Stock market today: On account of Reliance Industries Ltd’s (RIL) share price hitting a lifetime high on Wednesday, the Indian stock market extended its Tuesday gains and ended higher for yet another session. The Nifty 50 index finished 73 points higher at the 21,618 level, the BSE Sensex surged 271 points and closed at the 71,657 mark whereas the Bank Nifty index gained 118 points and ended at the 47,360 level. The mid-cap index rose less than the Nifty 50 index even as the advance-decline ratio remained positive at 1.10:1.
“Nifty made a smart recovery in the last hour and closed with gains of 74 points at 21619 levels. Sector-wise it was a mixed bag with buying seen in Media, IT, Metals, and Consumer Durable stocks. Niche sectors like railway stocks were in focus on the back of an increase in the government’s spending on railway infrastructure. US inflation data to be released on Thursday has kept global investors on edge as it would have an impact on rate decisions. However, the Indian Market is showing strength despite global volatility,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal.
Day trading guide for stock market today
On the outlook for Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, “The short-term trend of Nifty 50 index seems to have reversed up after a minor decline of the last two sessions. The 50-stock index is now expected to retest the upper trajectory around 21,750 to 21,850 levels in the next few sessions. Immediate support for the Nifty today is placed at the 21,450 level.”
On the outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, “Bank Nifty consolidated in a range throughout the day to close at 47,361, up 118 points. Heavy put writing (bulls’ entry) was observed at 47,000 Strike in Bank Nifty, leading to an Intraday rise in the Index from its crucial support. The support has got even stronger at 47,000 after today’s close. The maximum call open interest (resistance) is placed at 47,500 Strike in Bank Nifty. It will be interesting to see if bulls (put writers) can dethrone the bears (call writers) on Thursday (tomorrow) and move past the 47,500 level.”
On the outlook for the stock market today, Siddhartha Khemka of Motilal Oswal said, “We expect the markets to consolidate in a broader range with a positive bias as overall Q3 earnings are estimated to remain healthy. The technology sector is expected to remain in focus as IT major TCS and Infosys will announce their Q3 results on Thursday. Their management’s commentary and guidance would set a precedent for other tech companies.”
FII DII data
In the cash segment, FIIs sold out Indian shares worth ₹1,721.35 crore while DIIs bought shares worth around ₹2,080 crore. In the F&O index future segment, FIIs sold out Indian shares worth ₹640.83 crore whereas DIIs sold out shares worth ₹68,356.41 crore.
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, Technical Research Analyst at Bonanza Portfolio — recommended six stocks to buy or sell today.
Sumeet Bagadia’s intraday stocks for today
1] Tata Motors: Buy at ₹809, target ₹830, stop loss ₹790.
Tata Motors share is presently trading at ₹808.95 levels. On the daily chart, the stock has formed a strong bullish engulfing candle, signifying a resurgence of strength in its price action. A robust support level is situated at ₹790 levels. This confluence of support factors enhances the stock’s stability and resilience.
2] RITES: Buy at ₹524.60, target ₹555, stop loss ₹505.
RITES share price is currently trading at ₹524.60 levels. The stock has bounced back from the strong support of ₹505 levels, which is also close to 20-day EMA levels. Currently stock is trading above all the important moving averages. On daily charts, the stock has formed a strong green candle which indicates bullishness in the stock. Now any dip in the stock around ₹515 levels will be a buying opportunity. A small resistance can be witnessed near ₹530 levels, and once stock crosses the mentioned level RITES can now further move towards ₹555 levels and higher.
Ganesh Dongre’s stocks to buy today
3] Bharti Airtel: Buy at ₹1063, target ₹1085, stop loss ₹1045.
In the short-term trend, Bharti Airtel share price has a bullish reversal pattern, technically retrenchment could be possible till ₹1085. So, holding the support level of ₹1045 this stock can bounce toward the ₹1085 level in the short term. Hence, the trader can go long with a stop loss of ₹1045 for the target price of ₹1085.
4] HDFC Bank: Buy at ₹1658, target ₹1690, stop loss ₹1640.
On the short-term chart, HDFC Bank share has shown a bullish reversal pattern, so holding the support level of ₹1640. This stock can bounce toward the ₹1690 level in the short term, so the trader can go long with a stop loss of ₹1640 for the target price of ₹1690.
Drumil Vithlani’s buy or sell stocks
5] Rico Auto Industries: Buy at ₹94.50 to ₹95, target ₹101, stop loss ₹92.
On a Daily time frame, Rico Auto Industries has given a breakout of a symmetric triangle Pattern on the upside, indicating a positive trend in the stock. With volume increasing it indicates that the buyers are regaining control. The security has closed strongly near the high which indicates positive price action with positive sentiments. The price is trading above the short-term EMA(20) indicating an uptrend in the security. The RSI is trading in the northern direction supporting the price action.
6] Amber Enterprises: Buy at ₹3500 to ₹3510, target ₹3650, stop loss ₹3425.
A rectangle pattern breakout has been witnessed in Amber Enterprises shares. There is a gradual increase in volume indicating buyers are interested in buying the security. The price is trading above the short-term EMA(20) indicating an uptrend in the security. On the indicator front, The breakout in the relative strength Index(RSI) indicates that security is now in bullish mode and trading above the 60 level.
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 making any investment decision.
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