Stock market today: Day trading guide for Nifty 50 to Bank Nifty, six stocks to buy or sell on Tuesday — 5th March

Stock market today: After showing a sharp upside breakout on 1st March 2024, the Indian stock market continued with a choppy movement for the second consecutive session on Monday. However, key benchmark indices of Dalal Street managed to end higher in the first session of this week. The Nifty 50 index climbed to an all-time high of 22,440 and ended 27 points higher at 22,405 level. The BSE Sensex gained 66 points and closed at the 73,872 mark whereas the Bank Nifty index finished 158 points higher at 47,456 level. In the broad market, the small-cap index dipped 0.78 percent whereas the mid-cap index added 0.16 percent on Monday.

“Nifty traded in positive territory throughout the day making new highs, closing with gains of 27 points at 22,405. Sector-wise it was a mixed bag with buying seen at Oil & Gas, Financials, and Private Banking. Sectors like Capital goods, infra stocks, and Power were in momentum as the Government is likely to unveil infrastructure projects worth over Rs.1 lakh crore in the next few days, with the majority of the projects related to the power sector. Also, domestic Power demand grew 8% in Feb to a record high of 128 billion units – supporting the momentum in power stocks. Upstream oil companies are likely to be in momentum amid rising crude oil prices as OPEC extended production cut for another 4 months. The primary market will be in focus this week with 3 IPOs open for subscription and 3 more to debut on the stock exchanges. Also, global rating agency Moody’s raised India’s GDP growth projection for the CY24 to 6.8% vs 6.1% earlier,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal.

Day trading guide for stock market today

On the outlook for the Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, “Any dips from the current levels could be a buying opportunity towards the supports of 22,225 to 22,200 levels. The near-term upside targets to be watched around 22,600 to 22,800 levels.”

On the outlook for the Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities said, “Bank Nifty has started to ascend following a strong move on Friday, concluding at 47,456.10, marking a 0.34% increase. The RSI ended at 61 levels, indicating the positive momentum remains intact for the index. Private banking stocks are exhibiting strong support after a decent correction. The index has immediate support at the 47,000 level with resistance around the 48,000-48,200 zone.”

On the outlook for the Indian stock market today, Siddhartha Khemka of Motilal Oswal said, “Given the positive domestic sentiments, we expect market momentum to continue over the next few days with the Nifty 50 index likely to move towards 22,500 zones. However, the broader market could remain under pressure given the profit booking and adverse advance-decline ratio. Hence we suggest traders be very selective in mid/small caps.”

F&O ban list today

Only one stock is into the Future & Option (F&O) ban list today and that share is ZEEL.

Nifty Call Put Option data

Speaking on the Nifty Call Put Options data, Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities said, “One of the major total Call open interest was seen at 22500 and 22800 strikes with total open interest of 107652 and 129608 contracts respectively. The strike price of 22500 saw one of the major open interest addition of 25301 contracts,” adding, “One of the major total Put open interests was seen at 22200 and 22000 strikes with a total open interest of 171920 and 160226 contracts respectively. One of the major Put open interest additions was seen at 22400 strike which added 54234 contracts in open interest.”

Bank Nifty Call Put Option data

On the Bank Nifty Call Put Options data, Chinmay Barve said, “One of the major total Call open interest was seen at 47500 and 48000 strikes with total open interest of 150472 and 152165 contracts respectively in open interest. The strike price of 47700 saw some of the major addition of 31349 contracts respectively in open interest,” adding, “One of the major total Put open interest was seen at 47000 strikes with a total open interest of 197194 contracts. One of the major Put open interest additions was seen at 47400 strikes which added 57130 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; and Mitesh Karwa, Research Analyst at Bonanza Portfolio — recommended six stocks to buy or sell on Tuesday.

Sumeet Bagadia’s stocks to buy today

1] TD Power Systems: Buy at ₹329, target ₹351, stop loss ₹323.

TD Power share is exhibiting strong bullish momentum, currently trading at an all-time high of ₹334.6 levels. The recent breakout above the crucial resistance at ₹305 levels is a significant technical development, supported by robust trading volumes, reinforcing the strength in the stock. The breakthrough suggests a potential continuation of the upward trend, offering an optimistic outlook for investors.

2] Graphite India: Buy at ₹631.15, target ₹675, stop loss ₹614.

Graphite India share is currently trading at ₹631.15. After a period of small falls and sideways consolidation, the stock has lately broken the neckline levels of ₹625 and is rising quickly on the upside with substantial volume. There are expectations of further upward movement, potentially reaching ₹675 levels. On the downside, substantial support is evident near ₹614 to ₹610.

Ganesh Dongre’s day trading stocks

3] Hindustan Petroleum Corporation Ltd or HPCL: Buy at ₹525, target ₹560, stop loss ₹510.

HPCL share price has a bullish reversal pattern, technically retrenchment could be possible till ₹560. So, holding the support level of ₹510 this stock can bounce toward the level ₹560 in the short term. Hence, the trader can go long with a stop loss of ₹510 for the target price of ₹560.

4] NTPC: Buy at ₹355, target ₹370, stop loss ₹345.

In the short-term trend, NTPC share price has a bullish reversal pattern, technically retrenchment could be possible till ₹370. So, holding the support level of ₹345 this stock can bounce toward the ₹370 level in the short term. Hence, the trader can go long with a stop loss of ₹345 for the target price of ₹370.

Mitesh Karwa’s buy or sell stocks

5] Ami Organics: Buy at ₹1178 to ₹1180, target ₹1234, stop loss ₹1145.

Ami Organics share price is seen to be breaking out of a bullish pattern on the daily timeframe and making a bullish candlestick which is why a buy recommendation is initiated for targets up to ₹1234. One can initiate a buy on a dip in the range of ₹1178 to ₹1180 with a stop loss below ₹1145 on a daily closing basis.

6] Laurus Labs: Buy at ₹416 to ₹417, target ₹430, stop loss ₹410.

Laurus Labs share price is seen to be breaking out of a resistance zone on the daily timeframe and making a bullish candlestick which is why a buy recommendation is initiated for targets up to ₹430. One can initiate a buy-on dip in the range of ₹416 to ₹417 with a stop loss below ₹410 on a daily closing basis.

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.