option Data
Speaking on Nifty Call Put Option data, Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities said, “Larger total Call open interest was seen at 19900 and 20000 strikes with total open interest of 227385 and 272326 contracts respectively. addition was seen at 19950 strike which added 113404 contracts,” added, “Major total Put open interest was seen at 19800, 19700 and 19600 strikes with total open interest of 236087, 205723 and 255896 contracts open interest addition was seen Major Put at open interest . 19800 and 19700 strikes which added 201987 and 205723 contracts respectively.”
Bank Nifty Call Put Option data
On Bank Nifty all Put Option data, Chinamy Barve said, “Major call open interest was seen at 44500, 44700 and 45000 strikes with total open interest at 107161, 54461 and 97689 contracts respectively. Major Call open interest add was seen at 44500 45000 strikes which added 60117 and 57577 contracts in open interest respectively,” adding, “Major aggregate Put open interest was seen at 44500 and 44000 strikes with aggregate open interest of 85173 and 85776 contracts respectively. Major Put open interest inflow was seen at 4500 strike which added 54549 contracts.”
Day trading with shares for today
Stock market experts talk about intraday trading in stocks today — Sumeet Bagadia, managing director at Choice Broking; Ganesh Dongre, Senior Manager – Technical Research at Anand Rathi and Mitesh Karwa, Research Analyst at Bonanza Portfolio – recommended six stocks to buy or sell today.
Sumeet Bagadia’s intraday shares for today
1]ACC: Buy at ₹2038.70, target ₹2200, stop loss ₹1955.
The ACC share price is currently trading at ₹2038.7. On the daily chart, a triangle breakout formation has emerged with strong volume and the overall cement sector is providing support to this stock. If the price manages to hold above ₹2040 level, it has the potential to target levels of ₹2200 and ₹2300 as immediate resistance. Vise versa ₹1950 acts as a crucial support level.
Additionally, ACC is currently trading above critical exponential moving averages (EMAs), including the 20-day, 50-day, 100-day and 200-day EMAs, reinforcing its bullish momentum and indicating the possibility of further upward price movements.
2]McDowell-N: Buy at ₹1050.35, measure ₹1100, stop loss ₹1015.
McDowell-N stock has bounced back from support from ₹1015 levels which was before a resistance and is also close to 20-day EMA levels. Currently, the stock is trading around ₹1050.35 levels. The stock is trading above all important moving averages that indicate strength. The RSI indicator is also trading near 59 levels, which will help the stock move higher. A small resistor is placed at ₹1075 levels, which is also a record high level for the stock. When the stock closes above the mentioned resistance level, it can move towards it ₹1100 and above.
Ganesh Dongre’s shares are to be bought today
3]Zomato: Buy at ₹109, goal ₹116, stop loss ₹104.
Zomato stock has a bullish reversal pattern, technical downgrade could be possible till ₹116. So holding the support level at 104 this stock can bounce towards ₹116 level in the short term. Therefore, the trader can go long with a stop loss ₹104 to the target price of ₹116.
4]UPL: Buy from ₹628, target ₹645, stop loss ₹618.
On the short-term chart, the stock has shown a bullish reversal pattern. Then the support level holds ₹618. This stock can jump against ₹645 level in the short term. Therefore, the trader can go long with a stop loss ₹NOK 618 to the indicative price of ₹645.
Mitesh Karwa buy or sell shares
5]JK paper: Buy at ₹398, goal ₹432, stop loss ₹378.
JK Paper is seen to break out of the bullish pattern and close in the green, which is why a buy recommendation is initiated for targets up to ₹432. You can start buying on a dip in the series of ₹398 TB ₹400 with stoploss below ₹378 on daily closing basis.
6]Ramco Cement: Buy at ₹980 TB ₹983, target ₹1040, stop loss ₹945.
Ramco Cement is seen breaking a resistance zone on the daily time frame, which buy is recommended for targets up to ₹1040. You can start a buy trade in between the row of ₹980 TB ₹983 with stoploss of ₹945 on daily closing basis.
Disclaimer: The above views and recommendations are those of individual analysts or brokerages and not of Mint. We advise investors to check with certified experts before making investment decisions.
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