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Trade Setup | Things To Know Before Market Opening - 28 Mar 2023 Tuesday

Day trading guide for today: After losing for two successive sessions, Indian stock market ended positive on Monday. NSE Nifty added 40 points and closed at 16,986 levels, BSE Sensex went up 126 points and finished at 57,653 mark whereas Nifty Bank index surged 35 points and ended at 39,431 levels. Broad market indices ended in the negative even as the advance decline ratio fell to 0.29:1.

On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty continues to be weak with high volatility. The market is showing lack of strength to sustain the highs. There is a possibility of Nifty revisiting the recent swing lows of 16,800 is in the short term. Any attempt of upside bounce towards 17,100-17,150 levels could be a sell on rise opportunity."

Unveiling day trading strategy for Tuesday, Ruchit Jain, Lead Research at said, "Although the Nifty is locked in a range, the broader markets are witnessing sell-off and thus the Midcap and the Small-cap indices have broken their important medium term supports and are underperforming. Thus, trades should be cautious in these space and avoid aggressive trades here until reversal signs are seen."

“The Nifty Put writers seem to be extremely confident while going into the April series expiry as they are expecting a limited fall. The current OI distribution for Short strangles is at 16,500 on the downside and 18,000 on the upside for the April Expiry. This further implies that traders are keeping more room on the upside and lesser room on the downside, signalling that they are not convinced with the fall currently underway. Even for the current weekly expiry, traders are not yet expecting the fall to be very large below the 17,000 level, as the 17,000 short straddle players have not yet exited their positions or rolled down the strikes to lower straddles. If the Nifty index closes below the 16,750 level, all these sellers will get trapped leading to another 200 points fall in the Index, but until that happens, it is better to maintain a sideways to bearish view on the Index," said Rahul Ghose, Founder & CEO at Hedged.

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 6 stocks to buy today.

1] Sun Pharma: Buy at 983.45, target 1030, stop loss 960

2] Dabur: Buy at 541.45, target 562, stop loss 532

3] State Bank of India or SBI: Buy at CMP, target 540, stop loss 490

4] Infosys: Buy at CMP, target 1430, stop loss 1354

5] Tech Mahindra or TechM: Buy at 1103, target 1145, stop loss 1080

6] Lupin: Buy at 658, target 690, stop loss 640.

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.