Day trading guide for today: The turbulent action continued on Friday last week, with the Nifty 50 index ending a little down at 19,794 levels. The BSE Sensex finished 47 points lower at 65,970, while the Bank Nifty index gained 191 points and closed at 43,769 on Friday last week. The small-cap index rose 0.14 percent, while the mid-cap index gained 0.13 percent.
“The Nifty traded sideways throughout the session, finishing flat at 19,795 points.” Pharma, metals, and banking were among the sectors that saw purchasing. The insurance industry had too much velocity. “In the absence of any major events and an extended weekend, the market has been consolidating for the last few sessions,” said Siddhartha Khemka, Head of Retail Research at Motilal Oswal.
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Today’s stock market trading guidance
Today’s Nifty outlook, “The near-term uptrend status of the Nifty 50 index remains intact,” stated Nagaraj Shetti, Technical Research Analyst at HDFC Securities. The recent assembly elections (exit poll projections on November 30th and election results on December 3rd) are predicted to be a trend determinant for the market in the coming months. The aforementioned imminent event is expected to cause sharp movement on either side of the range. A sustained up move over 19,900 might propel the Nifty to all-time highs, while a decisive fall below 19,600 is likely to trigger a short-term market slump.”
“Bank Nifty finished the volatile day, moving sharply on both sides on Intraday level to end at 43,769, up 192 points,” said Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities. On the daily chart, Bank Nifty closed higher, which is a bullish indicator. Bank Nifty is projected to find solid support at the level of 43,300. A strong closing above 43,800 may prompt the beginning of new longs in the Index.”
“With the onset of wedding season, sectors like jewelry, apparel, hotels, aviation, and other related industries are likely to gain traction,” said Siddhartha Khemka of Motilal Oswal. This week, we expect some market momentum to return as investors take signals from different economic statistics, including GDP numbers for the United States, China, and India.”
Day trading stocks for today
Six stocks to buy or sell today were advised by stock market gurus Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi; and Virat Jagad, Technical Analyst at Bonanza Portfolio.
Sumeet Bagadia’s intraday stocks for today
1] Lupin: Buy at 1243 with a target of 1285 and a stop loss of 1211.
Based on a thorough technical analysis, Lupin shares show significant signs of a bullish trend. The stock recently achieved a breakthrough at 1243, which was then retested and confirmed as a new support. Lupin has also shown amazing endurance by closing above its short, medium, and long-term moving averages, including the 20, 50, 100, and 200-day Exponential Moving Averages (EMA). This confirms the stock’s price action’s substantial underlying strength.
2] Tata Consumer: Buy at 930.85 with a target of 970 and a stop loss of 910.
Tata Consumer shares are now trading with multiple strong technical signs. The RSI at 63 indicates that the stock is in a balanced situation, neither overbought nor oversold, indicating a consistent trend. The stock has good support at 910, which is close to its 20-day moving average. Furthermore, the stock is trading above its 20, 50, and 200-day EMAs, which is frequently regarded as a positive indication.
We recommend acquiring Tata Consumer shares at the CMP of 930.85 with a medium-term target price of 970. If the price falls below 910, our analysis will be considered invalid.
Stocks to buy today Ganesh DongreÂ
3] State Bank of India or SBI: Buy at 561, goal 575, stop loss 548.
SBI share price has a positive reversal pattern in the short term; technically, retrenchment is feasible till 575. So, by holding the 548 support level, this stock may be able to rally toward the 575 level in the short term. As a result, the trader might go long with a stop loss of 548 and a target price of 575.
4] Havells India: Buy at 1295 with a target of 1325 and a stop loss of 1280.
Havells’ share price has demonstrated a positive reversal pattern on the short-term chart, holding the support level of 1280. In the short term, this stock may bounce toward the 1325 level, thus a trader may go long with a stop loss of 1280 and a target price of 1325.
Virat Jagad’s stock purchase or sale
5] Adani Power: Buy between 395 and 398, aim 930, stop loss 835.
Following a great run, Adani Power shares began trading in a consolidation range. It came to a halt around the hurdle mark. In the previous trading session, bulls were able to close above the upper band, and we saw a breakout of the flag and pole pattern.
The Relative Strength Index (RSI) is staying near the overbought zone, confirming the bullish trend. The stock is trading above the major EMAs, confirming the script’s bullishness. In the approaching term, if bulls can hold above 400, we may expect another round of buying, with 380 as immediate support.
6] Bharat Forge: Buy between 1110 and 1120, with a goal of 1200 and a stop loss of 1075.
On a daily basis, the share price of Bharat Forge has broken out of a downward moving channel to the upside, indicating a good trend in the company. On the EMA front, prices are trading above significant EMAs, indicating a bullish trend. The Slow EMA (50) and Fast EMA (21) are rising upward and following the trend, indicating a good trend. Momentum Indicator RSI has begun trading above the prior resistance zone, indicating significant purchasing interest in the script.
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.
