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Business News/ Markets / Stock Markets/  Buy or sell: Sumeet Bagadia recommends three stocks to buy during special trading session on 2nd March 2024
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Buy or sell: Sumeet Bagadia recommends three stocks to buy during special trading session on 2nd March 2024

Buy or sell stocks: Sumeet Bagadia has recommended three stocks to buy during special trading session on Saturday

Stock market next week: Sumeet Bagadia of Choice Broking believes that Nifty today may try to scale up to the 22,500 level. (MINT)Premium
Stock market next week: Sumeet Bagadia of Choice Broking believes that Nifty today may try to scale up to the 22,500 level. (MINT)

Buy or sell stocks for today: The impressive real Q3 GDP numbers of India provided the ammunition to the bulls to catapult key benchmark indices of the Indian stock market to all-time highs. The Nifty 50 index gained 355 points and closed at the 22,338 level, the BSE Sensex shot up 1245 points and ended at the 73,745 mark whereas the Bank Nifty index finished 1166 points higher at the 47,286 level. The Indian stock market (equity and F&O) will remain open today as a part of the framework for the business continuity plan and disaster recovery site for stock exchanges and depositories and would involve an intraday shift from the primary to the disaster recovery site.

Why Indian stock market is open today?

To strengthen the exchanges in the event of any unforeseen incident, that may impact their operations, the National Stock Exchange (NSE) is going to conduct a special live trading session today with an intraday switchover to a disaster recovery (DR) site. So, the Indian stock market is expected to remain open on Saturday during the special trading session. However, only the equity market will be open on Saturday. Trading in the commodity market will remain suspended as usual on the weekend days.

The session will be conducted in two phases. The first phase will be a 45-minute session starting at 9:15 AM. The second special live trading session will commence at 11:30 AM and conclude at 12:30 PM.

Intraday trading tips for special trading session

Unveiling intraday trading tips for the NSE's special trading session on 2 March 2024, Sumeet Bagadia, Executive Director at Choice Broking said that the Nifty 50 index breached the 22,200 mark and climbed to a new peak on Friday. The 50-stock index climbed to a new peak after breaching this psychological level and managed to end on a higher note on Friday. The Choice Broking expert said that Nifty today may try to scale up to the 22,500 level. Bagadia went on to add that the 50-stock index may try to climb up to the 22,800 level in the near term.

Stocks to buy today

Asked about the intraday stocks for a special session on 2 March 2024, Sumeet Bagadia recommended three buy or sell stocks for Saturday — JSW Steel, Tata Motors, and ONGC.

1] JSW Steel: Buy at 836.20, target 895, stop loss 790.

JSW Steel shares, currently trading at 836.20 levels, are showing signs of a positive technical outlook. The stock has recently rebounded from the support levels around 790, which is also close to 200 Day EMA levels, demonstrating its ability to maintain price stability. Notably, the stock has successfully crossed a minor resistance level at 820, which is in proximity to both the 20-Day and 50-Day Exponential Moving Averages (EMA). This is a positive development, as it signifies a potential change in the stock's trend.

There is another resistance level in the vicinity of 845. If the stock manages to sustain a position above this mentioned resistance, it may pave the way for an upward movement towards the target level of 895 and beyond. The Relative Strength Index (RSI), a momentum indicator, is currently trading at 57.22 levels. This RSI reading suggests a moderate level of strength in the stock, without being in overbought territory. It implies that there is room for the stock to potentially gather further momentum.

Based on the above analysis JSW Steel shares can be purchased at the CMP of 836.20, It can also be added up to 820 for the target of 895 levels with a SL of 790.

2] Tata Motors: Buy at 978, target 1060, stop loss 943.

Tata Motors share is currently trading at an all-time high of 978, showcasing a consistent pattern of forming new higher highs and higher lows. This upward trend is supported by significant trading volume, indicating the potential for further upward movement. Anticipated price targets are set at 1060, with substantial support observed near 943 on the downside.

Furthermore, Tata Motors share is presently trading above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This suggests a robust bullish momentum, implying the likelihood of sustained upward price action. The Relative Strength Index (RSI) stands at 73.7, signifying an upward trajectory and confirming an increase in buying momentum.

To manage risk effectively, it is recommended to set a stop-loss (SL) at 943 to protect the investment in the event of an unexpected market reversal. A prudent strategy involves considering buying opportunities on market dips at levels around 959.

In summary, based on technical analysis and prevailing market conditions, Tata Motors share appears to present a promising buying opportunity for those targeting a 1060 price objective. This recommendation is contingent upon the implementation of prudent risk management measures.

3] ONGC: Buy at 270.55, target 282, stop loss 261.

ONGC share price, presently trading at 270.55 levels, exhibits a resilient technical stance with a significant rebound from the robust support at 261, closely aligned with its 20-day Exponential Moving Average (EMA). ONGC share price maintains a positive positioning above its short-term (20 Day), medium-term (50 Day), and long-term (200 Day) EMAs, emphasizing its sustained bullish trend.

The momentum indicator, currently at 59.69 levels, has rebounded, indicating renewed strength in ONGC. This favourable technical setup is further corroborated by the stock trading above all crucial moving averages.

Looking ahead, a minor resistance is anticipated near the 275 level. Upon surpassing this level, ONGC is poised for an upward trajectory, targeting the price objective of 282 and beyond. This analysis suggests a positive outlook for ONGC, underpinned by robust support levels, moving averages alignment, and momentum indicators, signaling potential upward momentum in the sessions ahead. Investors and traders may consider these technical aspects for informed decision-making.

Based on the above analysis, ONGC shares can be purchased at the CMP of 270.55, It can also be added up to 266 for the target of 282 levels with a SL of 261.

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

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 02 Mar 2024, 07:04 AM IST
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