“Domestic equities saw some buying interested boosted by impressive corporates earnings and increasing hope that US Fed might keep interest rate on hold in its upcoming meeting on 1st November. Nifty opened lower but soon regained strength and closed with gains of 94 points (+0.5%) at 19141. Majority of the sectors ended in green with buying seen in Realty, Oil & Gas, Banking and Financials,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal.
Day trading guide for stock market today
On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short-term trend of Nifty continues to be positive with range bound action. The present upside bounce is expected to continue for the short term. The immediate hurdles to be watched around 19,250 and next 19450 levels in the near term. Immediate support for Nifty today is placed at 19,050 levels.”
Buy or sell: Vaishali Parekh recommends three stocks to buy today — October 31
On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, “Bank Nifty has formed a hammer like candle on the daily chart. The option activity at 43,100 is going to be key for the Index as both the writers were seen battling it out to dethrone the other. A close above 43,100 can lead to initiation of fresh longs which can take the Index until 43,800 levels.”
Stocks to Watch: TVS Motors, Marico, Tata Motors, Blue Star, BHEL
Unveiling intraday trading strategy, Siddhartha Khemka of Motilal Oswal said, “In the near term, we expect markets to consolidate as investors await interest rate decisions from major central banks including Bank of Japan, Bank of England and US Federal Reserve this week, looking for guidance about future interest rate decisions. Stock specific action is likely to continue in the market with ongoing result season.”
Nifty Call Put Option data
Speaking on Nifty Call Put Option data, Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities said, “Major total Call open interest was seen at 19200, 19300 and 19400 strikes with total open interest of 110696, 96230 and 102699 contracts respectively. Major Call open interest addition was seen at 19300 strike which added 18279 contracts in open interest,” adding, “Major total Put open interest was seen at 19100, 19000 and 18900 strikes with total open interest of 118757, 201617 and 103108 contracts respectively. Major Put open interest addition was seen at 19000 strike which added 93359 contracts in open interest.”
Bank Nifty Call Put Option data
Speaking on Bank Nifty Call Put Option data, Chinmay Barve of Profitmart Securities said, “Major total Call open interest was seen at 43200 and 43500 strikes with total open interest of 144813 and 175610 contracts respectively. Major Call open interest addition was seen at 43200 strike which added 62371 contracts in open interest,” adding, “Major total Put open interest was seen at 43000, 42800 and 42700 strikes with total open interest of 182455, 146521 and 140909 contracts respectively. Major Put open interest addition was seen at 43000 and 42500 strikes which added 133652 and 93216 contracts respectively.”
Day trading stocks for today
On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Kunal Kamble, Sr.Technical Analyst at Bonanza Portfolio — recommended six stocks to buy or sell today.
Sumeet Bagadia’s intraday stocks for today
1] Kotak Mahindra Bank: Buy at ₹1717.50, target ₹1775, stop loss ₹1690.
The technical analysis of Kotak Mahindra Bank share stock reveals several positive indicators. The stock recently rebounded from a significant support level at ₹1690 and surpassed the initial resistance at ₹1710, currently trading at ₹1717.50. This demonstrates strength in the stock’s price action, as its overcoming key price barriers.
Additionally, the formation of a hammer candlestick pattern on the daily chart suggests a potential reversal of the previous bearish trend. Hammer patterns are often interpreted as a shift from bearish sentiment to bullish, signalling a favourable turn of events for traders and investors.
2] Larsen & Toubro or LT: Buy at ₹2926.35, target ₹3100, stop loss ₹2845.
LT share price is currently trading at ₹2926.35. After a correction, the stock reversed its trend and formed a Hammer candlestick pattern on the daily chart, accompanied by significant trading volume. Furthermore, LT share price is finding support above critical Exponential Moving Averages (EMAs), including the 50-day EMA, which reinforces its bullish momentum and potential for further upward price movement.
Ganesh Dongre’s stocks to buy today
3] Welspun Corp: Buy at ₹417, target ₹432, stop loss ₹407.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹432. So, holding the support level of ₹407 this stock can bounce toward the ₹432 level in the short term. Hence, the trader can go long with a stop loss of ₹407 for the target price of ₹432.
4] Escorts: Buy at ₹3165, target ₹3195, stop loss ₹3130.
Escorts share price has shown a bullish reversal pattern on technical chart. So, holding the support level of ₹3130, this stock can bounce toward the ₹3195 level in the short term. Hence, the trader can go long with a stop loss of ₹3130 for the target price of ₹3195.
Kunal Kamble’s buy or sell stocks
5] JK Lakshmi Cement: Buy at ₹693.45 to ₹691, target ₹747, stop loss ₹648.
On a Daily time, frame JK Lakshmi Cement has given a breakout of symmetric triangle Pattern on the upside, indicating a positive trend in the stock. The fast (18) EMA has crossed the slow (45) EMA indicating a positive trend with price trading above both the EMA indicates strength on the upside. Momentum Indicator RSI is havering towards the overbought zone which is showing strong buying interest in the script. Based on above technical setup a long position can be created in JK Lakshmi Cement for a TP of ₹747 with a SL of ₹648.
6] Tata Consultancy Services or TCS: Buy at ₹3381 to ₹3378, target ₹3460, stop loss ₹3333.
TCS share price has a taken support on the daily chart frame by forming three inside up candle stick pattern which is indicating short term bullishness. The slow DEMA (5) has been working as a trend for the stock and currently it is trending upward which is indicating an uptrend. Cluster of trend line is placed near ₹3340 marks which is also supporting the bullish view on the TCS. In addition to this RSI reverse from the oversold region it confirms the reversal. Hence based on above technical setup one can initiate a long position in TCS with a SL of ₹3333 for a TP of ₹3460.
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 taking any investment decision.
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Updated: 31 Oct 2023, 07:32 AM IST