Dalal Street fell for the fourth day in a straight on Monday, following dismal global market indications. The Nifty 50 index concluded 260 points lower at 19,281 levels, the BSE Sensex fell 825 points to 64,571 levels, and the Bank Nifty index fell 571 points to 43,151 levels. Even while the advance decrease ratio fell drastically to 0.13:1, the lowest in ten months, broad market indexes fell more than the Nifty.
Day trading guide for stock market today
On the forecast for the Nifty 50 index, Nagaraj Shetti, Technical Research Analyst at HDFC Securities, stated, “The Nifty’s short-term trend remains negative.” After falling below the support level of 19330, the Nifty may fall below 18825 levels-200 day EMA in the short future. Any effort at an upward rally might run into resistance around the 19400 level.”
“Bank Nifty proceeded to move in a lower high formation throughout the day to end at 43,151, down 572 points,” said Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities. Massive long unwinding was noted between the 43,500 and 43,600 strike levels, resulting in a steep drop in the Bank Nifty today. On the daily chart, the Bank Nifty fell below its crucial support level of 43,400. The next noticeable support for the Bank Nifty is at 42,600. Only a good closing above 43,900 will signal the resumption of an uptrend.”
Corporate action today
Sonata Software’s board meeting will be watched by stock market investors and observers since the firm board will evaluate and approve the interim dividend for FY24 and bonus shares. Investors are anticipated to keep a close eye on the result of Tech Mahindra’s board meeting, as the corporate board will evaluate and propose an interim dividend for the fiscal year 2023-24.
Infosys shares will trade ex-dividend in October 2023, for payment of a 360 percent interim dividend for the fiscal year 2023-24.
Today’s results are for the second quarter of 2023.
Today, 30 publicly traded firms will report their second-quarter earnings. Axis Bank, Tech Mahindra, Sinata Software, CMS Info Systems, Rallis India, Dreamfolks Services, Gulf Oil Lubricants India, and others are among the 30 listed firms.
F&O prohibition list
RBL Bank has been added to the list of stocks that will be prohibited from trading on October 25, 2023.
Today’s stocks to trade
Today’s intraday stocks were selected by stock market gurus Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager of technical Research at Anand Rathi; and Ashish Katwa, Technical Analyst at Bonanza Portfolio.
Today’s intraday stocks for Sumeet Bagadia
1] ICICI Lombard: Buy at 1399 with a target of 1490 and a stop loss of 1350.
The ICICI Lombard share price is now trading at Rs.1399.05 per share. All of the stock’s short, medium, and long-term exponential moving averages, including the 20, 50, and 200 EMAs, have been surpassed. Furthermore, on the daily chart, the stock has formed a bullish candle, signalling strength. The stock has good support at 1350, which is also near its 20 Day EMA.
According to our research, the stock will move upward, with a potential goal range of 1490. It’s important to remember, however, that if the price falls below 1350, our bullish forecast would become irrelevant.
2] Balkrishna Industries: Buy at 2567 with a target of 2680 and a stop loss of 2490.
Balkrishna Industries has recovered from a strong support level of 2495, which is near to the 50 Day EMA. Currently, the stock is trading above all of the significant moving averages, signalling strength. Strong volumes support the upward movement from support levels. Around the 2615 level, there is less resistance. Once the stock breaks over the indicated barrier, it may advance towards the target price of 2680 and higher. The momentum indicator RSI is trading at 54 levels, suggesting strength.
Day trading stocks with Ganesh Dongre
3] Aurobindo Pharma: Buy at $874 with a target of $900 and a stop loss of $855.
The stock has a positive reversal pattern in the short term, and a retrenchment might be probable till 900. So, if this stock maintains its support level of 855, it has the potential to rise to the 900 level in the immediate term. As a result, the trader might go long with a stop loss of 855 and a target price of 900.
4] IPCA Labs: Buy at $998 with a target of $1030 and a stop loss of $975.
The stock has demonstrated a bullish reversal pattern on the short-term chart, thus it is maintaining the support level of 975. In the immediate term, this stock may return to the 1030 level. As a result, the trader might go long with a stop loss of 975 and a target price of 1030.
Stocks purchased or sold by Ashish Katwa
5] Abbott India: Buy between 22,716 and 22,700, aim 23350, stop loss 22400.
The stock has broken out of the Falling wedge pattern with a bullish candlestick on the four charts. On the daily time frames, the stock is trading above its 21-day exponential moving averages, which is favourable for prices in the short to medium term. The Ichimoku cloud technical indicator indicates that the price is trading above the conversion and base lines, which function as support for the counter. The RSI (14) daily strength indicator is positive and trading over the 60 mark.
As a result, based on the aforementioned technical structure, a long position in ABBOTINDIA may be initiated around CMP 22716.05, or a price drop to 22700 levels can be exploited as a buying opportunity for the upward goal of 23350. The optimistic perspective, however, will be undermined if ABBOTINDIA falls below the 22400 support line.
6] Aditya Birla Capital November Future: Sell between 173.25 and 173.50, with a target of 168.90 and a stop loss of 175.40.
On the daily chart, the stock has broken out of its range with a bearish candlestick. On the daily time frames, the stock is trading below its 21-38 day exponential moving averages, which is bad for prices in the short to medium term. The Ichimoku cloud technical indicator indicates that the price is trading below the conversion and baseline, indicating a bearish trend. The RSI (14) daily strength indicator is negative and trading over the 45 mark. As a result of the aforesaid Technical Setup, a short position in ABCAPITAL with an SL of 175.40 and a downside target of 168.90 may be established.
Disclaimer: The opinions and recommendations shown above are those of individual analysts or brokerage firms, not Axpert Media. Before making any financial decisions, we recommend that investors consult with competent specialists.