Day trading guide for stock market today: Nine stocks to buy or sell on Monday — 19th February

Stock market today: Following a rally in the strong market, the Indian stock market ended higher for the fourth day in a row on Friday. The Nifty 50 index shot up 129 points and finished at 22,040 level, the BSE Sensex surged 376 points and closed at 72,426 mark while the Bank Nifty index ended 165 points up at 46,384 level.

In the broad market, both small-cap and mid-cap indices outperformed the key benchmark indices even as the advance-decline ratio remained firm at 1.56:1. Large activity was seen in bank, auto, pharma, PSU, and FMCG stocks.

“Domestic equities gained for 4th consecutive day, recovering more than 500 points (2.3%) from a low of 21530 and reaching close to its life-high levels of 22,126. Nifty traded in positive territory throughout the session and closed with handsome gains of 130 points at 22041 levels. The broader market continued to gain strength up ~ 0.6%. All sectors ended in green, barring Oil & Gas. Indian markets showed resilience despite volatility. Q3 earning season has ended on a buoyant note with Nifty delivering a strong beat with a 17% YoY PAT growth vs. est. of +11%,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal.

On the outlook of the Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities said, “Though, Nifty placed near the crucial overhead resistance of 22,125 levels, still there is no indication of any significant reversal pattern building at the highs. There is a possibility of some more upside towards the new all-time high of around 22150 levels before showing any selling pressure from the new highs. Immediate support is at 21,920 levels.”

On the outlook of the Bank Nifty today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, “Bank Nifty, with a gap up opening, surged ahead but witnessed resistance near the 46,700 zone and with profit booking seen slipped down to end near 46,400 levels. The index would have the crucial hurdle of 46,800 levels which need to be reached to expect further upward move while on the downside the levels near the significant 50EMA zone of 46,100 would be the near-term support level.”

On the outlook for the Indian stock market today, Siddhartha Khemka of Motilal Oswal said, “We expect market sentiment to strengthen further as the prospect of a pre-election rally is quite strong. Two important pre-poll surveys by India Today and Times Now predict a more than comfortable majority (272+ seats) for the incumbent BJP-led NDA. Nifty today is hovering near all-time zones and is all set to make new highs this week.”

Nifty Call Put option data

Speaking on the Nifty Call Put Options data, Chinmay Barve, Head of Derivative and Technical Research at Profitmart Securities said, “One of the major total Call open interest was seen at 22100 and 22200 strikes with a total open interest of 86380 and 60784 contracts respectively. The strike price of 22100 and 22300 saw one of the major open interest addition of 52211 and 37135 contracts respectively,” adding, “One of the major total Put open interests was seen at 22000 and 21700 strikes with a total open interest of 111762 and 86699 contracts respectively. One of the major Put open interest additions was seen at 22000 strikes which added 76184 contracts in open interest.”

Bank Nifty Call Put option data

On Bank Nifty Call Put option data, Chinmay Barve of Profitmart Securities said, “One of the major total Call open interest was seen at 46500 and 47000 strikes with total open interest of 133840 and 181859 contracts in open interest. The strike price of 47000 saw one of the major addition of 68311 contracts in open interest,” adding, “One of the major total Put open interest was seen at 46000 and 45500 strikes with a total open interest of 178246 and 110350 contracts respectively. One of the major Put open interest additions was seen at 46000 strike which added 47224 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; Shiju Koothupalakkal, Technical Analyst at Prabhudas Lilladher; and Virat Jagad, Technical Analyst at Bonanza Portfolio — recommended nine stocks to buy or sell on Monday.

Sumeet Bagadia’s stock recommendations

1] UPL: Buy at ₹490.40, target ₹530, stop loss ₹473.

UPL share price, currently priced at ₹490.40 for cash transactions, presents an intriguing opportunity in the technical landscape. The stock has recently undergone a correction of nearly 16% from last month’s closing but has since shown strength from lower levels, indicating a potential upward trend with a target of ₹530.

2] Devyani International: Buy at ₹158.75, target ₹167, stop loss ₹154.

