“Sharp selling was seen in the broader domestic market on account of the rise in crude oil prices and muted global cues amid the Lunar New Year holiday in Asian markets. Mid and small caps had witnessed strong rallies over the past few months thus making valuations a little stretched. However, buying was seen in large caps where there is still some comfort. After a subdued start, Nifty made a recovery in the second half of the session to close near the day’s high with gains of 65 points at 21,783 levels. Sector-wise it was a mixed bag with buying seen in Banking, Financial, and Pharma stocks. A mixed set of results and a sharp run-up in PSUs over the past months led to profit booking at this counter. Further, early diminishing hopes of early rate cuts too dampened the sentiments,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal.
Day trading guide for stock market today
On the outlook for the Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, “The overall uptrend status of Nifty remains intact and there is a possibility of further upside towards 22000 levels in the near term. Any dips down to 21600-21500 levels could be a buying opportunity.”
On the outlook for Bank Nifty today, Mehra, Technical Analyst at SAMCO Securities said, “Last week Bank Nifty declined by 0.73% and ended at 45,634.55. The 50-day Simple Moving Average (SMA) stands as a robust resistance point at 46,300 and the crucial support of the 200-day Moving Average (DMA) is situated at 44,800. A breach below these levels could potentially test the 44,000 mark in the upcoming trading session.”
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; Shiju Koothupalakkal, Technical Analyst at Prabhudas Lilladher, and Kunal Kamble, Sr Technical Analyst at Bonanza Portfolio — recommended eitght stocks to buy or sell today.
Sumeet Bagadia’s day trading stocks
1] Krishna Institute Of Medical Sciences or KIMS: Buy at ₹2169.35, target ₹2270, stop loss ₹2098.
In the latest market analysis, investors are encouraged to initiate a cash position in KIMS at ₹2169.35, complemented by a stop-loss order set at ₹2098 and a target price of ₹2270. This strategic move is substantiated by the stock’s RSI reading of 64.
2] Bank of Baroda: Buy at ₹263.50, target ₹275, stop loss ₹257.
In a recent market analysis, investors are advised to initiate a long position in the Bank of Baroda share at ₹263.50, setting a stop-loss at ₹257 and targeting ₹275. This call is substantiated by the Relative Strength Index (RSI) currently at 68, indicating a bullish sentiment.
Ganesh Dongre’s stocks to buy today
3] DLF: Buy at ₹835, tartget ₹875, stop loss ₹815.
In the short-term trend, DLF share price has a bullish reversal pattern, technically retrenchment could be possible till ₹875. So, holding the support level of ₹815 this stock can bounce toward the ₹875 level in the short term. Hence, the trader can go long with a stop loss of ₹815 for the target price of ₹875.
4] SBI: Buy at ₹728, target ₹760, stop loss ₹715.
In the short-term trend, SBI share price has a bullish reversal pattern, technically retrenchment could be possible till ₹760. So, holding the support level of ₹715 this stock can bounce toward the ₹760 level in the short term. Hence, the trader can go long with a stop loss of ₹715 for the target price of ₹760.
Shiju Koothupalakkal’s buy or sell stocks
5] HUDCO: Buy at ₹200, target ₹216, stop loss ₹195.
The stock has maintained a strong uptrend with a series of higher low formations on the daily chart and currently, once indicated has witnessed a decent revival from the ₹183 zone to form a higher low pattern and has improved the bias to anticipate further rise. With a flag pattern formation visible, we expect a further upward move for the target of ₹216 keeping the stop loss of ₹195.
6] Bharat Forge: Buy at ₹1314, target ₹1357, stop loss ₹1290.
Bharat Forge share has indicated a higher bottom formation near the significant 50EMA level of ₹1190 zone and with a decent pullback witnessed has currently given a breakout above ₹1300 zone to trigger for fresh upward move. With the RSI well placed, we anticipate further rise for an initial upside target of ₹1357 keeping the stop loss of ₹1290.
7] Sona Blw Precision Forgings or SONACOMS: Buy at ₹619.35, target ₹655, stop loss ₹607.
The stock has witnessed a decent pullback from the significant 50EMA level of the ₹598 zone and has indicated a higher low pattern on the daily chart with bias improving. We anticipate further upward move and expect an initial target of ₹655 maintaining the stop loss of ₹607.
Kunal Kamble’s stock of the today
8] Apollo Hospital: Buy at ₹6437.45, target ₹6590, stop loss ₹6360.
On a Daily time, frame Apollo Hospital share price has given a breakout of its all-time high indicating a continuation of the uptrend. The security has closed near its high indicating buyers are keen to buy the security. The volume increase 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 an uptrend. On the momentum front RSI is trading in a higher range which indicates the 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.
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Published: 12 Feb 2024, 09:09 AM IST