Stock market today: Day trading guide for Nifty 50 to Sensex; five stocks to buy or sell on Monday — 18th March

Buy or sell stocks: Following weak global market sentiments on disappointing US PPI print for February, the Indian stock market ended lower on Friday. The Nifty 50 index corrected 123 points and closed a the 22,023 levels. The BSE Sensex finished 453 points lower at the 72,643 mark while the Bank Nifty index lost 195 points and closed at the 46,594 level. However, a strong rebound was witnessed in the small-cap and mid-cap stocks as the broad market registered a sharp rebound ahead of the market close on Friday session.

“The Nifty 50 index traded in negative territory throughout the session after seeing recovery in the previous session. The index closed with a loss of 123 points (-0.6%) at 22023 levels. Broader market ended on a mixed note with Nifty Midcap 100 down -0.5% while Nifty Smallcap 100 up +0.4%. Barring FMCG & Metals All sectors ended in red. Oil & Gas witnessed major selling down 2% after OMCs cut petrol and diesel retail prices by ₹2 per litre,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal.

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 and the near-term trend of Nifty remains weak. A decisive move below 21,900 could open sharp weakness down to the next lower support of 21,500 levels in the near term. Immediate resistance is at 22,200 levels.”

On the outlook for the Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities said, “Bank Nifty closed at 46,594.10, down by 2.6% in last week. Bank Nifty fell below the 20-day moving average. The level of 46,000 is now considered as an important support followed by 45,500 levels for Bank Nifty. Nifty PSU Bank index continues to underperform while Nifty Private Bank index remained flat. RSI has slipped below 50 level and this indicates ongoing weakness. If the Bank Nifty closes above the critical level of 47,000 this might resume a bullish stance once again.”

On triggers for stock market today, Siddhartha Khemka of Motilal Oswal said, “This week will be important from an economic perspective as major central banks globally including Japan, the US, and the UK will announce interest rate decisions. US Fed policy outcome and commentary will be important as mixed set macro data has kept investors anxious over rate cut timeline. Thus, we expect the market to remain volatile in the near term with a focus on large caps and defensive names.”

Nifty Call Put Option data

Speaking on the Nifty Call Put Option data, Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities said, “Some of the major total Call open interest was seen at 22300 and 22500 strikes with total open interest of 83524 and 88785 contracts respectively. Strike price of 22000 Call saw one of the major open interest addition of 53883 contracts,” adding, “One of the major total Put open interests was seen at 22000 strike with total open interest of 100444 contracts. Strike price of 21950 Put saw one of the major addition in open interest where it added 29103 contracts.”

Bank Nifty Call Put Option data

On Bank Nifty Call Put Option data, Chinmay Barve said, “One of the major total Call open interest was seen at 47000 and 47500 strikes with total open interest of 186076 and 136330 contracts respectively in open interest. Strike price of 46500 Call saw addition of 93242 contracts in open interest,” adding, “Some of the major total Put open interest was seen at 46500 strike with total open interest of 128888 contracts. One of the major Put open interest addition was seen at 46500 strike which added 63529 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 Drumil Vithlani, Research Analyst at Bonanza Portfolio — recommended five buy or sell stocks for today.

Sumeet Bagadia’s stocks to buy today

1] Solar Industries: Buy at ₹8855.5, target ₹9572, stop loss ₹8555.

Solar Industries share is exhibiting strong bullish momentum, currently trading at an all-time high of 8989 levels. The recent breakout above the crucial resistance at 8100 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] GPPL: Buy at ₹205.85, target ₹213, stop loss ₹201.

GPPL share price daily chart analysis reveals a notable shift in market dynamics, transitioning from a period of minor declines and sideways consolidation to a promising upside bounce. The current trading session reflects an up move, potentially signalling an upside breakout from a narrow range momentum. This development aligns with a positive short-term trend, further reinforced by a surge in trading volume.

Ganesh Dongre’s Buy or sell stock

3] Raymond: Buy at ₹1740, target ₹1820, stop loss ₹1700.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹1820. So, holding the support level of ₹1700 this stock can bounce toward ₹1820 levels in the short term. Hence, the trader can go long with a stop loss of ₹1700 for the target price of ₹1820.

Drumil Vithlani’s day trading stocks

4] HDFC AMC: Buy at ₹3819 to ₹3820, target ₹3919, stop loss ₹3769.

HDFC AMC has regain strength after a throwback, forming a Bullish Engulfing pattern followed by a bullish candle closing above 2 week close. The increase in volume in today’s trading section indicates buyer’s interest in buying the security in dip. The price has closed above the Fast EMA (21) which indicates. The RSI after cool off has started moving in the northern direction supporting the price action.

5] Bharti Airtel: Buy at ₹1218 to ₹1220, target ₹1275, stop loss ₹1190.

On a Daily time frame BHARTI AIRTEL has given a breakout of its all time high indicating an continuation of uptrend. The security has closed near its high indicating buyers are keen to buy the security.

The volume increasing is supporting price action which indicates buyers are keen to buy the security at cmp. On the average front price is trading above its 50 and 200 EMA indicating uptrend. On the momentum front RSI is trading in higher range which indicates uptrend.

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.