Trade Setup

28 Mar 2024

Thursday

Trade Setup

04 Mar 2024

Monday

Trade Setup

23 Feb 2024

Friday

Trade Setup

22 Feb 2024

Thursday

Trade Setup

21 Feb 2024

Wednesday

Trade Setup

31 Jan 2024

Wednesday

Trade Setup | Things To Know Before Market Opening - 12 Jan 2024 Friday



Stock market today: On account of strong global market sentiments ahead of the US inflation data release, the Indian stock market finished higher for the third straight session on Thursday. The Nifty 50 index added 28 points and closed at the 21,647 level, the BSE Sensex went up 63 points and closed at the 71,721 mark while the Bank Nifty index ended 77 points higher at the 47,438 level. Broad market indices rose more than the Nifty even as the advance-decline ratio rose to 1.65:1.

"Nifty traded sideways throughout the session to close marginally positive at 21647 levels ahead of US inflation data and the start of Q3FY24 earnings season from Thursday. Among the sectors, Oil and Gas, Consumer Durables, Auto, and PSU Bank were top gainers on Thursday. Cement stocks witnessed fresh buying on the expectation of improved demand ahead of the Union Election," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal.

On the outlook for Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, "The market is now placed at the hurdle of down sloping trend line, that connected recent lower highs at 21,725 levels. Having shown a false downside breakout at 21,500 levels on Wednesday, the Nifty is expected to reach the upper trajectory of 21,750 to 21,850 levels in the near term. A decisive move above the hurdle of 21,850 could open sharp upside momentum. Immediate support for Nifty today is placed at 21,590 levels."

On the outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty consolidated in a range throughout the day for the second consecutive day to close at 47,438, up 78 points. Heavy put writing (bulls’ entry) at 47,200 Strike in Bank Nifty ensured that the Intraday fall didn’t extend below 47,200. The support has got even stronger at 47,200 after today’s close. The call writers (bears) further strengthened their position at the maximum call open interest strike (resistance) of 47,500 in Bank Nifty. The option activity at the 47,500 level will provide cues about Bank Nifty’s future direction."

Also Read: Indian stock market: 10 key things that changed for market overnight

On triggers for the stock market today, Siddhartha Khemka of Motilal Oswal said, "Market on Friday would react to US and China inflation data that will be released on Thursday. Also domestically, investors are likely to trade cautiously as India will release inflation data today. Hence, we expect the market to trade within the current range, along with stock-specific actions. IT space is expected to be in focus today as investors would react to TCS and Infosys Q3 results."

On Nifty Call Put Option Data, Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities said, “Major total Call open interest was seen at 21700 and 21900 strikes with total open interest of 72086 and 61657 contracts respectively. Major Call open interest addition was seen at 21700 and 21900 strikes which added 42907 and 41352 contracts respectively in open interest," adding, "Major total Put open interest was seen at 21500 and 21400 strikes with a total open interest of 51641 and 46069 contracts respectively. Major Put open interest addition was seen at 21300 strike which added 23612 contracts in open interest."

On Bank Nifty Call Put Option Data, Barve further added, “Major total Call open interest was seen at 47500 and 48000 strikes with total open interest of 157393 and 122252 contracts respectively in open interest. Major Call open interest addition was seen at 47500 strike which added 84376 contracts in open interest," adding, "Major total Put open interest was seen at 47000 strike with total open interest of 100782 contracts. Major Put open interest addition was seen at 47200 strike which added 33111 contracts in open interest."

In the cash market, FIIs sold out Indian shares worth 865 crore during Thursday deals whereas DIIs bought shares worth 1,607.08 crore. In the F&O index future segment, FIIs bought shares worth 74.52 crore while DIIs sold out shares worth 76,149.06 crore.

On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Mitesh Karwa, Research Analyst at Bonanza Portfolio — recommended five stocks to buy or sell today.

1] RBL Bank: Buy at 295, target 310, stop loss 285.

RBL Bank share is currently trading at 295. The stock has given a strong breakout above 292 levels. This breakout is backed by strong volumes indicating strength. Furthermore, RBL Bank share is currently trading above critical Exponential Moving Averages (EMAs), including the 20-day, 50-day, and 200-day EMAs, which reinforces its bullish momentum and suggests potential for further upward price movement.

2] TVS Motor: Buy at 2082, target 2131, stop loss 2045.

TVS Motor share is currently trading at 2082. After a period of small falls and sideways consolidation, the stock has lately broken the neckline levels of 2060 and is rising quickly on the upside with substantial volume. There are expectations of further upward movement, potentially reaching 2131 levels. On the downside, substantial support is evident near 2045.

3] BEL: Buy at 187, target 195, stop loss 180.

In the short-term trend, BEL share price has a bullish reversal pattern, technically retrenchment could be possible till 195. So, holding the support level of 180 this stock can bounce toward the 195 level in the short term. Hence, the trader can go long with a stop loss of 180 for the target price of 195.

4] Adani Enterprises: Buy at 3080, target 3140, stop loss 3040.

On the short-term chart, Adani Enterprises share has shown a bullish reversal pattern, so holding the support level of 3040. This stock can bounce toward the 3140 level in the short term, so the trader can go long with a stop loss of 3040 for the target price of 3140.

5] Narayana Hrudayalaya or NH: Buy at 1268 to 1271, target 1324, stop loss 1240.

NH is seen to be making higher highs and higher lows and closing in green with a bullish candlestick on the weekly timeframe which is why a buy recommendation is initiated for targets up to 1324. One can initiate a buy on a dip in the range of 1268 to 1271 with a stop loss below 1240 on a daily closing basis.

6] SSWL: Buy at 273 to 274, target 300, stop loss 260.

SSWL is seen to be taking support at a key support zone on the weekly timeframe and making a bullish candlestick which is buying is recommended for targets up to 300. One can initiate a buy trade in between the range of 273 to 274 with a stop loss of 260 on a daily closing basis.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of PickStock. We advise investors to check with certified experts before making any investment decision.