Day trading guide for today: After trading choppy during morning session, Indian stock market ended on a mixed note on Thursday. Nifty 50 and Sensex ended higher whereas Bank Nifty index finished lower in the previous session. The 50-stock index went up 36 points higher at 20,133 levels, BSE Sensex closed 86 points higher at 66,988 mark whereas Bank Nifty index lost 84 points and closed at 44,481 levels. In broad market, small-cap index climbed to a new peak of 40,407 and ended 0.96 per cent higher. Mid-cap index also touched a new high of 34,293 and finished 0.83 per cent higher.
“Nifty traded cautiously amid monthly FNO expiry and key economic data lined up. However, last hour buying helped index to recover and close with gains of 37 points at 20133 levels. Sector wise it was mixed with buying seen in Pharma, Realty and Consumer Durables. Defence stocks were in action on Thursday as Defence Acquision Council (DAC) approved purchase of 97 Tejas aircrafts and 156 Prachanda Helicopters according to the media reports,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal.
Day trading guide for stock market today
On outlook for Nifty 50 today, Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, “The short-term trend of Nifty continues to be positive. Having moved above the crucial hurdles recently, the market is expected to zoom into new all-time highs in the near term. However, exit polls of Thursday evening and recently concluded assembly election results of weekend is expected to show fresh direction for the markets ahead. Immediate support is placed at 19900-19950 levels.”
On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities said, “Bank Nifty ended an extremely volatile session at 44,482, down 85 points. Strong call writing was observed at 44,500 Strike in Bank Nifty. The maximum call open interest is placed at 44,500 Strike and option activity at this strike will provide cues about Bank Nifty’s Intraday direction.”
On outlook for stock market today, Siddhartha Khemka of Motilal Oswal said, “Markets on Friday will react to Exit poll outcome and India’s GDP data. Overall we expect positive trend to continue in the market. Auto stocks will be in focus as OEMs will announce their monthly sales data on Friday.”
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 20300 and 20400 strikes with total open interest of 65870 and 74755 contracts respectively. Major Call open interest addition was seen at 20400 strike which added 52406 contracts in open interest,” adding, “Major total Put open interest was seen at 20000 and 19900 strikes with total open interest of 122709 and 81194 contracts respectively. Major Put open interest addition was seen at 20000 strike which added 44631 contracts in open interest.”
Bank Nifty Call Put Option data
On Bank Nifty Call Put Option data, Chinmay Barve of Profitmart Securities said, “Major total Call open interest was seen at 44700 and 45000 strikes with total open interest of 55864 and 74812 contracts respectively. Major Call open interest addition was seen at 45000 strike which added 32536 contracts,” ading, “Major total Put open interest was seen at 44500 and 44000 strikes with total open interest of 93590 and 75236 contracts respectively. Major Put open interest addition was seen at 44500 strike which added 29256 contracts.”
Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — 1st December
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, Senior Technical Analyst at Bonanza Portfolio — recommended six stocks to buy or sell today.
Sumeet Bagadia’s intraday stocks for today
1] Jindal Steel: Buy at ₹670.80, target ₹700, stop loss ₹652.
Jindal Steel share price has formed a bullish candle on daily chart. Currently Jindal Steel share is trading at ₹670.80 levels. The Stock has successfully surpassed the important level of ₹655 which was a prior resistance and also 50 Day EMA. A small resistance is placed around ₹680 levels. Once stock closes above the mentioned levels it can move towards ₹700 levels and above. Jindal Steel share price has a strong support at around ₹652 levels which is also close to its 20 Day EMA levels. The RSI indicator is trading around 61 levels indicating strength.
Also Read: Stocks to Watch: JSW Group, UltraTech, Kesoram, Biocon, Infosys, Flair Writing
2] Eicher Motor: Buy at ₹3896.90, target ₹4127, stop loss ₹3775.
Based on the provided technical analysis, Eicher Motor share price on the daily chart has consolidated at a resistance level, indicating buying pressure and price stability, accompanied by substantial trading volume. Additionally, EICHERMOT is presently trading above key Exponential Moving Averages (EMAs), specifically the 20-day, 50-day, 100-day, and 200-day EMAs, signaling robust bullish momentum and the potential for continued upward price movement.
Ganesh Dongre’s stocks to buy today
3] CCL Products: Buy at ₹660, target ₹675, stop loss ₹650.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹675. So, holding the support level of ₹650 this stock can bounce toward the ₹675 level in the short term. Hence, the trader can go long with a stop loss of ₹650 for the target price of ₹675.
4] Torrent Pharma: Buy at ₹2134, target ₹2200, stop loss ₹2100.
On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of ₹2100. This stock can bounce toward the ₹2200 level in the short term, so the trader can go long with a stop loss of ₹2100 for the target price of ₹2200.
Kunal Kamble’s buy or sell stocks
5] Axis Bank: Buy at ₹1067 to ₹1071, target ₹1132, stop loss ₹1039.
On the Daily chart, following a prolonged bullish rally, Axis Bank share has given a breakout of Ascending Triangle Pattern on the upside, accompanied by significant trading volume, indicating a potential continuation of the bullish trend. The stock is currently trading above both its 100-day and 200-day exponential moving averages on the daily timeframe, which is a positive short-term signal.
The Ichimoku cloud technical indicator further supports this outlook, as it shows that the price is trading above both the conversion and base lines, indicating underlying strength. In addition, the daily Relative Strength Index (RSI) at 14 periods is in a bullish mode and trading above the ~69 level. On the Directional front DI+ is trading above DI- indicating uptrend whereas ADX trading above DI- is indicating strength in the upward move. Hence based on above technical setup a long position can be created for a TP of ₹1132 with a SL of ₹1039.
6] HCL Technologies: Buy at ₹1337 to ₹1341, target ₹1440, stop loss ₹1290.
On the daily time frame, HCLTECH has demonstrated a notable positive momentum following a successful breakout from a falling trend line, suggesting an uptrend. The security has displayed higher highs (HH) and higher lows (HL), indicative of a bullish trend gaining strength. Furthermore, the average analysis supports the upward movement, with prices trading above both the Fast (50) and Slow (100) Exponential Moving Averages (EMA), reinforcing the notion of an established uptrend. The momentum indicators, the Relative Strength Index (RSI) is positioned in the higher zone, signaling bullish sentiment among market participants.
Additionally, on the directional front, the Positive Directional Indicator (DI+) is consistently trading above the Negative Directional Indicator (DI-), pointing towards a sustained uptrend. The Average Directional Index (ADX) residing above DI- further emphasizes the robustness of the prevailing trend, indicating strength in the upward direction. “Hence based on above technical setup a long position can be created for a TP of ₹1440 with a SL of ₹1290.
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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