Today’s day trading tips: The Indian stock market closed higher for the fourth consecutive day on Friday, thanks to robust GDP figures. The Nifty 50 index reached a fresh all-time high of 20,291 before closing 134 points higher at 20,267. The BSE Sensex rose 492 points to close at 67,481, while the Bank Nifty index rose 332 points to 44,814 levels. The small-cap index increased by 0.48 percent, while the mid-cap index increased by 0.96 percent.
On the Nifty’s prognosis for today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities, stated, “The Nifty’s short-term trend remains positive, and one may expect further upside in the coming week.” The next upward levels to monitor are around 20510 (50% Fibonacci projection from March 23 bottom to September 23 top to October 23 bottom). Immediate assistance is available at 20140.”
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Nifty GIFT
With a rise of 287 points, the GIFT Nifty predicts a solid start for the wider market. GIFT Nifty futures were trading at 20,640.
The US Markets
The benchmark S&P 500 index finished at its highest level of the year on Friday, amid rising confidence that the Federal Reserve has reached the end of its rate hike cycle and may begin to lower rates next year as inflation eases.
Clean sweeps for the BJP in MP, Rajasthan, and Chhattisgarh
The Bharatiya Janata Party (BJP) of Narendra Modi won three out of four state elections, taking Madhya Pradesh, Rajasthan, and Chhattisgarh.
The BJP has added two more states to their double-engine squad of governments, joining Madhya Pradesh, Uttar Pradesh, Uttarakhand, Gujarat, Maharashtra, Assam, Tripura, and Manipur.
On the stock market’s prognosis for today, Manish Chowdhury, Head of Research at StoxBox, stated, “With the results of state elections giving the BJP a big victory in three states and some in-roads in Telangana as well, we anticipate the markets to open with a gap up of at least 200-250 points on Monday.”
Intraday stocks for today
1] Punjab National Bank (PNB): Buy at 80.70 with a target of 87 and a stop loss of 77.50.
PNB’s share price is now at 80.7, having broken over a daily falling trendline after stabilizing at a support level. This breakout has been followed by high trading volume and has produced a Bullish candle, indicating that the stock has strong bullish momentum. In addition, the stock is trading above major Exponential Moving Averages (EMAs) such as the 20-day, 50-day, 100-day, and 200-day EMAs. This alignment above critical EMAs reinforces the bullish perspective, implying the possibility of extended higher price action.
2] Tata Power: Buy at 276 with a target of 298 and a stop loss of 265.
Tata Power is now trading at 276, with the price forming a rounded bottom pattern breakout with high volume, signaling strong bullish momentum in the stock. In addition, the stock is trading above major Exponential Moving Averages (EMAs) such as the 20-day, 50-day, 100-day, and 200-day EMAs. This alignment above critical EMAs reinforces the bullish perspective, implying the possibility of extended higher price action.
3] Kotak Mahindra Bank: Buy at 1750 with a target of 1780 and a stop loss of 1730.
Kotak Mahindra Bank’s share has a positive reversal pattern in the short term; theoretically, retrenchment is conceivable till 1780. So, while sustaining the 1730 support level, this stock may be able to bounce toward the 1780 level in the short term. As a result, the trader might go long with a stop loss of 1730 and a target price of 1780.
4] ICICI Bank: Buy at 947 with a target of 960 and a stop loss of 938.
The stock has demonstrated a bullish reversal pattern on the short-term chart, hence it is maintaining the support level of 938. In the immediate term, this stock may rise to the 960 level. As a result, the trader might go long with a stop loss of 938 and a target price of 960.
5] Craftsman Automation: Buy at $5,090 to $5,100 with a target of $5,385, and a stop loss of $4,944.
On the daily chart, Craftsman Automation Ltd has built a strong hurdle zone around 4950, where buyers have actively breached and the stock has closed above the hurdle mark where we noticed a throwback.
The current upward price action supports buyer supremacy, resulting in a retest of the rounded bottom formation breakout zone, implying the possibility of more upward movement.
Furthermore, the stock is now trading above important moving averages, which supports the bullish momentum, and today’s close above the prior resistance line strengthens the positive trend.
6] Asian Paints: Buy at 3173.40 with a goal of 3300 and a stop loss of 3108.
Asian Paint has broken out of the downward trading channel on the daily time frame, signaling a positive trend in the stock. Buyers must appear more appealing in order to purchase the security over 3160 levels.
The momentum indicator RSI is showing a positive signal as it approaches the overbought zone. On the directional front, the DI+ line is trading above the DI- line, and the ADX begins to move north, indicating that the security is strong. The Momentum Indicator RSI is trading around the overbought level, confirming the script’s bullishness.
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.
