Today’s day trading tips: The Indian stock market concluded higher on Friday as a result of robust global market sentiment. The Nifty 50 index finished up for the sixth week in a row, at 20,969, after reaching a record high of 21,006. The BSE Sensex rose 303 points to conclude at 69,825 while the Bank Nifty index rose 420 points to close at 47,262. However, broad market indexes finished down, despite the advance-decline ratio falling to 1.03:1.
“The Nifty crossed the 20,000 barrier after the RBI raised its GDP growth prediction for FY24 to 7% while keeping inflation at 5.4%. For the sixth occasion, the RBI maintained the status quo and held the repo rate at 6.5%. The index closed up 68 points at 20969 levels. “The IT, Banking, Financials, and Realty sectors were major gainers today,” said Siddhartha Khemka, Motilal Oswal’s Head of Retail Research.
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Today’s stock market trading guidance
“The market’s near-term uptrend status remains intact,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, “and current consolidation or minor weakness could eventually result in Nifty resuming its sharp upside further in the short term.” The next overhead hurdle to watch is around 21,550 (78.6% Fibonacci extension), while the Nifty’s immediate support is currently at 20,850.”
1] Kotak Mahindra Bank: Buy at 1838.45 with a target of 1920 and a stop loss of 1775.
Several encouraging signs are shown by the technical analysis of Kotak Mahindra Bank’s share. The stock just recovered from a critical support level of 1810 and surpassed the initial resistance level of 1835, trading at 1838.45 today. This illustrates the stock’s price action’s power, since it is breaking through critical price barriers.
Furthermore, the creation of a hammer candlestick pattern on the daily chart shows the possibility of continued upward movement. Furthermore, the stock is trading above all of the key moving averages, signaling strength.
2] Jindal Steel: Buy at 686.25 with a target of 720 and a stop loss of 665.
On the daily chart, Jindal Steel has created a bullish candle. Jindal Steel’s share price is now trading at 686.25. The stock has effectively surpassed the significant level of 665, which was previously a resistance level, as well as the 20 Day EMA. A minor resistance is located around the level of 698. If the stock closes above the stated levels, it may rise to 720 and higher. Jindal Steel’s share price has good support at approximately 665, which is also close to its 20-day moving average. The RSI indicator is now trading at 63, suggesting strength.
3] SBI (State Bank of India): Buy at 615, aim 625, stop loss 605.
SBI share price has a positive reversal pattern in the immediate term; technically, retrenchment might be feasible till 705. So, if this stock maintains its support level of 675, it has the potential to rise to the 705 level in the short run. As a result, the trader might go long with a stop loss of 675 and a target price of 705.
Disclaimer: The opinions and recommendations shown above are those of individual analysts or brokerage firms, not of Axpert Media. Before making any financial choice, we recommend that investors consult with competent specialists.
