Day trading guide for stock market today
On the outlook for the Nifty 50 index, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, “Further upside from current levels could pull the Nifty 50 index towards the crucial overhead resistance around 22,150 to 22,200 levels in the short term. Any decline from here could drag Nifty down to 21,700 levels again in the near term.”
On the outlook for the BSE Sensex today, Shiju Koothupalakkal, Technical Analyst at Prabhudas Lilladher said, “The Indian markets gained significantly today. From the low made near 71,675 zone in the previous session, the Sensex managed to move past the important 50-EMA level of 72,200 zone and breached the 72,500 levels intraday. Sensex gained 515 points and sentiment has improved along with a positive bias, so a further rise can be anticipated.”
Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — March 22
Speaking on the outlook for the Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities said, “RSI is slowly gearing up and marked to end near 50 levels, indicating there is enough headroom available for further rally. Bank Nifty was supported by the participation of both Private and PSU banking stocks together, which had seen decent sell-off in past trading sessions. The index has immediate support at 46,300 and faces resistance around 47,300 levels.”
Asked about the outlook of the Indian stock market today, Siddhartha Khemka, Head – Retail Research, Motilal Oswal said, “We expect market recovery to sustain over the next few days. Large caps are better placed in terms of valuation comfort and growth visibility. However, volatility in the broader market cannot be ruled out.”
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 Mitesh Karwa, Research Analyst at Bonanza Portfolio — recommended nine buy or sell stocks for today.
Sumeet Bagadia’s stocks to buy today
1] Tube Investments of India: Buy at ₹3707, target ₹3920, stop loss ₹3600.
Tube India share is currently priced at ₹3707.10 and is exhibiting a triple bottom pattern, indicating a potential uptrend. This pattern is reinforced by a bullish candle accompanied by increasing volume, suggesting heightened buying interest.
2] Godrej Consumer Products: Buy at ₹1231.65, target ₹1310, stop loss ₹1185.
Godrej Consumer Products Limited (GODREJCP) appears to have exhibited a notable resurgence in its stock price. It recently rebounded from a support level at 1185 and is presently trading at around 1231.65. The fact that the stock is trading above all the important Exponential Moving Averages (EMA) suggests that there’s significant strength.
Ganesh Dongre’s day trading stocks
3] Bata India: Buy at ₹1385, target ₹1425, stop loss ₹1365.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹1425. So, holding the support level of ₹1365 this stock can bounce toward the level 1425 in the short term. Hence, the trader can go long with a stop loss of ₹1365 for the target price of ₹1425.
4] NALCO: Buy at ₹146, target ₹152, stop loss ₹142.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹152. So, holding the support level of ₹142 this stock can bounce toward the level ₹152 in the short term. Hence, the trader can go long with a stop loss of ₹142 for the target price of ₹152.
Shiju Koothupalakkal’s buy or sell stocks
5] Hindustan Petroleum Corp Ltd or HPCL: Buy at ₹472, target ₹500, stop loss ₹455.
The stock has corrected quite decently from the peak zone of ₹595 levels and has shown signs of bottoming out near ₹443 zone with a pullback witnessed to improve the bias. The RSI has almost flattened out after the slide with currently indicating a trend reversal to signal a buy and has much upside potential visible from current rate. We suggest to buy the stock for an initial target of ₹500 keeping the strict stop loss of ₹455.
6] Samvardhan Motherson: Buy at ₹115, target ₹122, stop loss ₹112.
The stock after the short period of consolidation has regained strength moving past the important 50EMA level of ₹113 zone with a positive candle formation on the daily chart and further rise is anticipated. With the RSI also getting better to signal a buy, we suggest to buy the stock for an initial target of ₹122 keeping the strict stop loss of ₹112 level.
7] Himatsingka Seide: Buy at ₹123, target ₹130, stop loss ₹119.
The stock after the decent correction witnessed has consolidated with the support maintained near 117 levels. Currently, with a pullback witnessed has slightly improved the bias with the RI also indicating a trend reversal, we suggest to buy the stock for an initial target of ₹1302 keeping the strict stop loss of ₹119 level.
Mitesh Karwa’s shares to buy today
8] ABB India: Buy at ₹5860 to ₹5864, target ₹5960, stop loss ₹5798.
ABB is seen to be breaking out of a range on the daily timeframe and making a bullish candlestick which is why a buy recommendation is initiated for targets upto ₹5960. One can initiate buy on dip in the range of ₹5860 to ₹5864 with stoploss below ₹5798 on daily closing basis.
9] LT Foods: Buy at ₹188 to ₹189, target ₹200, stop loss ₹183.
LT Foods is seen to be breaking out of a downwards sloping trendline on the daily timeframe and making a bullish candlestick which is why a buy recommendation is initiated for targets upto ₹200. One can initiate buy on dip in the range of ₹188 to ₹189 with stoploss below ₹183 on 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: 22 Mar 2024, 08:03 AM IST