Day trading guide: Gift Nifty, buy or sell to dividend stocks to watch today

Day trading guide for stock market today

On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The near term uptrend of Nifty remains intact and one may expect Nifty to reach up to 19,500 levels in the coming week. Immediate support for NSE Nifty is placed at 19,050 levels.”

On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities said, “The support for Bank Nifty shifts to 44,500 after Friday’s strong closing, while the resistance for Bank Nifty is placed at 45,000. The Implied volatility (IV) of Bank Nifty (12.94) is still at the lowest end of its historical range as indicated by Implied Volatility percentile (IVP), which stands at 9%. This means that only on 9% of the days in the last one year, Bank Nifty’s IV was trading below 12.91. This also means that the Bank Nifty’s IV traded above 12.91 for 91% of the days in the last one year. Debit Spread option strategies are usually preferred by traders to take advantage of a low IV environment.”

Intraday trading strategy for Monday

Advising intraday traders to remain vigilant about the auto stocks, Siddhartha Khemka, Head – Retail Research, Motilal Oswal said, “We expect the uptrend in Indian equities to continue in the near term. This week the market will take cues from economic data to be released locally as well as globally. Investors would also watch out for FOMC minutes to get insights into the US Central Bank’s future course of direction. The auto sector is expected to be in the limelight, as companies would release monthly sales data.”

Stocks to watch today

Four stocks are going to trade ex-dividend today and those four dividend stocks are Geojit Finance, Balaji Amines, Jyothi Labs and Axtel Industries.

After announcement of HDFC Bank HDFC merger on 1st July 2023, HDFC Bank share price will be under the lens of intraday traders as HDFC Ltd shares would become non-existent on Indian bourses from today.

Gift Nifty index

Gift Nifty Index has started trading from today onwards and there would be no SGX Nifty from now. Starting from Monday, the GIFT Nifty index will have two sessions — first one will start at 6:30 AM Indian Standard Time (IST), and continue till 3:40 PM IST, second session will begin from 5 PM IST and continue till 2:45 AM IST. Four contract will be available for trade on Gift Nifty index — GIFT Nifty 50, GIFT Nifty Bank, GIFT Nifty Financial Services and GIFT Nifty IT. However, investing in GIFT Nifty will be out of reach for Indian retail traders under the Liberalised Remittance Scheme (LRS) route. Under the LRS, the Reserve Bank of India (RBI) disallows the use of the $2,50,000 per person, per year limit for leveraged traders, including futures and options.

F&O ban list

Shares of Indiabulls Housing Finance have been put in the list of ban for trade on 3rd July 2023.

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 buy or sell stocks

1] Info Edge (India) or Naukri: Buy at ₹4483.60, target ₹4615, stop loss ₹4400.

Naukri share price has been steadily trending upwards, finding strong support at the 20-day moving average. The upward movement is backed by high trading volumes and a positive crossover in MACD indicating growing buying interest and positive momentum. The stock is now approaching a potential breakout of larger time frame, further enhancing its bullish prospects. Additionally, the stochastic oscillator has displayed a positive crossover as well.

2] Sun Pharma: Buy at ₹1051, target ₹1125, stop loss ₹1010.

Sun Pharma share is presently trading at 1051, having recently broken out from its previous range of ₹981 to ₹1015 that persisted for a week This breakout signifies a good buying opportunity. In addition, the Relative Strength Index (RSI) is trending upward and appears to be on the verge of a positive crossover, indicating a potential increase in buying pressure. Moreover, Sun Pharma’s price is currently positioned above its 20-50-100-200 Exponential Moving Averages (EMA), suggesting underlying strength in the stock.

Anuj Gupta’s intraday stocks for today

3] Indiabulls Housing Finance: Buy at CMP, target ₹135, stop loss ₹117.

Indiabulls Housing Finance share price has given fresh breakout on chart pattern and it has formed bullish candlestick pattern as well.

4] South Indian Bank: Buy at CMP, target ₹22, stop loss ₹16.

South Indian Bank share has formed higher top higher bottom on chart pattern that indicates uptrend in near term.

Ganesh Dongre’s stocks to buy today

5] Piramal Pharma: Buy at ₹92.50, target ₹97, stop loss ₹88.

In the short-term trend, Piramal Pharma share has a bullish reversal pattern, technically retrenchment could be possible till ₹97. So, holding the support level of ₹88 this stock can bounce toward the ₹97 level in the short term. Hence, the trader can go long with a stop loss of ₹88 for the target price of ₹97.

6] Reliance Industries Ltd or RIL: Buy at ₹2550, target ₹2580, stop loss ₹2530.

On the short-term chart, Reliance share price is showing a bullish reversal pattern, so holding the support level of ₹2530 this stock can bounce toward the ₹2580 level in the short term. Hence, the trader can go long with a stop loss of ₹2530 for the target price of ₹2580.

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.

Updated: 03 Jul 2023, 07:46 AM IST