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 short-term trend of the Indian stock market remains weak. But, having placed near the cluster support of around 22,000 levels, one may expect an upside bounce in the Nifty 50 index from the lows in coming sessions. Immediate resistance for Niftyy today is placed at 22,260 levels.”
Unveiling the intraday trading strategy for the Indian stock market today, Ruchit Jain, Lead Research at 5paisa.com said, “Trading with a stock-specific approach could be a better trading strategy for the near term. The weekly options data hints at supporting the Nifty 50 index in the range of 22,000 to 21,950 which also coincides with a rising trendline support. Only if this support is breached, then one can expect correction towards the 89 DEMA, which is placed around 21,750. However, as the hourly readings are oversold and the market breadth is positive, there could be a pullback move in the index towards 22,400. Traders should keep a close tab on the above-mentioned levels in the index and trade accordingly.”
Buy or sell stock ideas by experts
On stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher; and Drumil Vithlani, Technical Research Analyst at Bonanza Portfolio — recommended six buy or sell stocks for today.
Sumeet Bagadia’s stocks to buy today
1] Escorts: Buy at ₹3063, target ₹3260, stop loss ₹2950.
The current trading price of ESCORTS is ₹3063.15. The stock has recently consolidated above the ₹3000 level with a significant increase in trading volume, indicating price stability. If the price manages to close above the ₹3100 level, it may have the potential to reach short-term targets of ₹3260. On the other hand, immediate support levels are located at ₹3000 and ₹2950. These levels can be considered as opportunities to buy on dips.
2] HAL: Buy at ₹3722, target ₹3939, stop loss ₹3611.
HAL share price is exhibiting strong bullish momentum, currently trading at an all-time high of ₹3738.95 levels. The recent breakout above the crucial resistance at ₹3600 levels is a significant technical development, supported by robust trading volumes, reinforcing the strength in the stock. The breakthrough suggests a potential continuation of the upward trend, offering an optimistic outlook for investors.
Shiju Koothupalakkal’s shares to buy today
3] Bharat Dynamics: Buy at ₹1847, target ₹1940, stop loss ₹1800.
The stock after a decent consolidation period has indicated a bullish candle formation with huge volume participation to anticipate further rise and can carry on with the positive move further ahead. The RSI has also indicated a positive trigger after the consolidation phase and has triggered for fresh upside move. We suggest buying the stock for an initial target of ₹1940 level keeping the stop loss of ₹1800 level.
4] GRSE: Buy at ₹884.50, target ₹930, stop loss ₹867.
The stock after the short correction has taken support near the important 100 period MA of ₹840 levels and indicated a higher low formation on the daily chart witnessing a decent pullback to improve the bias. The RSI is well placed and once again regaining has shown improvement with further upward movement anticipated. We suggest buying the stock for an initial target of ₹930 level keeping the stop loss of ₹867 level.
5] Mazagon Dock: Buy at ₹2213, target ₹2340, stop loss ₹2157.
The stock has indicated a positive bullish candle formation to improve the bias taking support near the important 50EMA level of ₹2092 levels and indicating a higher low formation has indicated a pullback to anticipate further rise in the coming days. The RSI is well placed and with further upward movement anticipated, we can expect further gains. We suggest buying the stock for an initial target of ₹2340 level keeping the stop loss of ₹2157 level.
Drumil Vithlani’s stock of the day
6] Shilpa Medicare: Buy at ₹540 to ₹542, target ₹562, stop loss ₹531.
Shilpa Medicare share is seen to be breaking out of the channel pattern on the daily time frame and making a bullish candlestick which is why a buy recommendation is initiated for targets up to ₹562. One can initiate a buy-on dip in the range of ₹540 to ₹542 with a stop loss below ₹531 on a daily closing basis.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 18 Apr 2024, 08:33 AM IST
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