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Trade Setup | Things To Know Before Market Opening - 01 Jun 2023 Thursday

Day trading guide for today: Following weak global market sentiments, Indian stock market snapped its four days winning streak on Wednesday session. 50-stock index Nifty corrected 99 points and ended at 18,534 levels whereas 30-stock index BSE Sensex lost 346 points and closed at 62,622 mark. Bank Nifty index corrected 308 points and finished at 44,128 levels. However, broad markets continue to attract stock market bulls as small-cap index surged 0.68 per cent while mid-cap index finished 0.54 per cent higher on Wednesday.

On outlook for Nifty today, Subash Gangandharan, Senior Technical and Derivative Analyst at HDFC Securities said, "The intermediate trend of Nifty remains positive. We expect the Nifty to find support around the previous swing high of 18,459 before again resuming the uptrend. Of course, if this support fails to hold, then a further correction is likely."

On triggers that may dictate stock market today, Siddhartha Khemka, Head - Retail Research, Motilal Oswal said, " Global as well as domestic markets would react to the US Congress voting with just days remaining to avoid a default. In addition, Domestic equities would react to India’s GDP data, which would be released late on Wednesday. This would give direction to RBI in its upcoming policy meeting."

On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty has formed a hammer candle on the daily chart on account of a strong intraday recovery from the lows. Despite the strong intraday recovery, traders are advised to be cautious as the Relative Strength Index (RSI) is showing negative divergence on the daily chart," adding, "For Bank Nifty 44,000 will act as a strong support while 44,500 continues to be the resistance."

After closure of company results season, stock market observers and investors are expected to remain vigilant about the stocks that are going to trade ex-dividend today. Stocks that are going to trade ex-dividend today include Shree Cements, Anmol India stock will be in focus as it is expected to announce bonus shares today.

On day trading guide for today, Vaibhav Kaushik, Research Analyst at GCL Broking said, "After better-than-expected GDP of India for January to March 2023 quarter, demand is expected to pick up in auto, real estate and consumer durables as macro and micro segment of the national economy is signaling recovery from post-Covid beating." He advised positional investors to look at auto, real estate and consumer durable stocks while taking any fresh position during Thursday session.

On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi — recommended six stocks to buy today.

1] Bajaj Finance: Buy in cash @6989 SL 6825 TGT 7250-7325.

Bajaj Finance share price suggests a positive trend as it currently trades at 6989, comfortably surpassing its moving averages of 20-50, 100, and 200 EMA. Furthermore, the recent breakout from the range of 6800 accompanied by substantial trading volumes indicates inherent strength in the stock.

The Relative Strength Index (RSI) is also indicative of a robust market performance, with a reading of 76.

Based on our analysis, we anticipate that BAJFINANCE stock will potentially reach the range of 7250-7325. However, our bullish outlook will be nullified if the stock drops below 6825.

Considering these factors, the overall outlook for BAJFINANCE appears positive, with the potential for further upward movement in the near future.

2] Havells India: Havells India share price is trading in broad based channel with strong support of 1260. Also Higher High – Higher Low formation is seen in price action. Positive crossover in MACD is observed and RSI is sustaining above 60 levels. In last one month delivery volume has increased significantly.

Price is sustaining above 20 EMA as well confirming a bullish trend. One can initiate long position at CMP 1307 for the target price of 1365. SL can be kept as 1275.

3] IRCTC: Buy at CMP, target 685, stop loss 634.

IRCTC share price has given strong breakout and showcasing bullish chart structure. It is forming higher top higher bottom on chart pattern as well.

4] Patanjali Foods: Buy at CMP, target 1110, stop loss 998.

The stock has given breakout on chart pattern and it is witnessing substantial trade volume as well.

5] Voltas: Buy at 820, target 835, stop loss 810.

Bullish pattern is intact on chart pattern, MACD turning up.

6] IGL: Buy at 481, target 495, stop loss 470.

Short-term reversal pattern is seen in this stock from 465 low. So, RSI still on the buy side. Hence, possible short-term bounce is possible till 495.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of PickStock. We advise investors to check with certified experts before taking any investment decisions.