Day trading guide for stock market today
On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The underlying uptrend of Nifty remains intact. Nifty is expected to move above the hurdle of 19,800 to 19,850 levels in the short term. The immediate upside target to be watched around historical 20,000 mark. Immediate support for Nifty today is placed at 19,700 levels.
On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, “Bank Nifty, which closed the day at 45,669 has formed a hanging man like candle on the daily chart. Short covering was observed in 45,300, 45,400 and 45,500 Strikes. A strong close above 45,700 can take Bank Nifty to 46,000 zones while the downside support is placed at 45,500.”
Stocks to watch today
Shares of Coforge, DB Corp and 360 One Wam would be in focus today as board of directors of both the companies are expected to consider and approve dividend today. Apart from this, a total of sixteen dividend stocks are going to trade ex-dividend today. These dividend paying stocks include MRF, Novartis India, Fortis Healthcare, Tata Consultancy Services or TCS, HCL Tech and Graphite India.
Square Four shares will be trading ex-split today as board of directors of the company has announced stock split in 1:2 ratio.
Leading Leasing shares are going to trade ex-bonus today as the company has declared issuance of bonus shares in 1:1 ratio, which means one bonus shares for every share held by eligible shareholders of the company.
Q1 results today
Twenty five companies are going to declare its Q1 results 2023 and these twenty five companies include HUL, Infosys, Havells India, United Spirits, Union Bank of India, MphasiS, Coforge, Zensar Technologies, south Indian Bank, Tanla Platforms, Nelco, etc.
F&O bank list
Six shares have been put in F&O ban list for trade on 20th July 2023. Those six stocks are Delta Corp, Indiabulls Housing Finance, L&T Finance Holdings or L&TFH, Manappuram Finance, Polycab and RBL Bank.
Intraday stocks to buy 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 day trading stocks for today
1] Jindal Steel: Buy at ₹640, target ₹670, stop loss ₹625.
Jindal Steel share has formed a bullish candle on daily chart. The Stock has successfully surpassed the important level of ₹636 which was a prior resistance. A small resistance is placed around ₹650 levels which is also a 52 day week high levels. Once stock closes above the mentioned levels it can move towards ₹670 levels and above. The RSI indicator is trading around 68 levels indicating strength. On weekly chart the stock has taken a support of the middle band of Bollinger band and has crossed the higher band with expansion of the band.
2] Tata Motors: Buy at ₹620, target ₹650, stop loss ₹602.
Tata Motors share price was forming higher high higher low formation on charts. Tata Motors share is trading close to all-time high levels. Currently stock is moving above all important moving averages. The stock has moved higher with strong volumes indicating strength. Any dip in the stock can be a buying opportunity. The momentum indicator RSI is currently near to 66 levels which indicate bullishness in the stock. A small resistance is placed close to 634 levels which is also all-time high levels. Once stock crosses the above mentioned resistance it can move towards the target of ₹650 levels and above.
Anuj Gupta’s stocks to buy today
3] Voltas: Buy at CMP, target ₹830, stop loss ₹740.
Fresh breakout on the charts after consolidation, recovered from oversold zone, breakout in volumes.. fresh buying seen on the charts.
4] Punjab National Bank or PNB: Buy at CMP, target ₹70, stop loss ₹57.
In bullish Trend, higher top higher bottom formation, bullish engulfing candlestick pattern.
Ganesh Dongre’s buy or sell stocks
5] Aditya Birla Capital or AB Capital: Buy at ₹185, target ₹195, stop loss ₹180.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹195. So, holding the support level of ₹180 this stock can bounce toward the 195 level in the short term. Hence, the trader can go long with a stop loss of ₹180 for the target price of ₹195.
6] Divi’s Lab: Buy at ₹3640, target ₹3720, stop loss ₹3570.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹3720. So, holding the support level of ₹3570 this stock can bounce toward the ₹3720 level in the short term. Hence, the trader can go long with a stop loss of ₹3570 for the target price of ₹3720.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Updated: 20 Jul 2023, 07:46 AM IST