Day trading guide for stock market today: Six stocks to buy or sell on Tuesday — 13th February

Stock market today: On account of the sharp sell-off in PSU stocks, the Indian stock market gave up early morning gains and ended lower on Monday. The Nifty 50 index lost 166 points and closed at the 21,616 level, the BSE Sensex nosedived 523 points and finished at the 71,072 mark while the Bank Nifty index crashed 752 points and ended at the 44,882 level. In the broad market, the small-cap index crashed 3.16 percent whereas the mid-cap index tanked 2.62 percent.

“Domestic equities opened positive but soon witnessed selling pressure amid muted global cues. While Nifty closed with a loss of 166 points (-0.8%) at 21616, the broader market plunged sharply with the Nifty mid-cap 100 down 2.5% and the Nifty small-cap 100 down 4%. The volatility index – India VIX jumped 4% to 16 levels. Barring IT & Pharma, all sectors ended in red. PSUs saw a heavy profit booking after witnessing a sharp rally over the last few months and weak Q3 results posted by many. There was also caution ahead of domestic CPI and IIP data that is due for release later on Monday,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal.

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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, “A long bear candle was formed on the daily chart that placed it at the edge of the downside breakout of the crucial support of up trend line at 21,600 levels. The weakness in the benchmark Nifty was accompanied by a deep cut in the broader market indices like midcap and small-cap segments on Monday. This is not a good sign. The short-term trend of Nifty is negative. The benchmark and broader market indices are now placed to show further weakness in the near term. The next lower support for the Nifty is at 21,200 to 21,150 levels for this week. Immediate resistance for Nifty today is placed at 21,800 levels.”

On the outlook for the Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities said, “In the realm of Bank Nifty, the session concluded at 44,882.25, witnessing a loss of 752 points or 1.65 percent. PSU banks bore the brunt, experiencing a significant 4.66% decline. None of the Nifty Bank constituent closed in the green signifying intense selling across the sector. The Bank Nifty displayed a large red candle engulfing the entire previous day’s body. The index slipped below the crucial 200 DMA after a considerable period. The combined weakness in PSU and private banking stocks could drag the index to levels 44,000-43,800, with a formidable resistance of around 45,600. Caution is advised, considering the possibility of a fake minor pullback leading to a further downturn.”

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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 Virat Jagad, Technical Analyst at Bonanza Portfolio — recommended six stocks to buy or sell today.

Sumeet Bagadia’s day trading stocks

1] Jindal Worldwide: Buy at ₹343.20, target ₹363, stop loss ₹331.

Jindal Worldwide share is currently trading at ₹343.20, showing promising signs for potential gains in the stock market. It’s noteworthy that Jindal Worldwide share price is trading above important moving averages like the 20-day, 50-day, and 100-day EMAs, indicating strong performance. The Relative Strength Index (RSI) is at a healthy 66, suggesting continued upward momentum and investor confidence. Additionally, the recent close of JINDWORLD near the 200-day EMA indicates resilience and a possible upward trend.

2] Godfrey Phillips India: Buy at ₹2584, target ₹2666, stop loss ₹2535.

Godfrey Phillips share price is currently trading at ₹2584. After a period of small falls and sideways consolidation, the stock has lately broken the neckline levels of ₹2550 and is rising quickly on the upside with substantial volume. There are expectations of further upward movement, potentially reaching ₹2666 levels. On the downside, substantial support is evident near ₹2535.

Ganesh Dongre’s stocks to buy today

3] Godrej Properties: Buy at ₹2258, target ₹2340, stop loss ₹2220.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹2340. So, holding the support level of ₹2220 this stock can bounce toward the ₹2340 level in the short term. Hence, the trader can go long with a stop loss of ₹2220 for the target price of ₹2340.

4] Voltas: Buy at ₹1075, target ₹1110, stop loss ₹1040.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹1110. So, holding the support level of ₹1040 this stock can bounce toward the ₹1110 level in the short term. Hence, the trader can go long with a stop loss of ₹1040 for the target price of ₹1110.

Virat Jagad’s buy or sell stocks

5] Wipro: Buy at ₹500 to ₹505, target ₹540, stop loss ₹480.

The daily chart for Wipro Ltd reveals a confirmed breakout from a flag and pole pattern, supported by heightened volume, indicating a resurgence in buyer interest. The security is currently trading near its high, bolstered by backing from both Fast and Slow Exponential Moving Averages (EMAs), signaling positive price action and sentiment. The upward trajectory in the Slow EMA, along with the MACD is showing a positive crossover, which confirms the buying interest, underscores a robust uptrend. Notably, following a strong momentum, the MACD is now trending upwards, solidifying the bullish stance in the security.

6] Dr Reddy’s Laboratories: Buy at ₹6330 to ₹6340, target ₹6690, stop loss ₹6155.

Dr Reddy’s Laboratories Ltd has established a breach of the resistance level around ₹6155, witnessing active buying interest that propelled the stock beyond this barrier. Recent positive price movements affirm the influence of buyers, resulting in the breakout of a rounding bottom formation, suggesting potential ongoing upward momentum. Additionally, the stock is trading above significant moving averages, consolidating the bullish trend. The momentum indicator RSI is trading in a higher range which indicates an uptrend in the security. In conclusion, Dr Reddy’s Laboratories Ltd’s daily chart depicts a resilient resistance zone at 6690, overcome by heightened buying activity. Positive price action, combined with trading above key moving averages and a favorable RSI Level, suggests a bullish sentiment with potential for further upward movement.

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.