Day trading guide for stock market today
On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “Nifty continues to be in a short term downward correction and this consolidation is likely to continue this week. Any upside bounce from here could encounter strong resistance around 19,750 to 19,800 levels. The next crucial lower supports to be watched around 19,500 to 19,450 levels.”
Speaking on outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, “Bank Nifty closed below the key zone of 45,600 on the daily chart. It however found Intraday support form the 20 DEMA, which is placed at 45,331 on the daily chart. A close below 45,300 is likely to intensify selling pressure while close above 45,700 can lead to resumption of an uptrend.”
On triggers that may dictate stock market this week, Siddhartha Khemka, Head – Retail Research, Motilal Oswal said, “Market will keep an eye on the manufacturing data to be released this week both – globally as well as locally. Also, the Bank of England will announce its rate decision this week on Thursday. Auto sector will be in focus as companies would announce their monthly sales numbers.”
Stocks to watch today
Market observers and investors are expected to remain vigilant about Castrol India board meeting as it is expected to consider and approve interim dividend for the financial year 2023-24.
Similarly, board of directors of Control Print is going to consider and approve proposal for buyback of shares.
Power Grid Corporation board meeting will be focus as the company is expected to announce bonus issue along with company results for first quarter of current financial year.
Among dividend stocks, eight stocks are going to trade ex-dividend today. Those eight dividend paying stocks include Mindspace REIT, Brigade Enterprises, EIH Hotel, Jindal Worldwide, etc.
Akshar Spintex shares will be trading ex-split today as the company board has declared stock split in 1:10 ratio.
F&O ban list
One stock has been put in F&O ban list for trade date 31st July 2023 and that stock is Indiabulls Housing Finance.
Day trading stocks for today
On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi — recommended six stocks to buy today.
Sumeet Bagadia’s intraday stocks for today
1] Bajaj Auto: Buy at ₹4892.50, target ₹5065, stop loss ₹4780.
Bajaj Auto share has a strong support at ₹4785 levels. The stock has recovered from its support levels and is now trading near ₹4892.50 levels. On daily chart the stock has formed a hammer pattern which indicates the reversal of bearish trend. The RSI indicator is also comfortably trading near 59 levels, indicating strength. The stock has closed above 20 Day EMA levels which are around 4832 levels and now trading above all important moving averages. The bullish candle on daily chart is supported by volumes.
2] HAL: Buy at ₹3929, target ₹4050, stop loss ₹3875.
HAL share price has bounced back from the strong support of the ₹3800 zone. The stock is also at the verge of making a new high as well. Stock is trading above 20 EMA. The stock’s minor resistance is placed at ₹3950 levels. RSI indicator is comfortably trading near 63 levels also DMI, a strength indicator which is at 28, suggesting that there is strength in the up move and will continue to do so.
Anuj Gupta’s stocks to buy today
3] Mahindra & Mahindra (M&M): Buy at CMP, target ₹1530, stop loss ₹1420.
M&M share price is looking positive on chart pattern after breakout.
4] ICICI Bank: Buy at CMP, target ₹1050, stop loss ₹945.
ICICI Bank share price has formed bullish chart structure and looking positive in near term.
Ganesh Dongre’s day trading stocks
5] HCL Technologies: Buy at ₹1104, 1125, stop loss ₹1085.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till 1125. So, holding the support level of ₹1085 this stock can bounce toward the ₹1125 level in the short term. Hence, the trader can go long with a stop loss of ₹1085 for the target price of ₹1125.
6] Reliance Industries: Buy at ₹2528, target ₹2580, stop loss ₹2490.
On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of ₹2490 this stock can bounce toward the ₹2580 level in the short term. Hence, the trader can go long with a stop loss of ₹2490 for the target price of ₹2580.
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 decisions.
Download The Mint News App to get Daily Market Updates.
Updated: 31 Jul 2023, 08:03 AM IST