Day trading guide for stock market today: Nine stocks to buy or sell on Tuesday
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Day trading guide for stock market today
On the outlook for the Nifty 50 index, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, “The short-term trend of the Nifty 50 index remains positive with range-bound action. A decisive break below the support of 21900-21850 is likely to drag the Nifty down to 21500 levels in a quick period. Any upside bounce from here could encounter a strong hurdle around 22200 levels.”
On the outlook for the Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities said, “The Bank Nifty settled at 46,575.90 with a marginal decline. Bank Nifty tested the 200-day moving average (DMA) support but there was a good recovery in private banks from lower levels while PSU banking stocks continued to underperform. The immediate support for Bank Nifty remains at 46,000 while the resistance is placed at 47,050 followed by 47,250 levels.”
On triggers for the Indian stock market today, Siddhartha Khemka, Head of Retail Research at Motilal Oswal said, ‘This week, the market will focus on major central bank meetings with the Bank of Japan scheduled to announce its outcome on Tuesday. Japan’s GDP rose to 0.1% in Q4CY23, vs -0.1% in Q3CY23, which raised speculation that the Bank is likely to discontinue its ultra-loose monetary policy. These apart investors would also track economic data like European CPI data which will be released late today. Overall, we expect the markets to consolidate over the next few days while the broader market may continue to remain subdued.”
Nifty Call Ouut Option data
Speaking on the Nifty Call Ouut Option data, Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities said, “As per data shown by nseindia.com at 3.30 pm on 18 March 2024, some of the major total Call open interest was seen at 22200 and 22500 strikes with total open interest of 105874 and 120051 contracts respectively. The strike price of 22000 Call saw one of the major open interest addition of 35354 contracts,” adding, “One of the major total Put open interests was seen at 22000 strikes with a total open interest of 99556 contracts. The strike price of 21850 Put saw one of the major additions in open interest where it added 24099 contracts.”
Bank Nifty Call Ouut Option data
On Bank Nifty Call Ouut Option data, Chinmay Barve said, “As per data shown by nseindia.com at 3.30 pm on 18 March 2024, one of the major total Call open interest was seen at 47000 and 47500 strikes with total open interest of 198449 and 142593 contracts respectively in open interest. The strike price of 47000 Call saw the addition of 27850 contracts in open interest,” adding, “As per data shown by nseindia.com at 3.30 pm on 18 March 2024, some of the major total Put open interest was seen at 46500 and 46000 strikes with total open interest of 121170 and 122585 contracts respectively. One of the major Put open interest additions was seen at 46000 strike which added 52966 contracts in open interest.”
Day trading stocks for today
On stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi; Shiju Koothupalakkal, Technical Analyst at Prabhudas Lilladher; and Virat Jagad, Research Analyst at Bonanza Portfolio — recommended nine buy or sell stocks for today.
Sumeet Bagadia’s stocks to buy today
1] Thermax: Buy at ₹3690.50, target ₹3920, stop loss ₹3580.
Thermax share price today at ₹3690.50 and has recently broken out of an inverted head and shoulders pattern. This breakout indicates a potential continuation of the current upward trend, reflecting positive market sentiment towards the stock. Additionally, on the daily chart, it has formed a bullish engulfing candle, supporting the bullish momentum in the stock.
2] Glenmark Pharmacruticals: Buy at ₹939.65, target ₹1000, stop loss ₹905.
The Glenmark share price is presently trading at ₹939.65 levels, demonstrating a robust technical position with a notable support base at ₹905 levels. The recent close above the initial resistance at ₹935 signals a potential breakout in the stock.
Ganesh Dongre’s shares to buy today
3] Vedanta: Buy at ₹271, target ₹280, stop loss ₹264.
Vedanta share has a bullish reversal pattern, technically retrenchment could be possible till ₹280. So, holding the support level of ₹264, Vedanta share price can bounce toward the level of ₹280 in the short term. Hence, the trader can go long with a stop loss of ₹264 for the target price of ₹280.
4] Deepak Fertilisers: Buy at ₹488, target ₹505, stop loss ₹480.
Deepak Fertilisers share has a bullish reversal pattern, technically retrenchment could be possible till ₹505. So, holding the support level of ₹480 this stock can bounce toward the level ₹505 in the short term. Hence, the trader can go long with a stop loss of ₹480 for the target price of ₹505.
Shiju Koothupalakkal’s buy or sell stocks
5] BHEL: Buy at ₹224, target ₹235, stop loss ₹219.
BHEL share price recently witnessed a correction and having taken support near 207 levels has indicated a pullback moving just above the significant 50EMA level of ₹222 to improve the bias. With the RSI also flattened out after the slide showed improvement and is on the verge of a trend reversal with the potential to carry on with the positive move further ahead. We suggest buying the stock for an initial upside target of ₹235 keeping the stop loss of ₹219.
6] Wockhardt: Buy at ₹533, target ₹565, stop loss ₹518.
Wockhardt share slipped from the peak level of ₹630 with profit booking witnessed and has taken support near the significant 50EMA level of ₹504. Currently, a positive candle formation has improved the bias, and also with the RSI picking up after the slide has signaled a buy with trend reversal indication. We suggest buying the stock for an initial target of ₹565 keeping the stop loss of ₹518 level.
7] Tata Power: Buy at ₹392.75, target ₹414, stop loss ₹382.
Tata Power share after the small decline witnessed has once again regained the upward move taking support near the important 50EMA level of ₹370, indicating a pullback and has improved the bias. With the RSI also improving, there is scope for further rise in the coming days. We suggest to buy the stock for an initial target of ₹414 levels keeping the stop loss of ₹382.
Virat Jagad’s day trading stocks
8] Linde India: Buy at ₹6775 to ₹6780, target ₹7050, stop loss ₹6650.
A breakout of rounding bottom has been witnessed in Linde India Ltd on a daily time frame indicating a bullish trend in the security. The price is trading at the top, forming a Bullish candlestick formation as a sign of strength in the stock. The security has been supported by the 21-day EMA, and the price is trading above the Fast 50 and Slow 200 EMAs, indicating a positive trend. The volume increase on the day of the breakout indicates that buyers are active in the market. In the momentum area, RSI is trading in a wider range which indicates that it’s an upward trend. On the directional front, DI+ is trading above DI- indicating a positive trend, and ADX trades above the 30 mark indicating strength in movement.
9] Gillette India: Buy at ₹6690 to ₹6700, target ₹7040, stop loss ₹6525.
Gillette India Ltd has recently broken out of a downward moving channel on the daily time frame. The lower trend line has acted as a support, matching with the emergence of a bullish candlestick pattern, suggesting a possible short-term upward trajectory for the stock. Additionally, the MACD indicator indicates a positive crossover, confirming increased buying interest. In terms of Exponential Moving Averages (EMA), the stock is trading above key EMAs, signaling a positive trend. The Slow EMA (50) aligns with the trend and shows an upward trajectory, indicating a favorable trend direction.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 19 Mar 2024, 09:10 AM IST
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