Devyani International Limited, currently priced at ₹158.75 for cash transactions, presents an intriguing opportunity for investors. Despite the Relative Strength Index (RSI) standing at 40, indicating a neutral stance, the stock displays a bullish candlestick pattern on the chart, suggesting a potential uptrend. Investors are advised to consider buying DEVYANI, with a suggested stop-loss at ₹154 to manage potential downside risks. The target price is set at ₹167, reflecting an optimistic outlook for potential returns.

Ganesh Dongre’s day trading stocks

3] Titan: Buy at ₹3675, target ₹3850, stop loss ₹3580.

In the short-term trend, Titan share price has a bullish reversal pattern, technically retrenchment could be possible till ₹3850. So, holding the support level of ₹3580 this stock can bounce toward the ₹3850 level in the short term. Hence, the trader can go long with a stop loss of ₹3580 for the target price of ₹3850.

4] Tata Communications: Buy at ₹1812, target ₹1860, stop loss ₹1785.

In the short-term trend, Tata Communications share has a bullish reversal pattern, technically retrenchment could be possible till ₹1860. So, holding the support level of 1785 this stock can bounce toward the ₹1860 level in the short term. Hence, the trader can go long with a stop loss of ₹1785 for the target price of ₹1860.

Shiju Koothupalakkal’s buy or sell stocks

5] TVS Motor: Buy at ₹2138.75, target ₹2210, stop loss ₹2105.

TVS Motor share has maintained a strong uptrend and with some consolidation phase witnessed for quite some time once a fresh breakout has been indicated with a positive candle formation with improvement in the bias. With the RSI indicator well placed, we suggest buying this stock for an upside target of ₹2210 keeping the stop loss of ₹2105.

6] Laurus Lab: Buy at ₹400, target ₹418, stop loss ₹393.

The stock after the short correction has once again indicated a positive candle moving past the significant 50EMA level of 397 to improve the bias and expect further rise in the coming sessions. With the RSI also improving and indicating a buy signal, we suggest buying the stock for an initial upside target of ₹418 keeping the stop loss of ₹393.

7] GNFC: Buy at ₹659.35, target ₹690, stop loss ₹646.

The stock after the decent correction witnessed has bottomed out taking support near the ₹630 zone and has picked up well to move past the 647 levels with a decent pullback witnessed, which has improved the bias to anticipate further rise. With the RSI reversing from the oversold zone has signalled a buy and we expect another round of fresh upward move for an initial target of ₹690 levels keeping the stop loss of ₹646.

Virat Jagad’s stocks to buy today

8] Mastek: Buy at ₹3090 to ₹3095, target ₹3400, stop loss ₹2940.

Looking at the daily chart of Mastek Ltd, we can see the formation of a pennant and pole pattern, a typically continuous pattern where bulls manage to trade above the resistance line. In the current setup, there is bullish price action, suggesting that buyers are eager to purchase the stock with expectations of upward movement. In terms of Exponential Moving Averages (EMA), the stock is trading above significant EMAs, indicating a positive trend. The Slow EMA (21) is aligning with the trend and moving upward, reinforcing the positive trend signal. The momentum indicator, MACD, shows a positive trend as the MACD line has crossed the signal line.

9] Maruti Suzuki India Ltd: Buy at ₹11375 to ₹11385, target ₹11900, stop loss ₹11030.

A significant breakout of a Cup and Handle pattern in Maruti has been observed. This pattern often indicates a potential bullish trend. The burst in volume during the current week suggests increased buying interest at the current price levels, which further reinforces the positive outlook for security. Moreover, the price of Maruti is trading above the major Exponential Moving Averages (EMA’s), indicating a sustained uptrend. This alignment with the EMA’s adds more confidence to the bullish scenario.

Additionally, the breakout in the Relative Strength Index (RSI) supports the upside move, confirming the strength of the current trend and implying the potential for further price appreciation. The DMI+ is positioned above DMI-, confirming the presence of a positive trend, while the ADX trading above DMI- reflects the underlying strength in the ongoing move.

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.