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Trade Setup | Things To Know Before Market Opening - 24 Mar 2023 Friday
Day trading guide for today: Weighed under the prospect of a less hawkish US Fed against increased economic headwinds in the coming months, Indian stock market snapped its two days wining streak on Thursday. NSE Nifty lost 75 points and closed at 17,076 levels while BSE Sensex dipped 289 points and finished at 57,925 mark. Nifty Bank index nosedived 382 points and closed at 39,616. Small-cap index fell less than the Nifty even as the advance decline ratio fell to 0.62:1.
Speaking on outlook for Nifty today, Deepak Jasani, Head of Retail Research at HDFC Securities said, "Nifty could not build on to the two day gains. 17200-17225 is proving to be a tough resistance. On falls, 16985 could provide support. If Nifty does not resume the uptrend by tomorrow, then the short term top would have been made at 17207."
Expecting the bear trend to further continue, Rohan Patil, Technical Analyst at SAMCO Securities said, "Technically the trend for the Nifty is bearish and selling on every rally can be a profitable strategy."
"FIIs still have short heavy short positions and seem not willing to cover them. Hence, traders should be cautious in pullback moves and until we see short covering by the FII’s, one should avoid aggressive long formations," said Ruchit Jain, Lead Research at 5paisa.com.
"For Nifty to gather momentum on the upside, Bank Nifty has to close above the 40,200 mark, which is its near term resistance," said Rahul Ghose, Founder & CEO at Hedged.
On stocks that bargain hunters may look at, Rahul Ghose said, "Traders are recommended to be stock specific in this sideways market, the Life insurance company charts seem to suggest that they are now ready to come out of their bear market of the last couple of months. One can initiate a long on HDFC Life from this sector at the ₹475 to ₹477 levels keeping a stop loss below ₹452 for higher targets."
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 5 stocks to buy today.
1] ONGC: Buy at CMP, target ₹156 to ₹158, stop loss ₹148
2] Zydus Life: Buy at CMP, target ₹495 to ₹500, stop loss ₹470
3] Tata Motors: buy at CMP, target ₹440, stop loss ₹399
4] Colgate-Palmolive: Buy at ₹1521, target ₹1560, stop loss ₹1480
5] ITC: Buy at ₹380, target ₹392, stop loss ₹374.
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.
Coal India Ltd
Punjab National Bank
Gujarat State Petronet Ltd