Today’s day trading guide: On Monday, the Indian stock market continued to trade erratically. The BSE Sensex dropped 139 points to close at 65,655 while the Nifty 50 index finished 37 points lower at 19,694 points. The Nifty Bank index ended slightly higher at 43,584 points. Monday’s overall market saw a 0.37 percent gain in the small-cap index and a marginally lower close for the mid-cap index.
“After last week’s rally, there was mixed trading activity on the international markets. Because index heavyweights were booking profits, the domestic index Nifty had a dull session and ended with a marginal loss of 38 points at 19694 levels. The majority of sectors finished red. After the RBI tightened standards for consumer credit, weakness in financial stocks persisted for a second day in a row, according to Siddhartha Khemka, Head of Retail Research at Motilal Oswal.
A guide to day trading on the stock market today
“The short-term trend of Nifty continues to be range bound,” stated Nagaraj Shetti, Technical Research Analyst at HDFC Securities, regarding the outlook for the Nifty 50 today. Before there is an upward bounce from the lows, there may be some more short-term consolidation or slight weakness. Support is provided immediately at levels between 19,600 and 19,550.”
Ashwin Ramani, a derivatives and technical analyst at SAMCO Securities, provided the following outlook for the Bank Nifty today: “On the daily chart, the Bank Nifty has formed a doji candle, which signals indecision.” At the maximum put open interest strike of 43,500, both the call and put writers engaged in combat, with the latter emerging victorious by a narrow margin. For the Bank Nifty, the level of 43,800 represents a significant barrier and a successful close above it is likely to signal the continuation of the uptrend. At 43,585, Bank Nifty ended the day one point higher.”
According to Motilal Oswal’s Siddhartha Khemka, the stock market’s outlook for today is as follows: “The overall market is likely to consolidate in a range as focus will be on the US FOMC meeting minutes, which are due out on Wednesday.” Due to Thursday’s Thanksgiving holiday, participation may be lower globally. Investors will be observing the US existing home sales data, which is scheduled for release on Tuesday.”
Call Put Options data for Nifty
“Major total Call open interest was seen at 19800 and 19900 strikes with total open interest of 234196 and 142149 contracts respectively,” stated Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities, in reference to Nifty Call Put Option data. Significant call open interest was observed at the 19800 strike, adding 82648 contracts to the open interest. Major put open interest was observed at the 19700 and 19600 strikes, with 117390 and 114571 contracts of total open interest, respectively. A significant increase in put open interest was observed at the 19600 strike, adding 20555 contracts to the open interest.”
Call Put Options data for the Bank Nifty
“Major total Call open interest was seen at 43700 and 44000 strikes with a total open interest of 232093 and 221030 contracts respectively,” stated Profitmart Securities’ Chinmay Barve in reference to Bank Nifty Call Put Options data. The 43700 strikes saw a significant increase in call open interest, amounting to 56050 contracts. Similarly, the 43500 and 43000 strikes saw a major increase in open interest, totaling 242254 and 155056 contracts, respectively. A significant increase in put open interest was observed at the 43500 strike, adding 111685 contracts.”
Today’s stock day trading
Stock market experts Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, Virat Jagad, Technical Analyst at Bonanza Portfolio, and Sumeet Bagadia, Executive Director at Choice Broking, recommended six stocks to buy or sell today based on intraday stocks.
Today’s intraday stocks for Sumeet Bagadia
1. Tata Communications: Purchase at ₹1723, aim for ₹1827, and halt losses at ₹1672.
With a strong trading volume, the Tata Communications share, which is currently trading at ₹1722.95, has formed a flag and pole pattern on the daily chart. The stock has shown strong price stability over the last week, regularly finding support at the ₹1680 mark. Furthermore, the share of Tata Communications is currently trading above important Exponential Moving Averages (EMAs), which include the 20-, 100-, and 200-day EMAs. This highlights its bullish momentum and raises the possibility of more price movement in the upward direction.
With an upward trend and a current value of 50.22, the Relative Strength Index (RSI) indicates growing buying momentum. In addition, there is a positive crossover in the Stochastic Relative Strength Index (Stoch RSI). The Tata Communications share could potentially hit a target price of ₹1827 shortly, according to this combination of technical indicators.
2. Metropolis Healthcare: Purchase at 1641, aim for 1695, and halt losses at 1607.
The Metropolis Healthcare share is trading at ₹16441 right now, displaying a strong technical position as its closing values have surpassed the 50, 100, and 200 EMA short–, mid-, and long-term moving averages, respectively. At 66, the Relative Strength Index (RSI) indicates positive momentum.
Additionally, the Average Directional Index (ADX), which stands at 31, indicates a noteworthy trend strength and is moderately strong. Notably, the stock has recently shown resilience on the charts and achieved a breakout, consolidating above the critical level of ₹1600.
Stocks of Ganesh Dongre to purchase today
3. MFSL, or Max Financial Services Ltd: Purchase at ₹948, aim for ₹970, and halt loss at ₹930.
The short-term trend of the MFSL share price shows a bullish reversal pattern; a pullback could theoretically occur up to ₹970. Therefore, if the stock maintains the ₹930 support level, it may rise shortly to the ₹970 level. For the target price of ₹970, the trader can therefore go long with a stop loss of ₹930.
4. Torrent Pharmaceuticals: Purchase at ₹2114, aim for ₹2180, and halt losses at ₹2070.
The Torrent Pharma share has displayed a bullish reversal pattern on the short-term chart, maintaining the ₹2070 support level. In the near term, this stock may rise toward the ₹2180 mark. For the target price of ₹2180, the trader can therefore go long with a stop loss of ₹2070.
Virat Jagad’s stock purchase or sale
5. Vesuvius India: Purchase between ₹3745 and ₹3755, aim for ₹3870, and halt loss at ₹3690.
Vesuvius India Ltd. has formed a strong barrier zone on the daily chart between ₹3720 and ₹3740, where investors have been actively buying shares, pushing the stock over the barrier. The recent uptrend in prices validates the strength of the buying, and the Head & Shoulders pattern’s breakout indicates the possibility of additional upward movement. The bullish momentum is also supported by the fact that the stock is currently trading above important moving averages.
6. KPR Mill: Buy between ₹830 and ₹831, aim for ₹900, and halt loss at ₹800.
According to the weekly chart, K.P.R Mill Ltd. is continuously being bought by investors to push it over the barrier, which is a strong barrier zone between ₹780 and ₹800. The rounding bottom formation was broken, indicating the possibility of more upward movement, and the recent positive price action validates the dominance of buyers.
