Trade Setup | Things To Know Before Market Opening - 23 Mar 2023 Thursday

Day trading guide for today: After a range-bound session, Indian stock market ended higher for second straight session on Wednesday. Nifty 50 index nudged 44 points higher and closed at 17,151 levels whereas BSE Sensex surged 139 points and closed at 58,214 mark. Nifty Bank index advanced 104 points and finished at 39,999 levels. Volumes on the NSE were the lowest in more than 9 months. Small-cap index rose more than the Nifty even as the advance decline ratio remained high at 1.64:1.

Speaking on outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty remains positive. But, the market is not gaining momentum through the hurdle. Unless the immediate resistance of 17,200 is taken out decisively on the upside, the chances of sharp upside move could be less. Immediate support for NSE Nifty today is placed at 17,020 levels."

"Bank Nifty is trading below its 20 DEMA support and a breakout above these resistances are required for any upside move in the market. If we look at the derivatives data, FII’s hold record high short positions in the index futures segment with 92 percent of their positions on the short side (mainly in Nifty Futures), while the Client segment has significant long positions outstanding. So it seems to be a tug-of-war with both the parties and a directional move would be seen when either of them will be in a hurry to unwind these positions," said Ruchit Jain, Lead Research at 5paisa.com.

"Traders are going into today's expiry in Bank Nifty with the 40,000 short straddle positions, this is for the monthly expiry as well. Bank Nifty will gain momentum all the way up to 40,800 once it crosses the 40,200 mark. Then there is a congestion zone between 40,800 and 41200, and beyond 41200, fresh long positions can be aggressively initiated on this Index," said Rahul Ghose, Founder & CEO at Hedged.

On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking and Anuj Gupta, Vice President — Research at IIFL Securities — recommended 4 stocks to buy today.

1] Dabur: Buy at CMP, target ₹550 to ₹555, stop loss ₹530

2] ACC: Buy at CMP, target ₹1775 to ₹1790, stop loss ₹1698

3] GAIL: Buy at CMP, target ₹112, stop loss ₹101

4] Federal Bank: Buy at CMP, target ₹135, stop loss ₹124.

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 taking any investment decisions.