Day trading guide for stock market today: Buy or sell, dividend stocks to F&O ban list. Key details here
- Day trading stocks: Market experts have recommended five stocks to buy today — BPCL, HCL Tech, TTMP, Infosys and Laurus Labs
Day trading guide for today: Following strong global market cues ahead of key inflation data, Indian stock market witnessed some buying interest and two out of three key benchmark indices finished in green territory on Monday. NSE Nifty and BSE Sensex finished higher where Bank Nifty nudged lower on the previous session. Nifty gained 38 points and ended at 18,601 whereas Sensex went up 99 points and closed at 62,724 levels. Bank Nifty index went off 44 points and finished at 43,944 mark. In broad market, small-cap index surged 0.72 per cent whereas mid-cap index added 0.54 per cent on Monday.
Day trading guide for stock market today
On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The overall chart pattern signal chances of an upside bounce in the coming session. Immediate support for NSE Nifty today is placed at 18,500 levels and crucial overhead resistance is placed at 18,800 levels."
Expecting further downside in Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty has given a trendline breakdown and closed below the key 44,000 level on the daily chart, connecting the lows of 5th May, 25th May & 1st June. The next support for Bank Nifty is placed at 43,700. If the selling intensifies, Bank Nifty can even test 43,400 zones on the downside."
However, SAMCO Securities expert expected bounce back in Nifty citing, "After back-to-back lower close on the daily chart in Nifty, Future Open Interest (OI) indicated short covering."
Stocks to watch today
Urja Global shares would be in focus today after hitting 20 per cent upper circuit on last two previous session. The energy company had informed Indian stock market exchanges about its deal with Tesla Power USA. However, this Tesla is not owned by US business tycoon Elon Musk.
In dividend stocks today, shares of Jindal Saw, LKP Securities, LKP Finance and Diamines and Chemicals are going to trade ex-dividend today.
F&O ban list
Delta Corp shares have been added in the list of NSE F&O ban for trade on 13th June 2023. However, shares of Indiabulls Housing Finance, IEX and India Cement would continue in F&O ban list.
Intraday trading tips for today
"Indian stock market is expected to react on the Indian inflation data released on Monday, which is at 20-month low. Hence, market is expected to take it positively, however, much would depend upon the US CPI data which is expected today. So, I am expecting range-bound to positive trend during Tuesday deals and suggest traders and investors to buy near support levels and exit at resistance levels," said Anuj Gupta, Vice President — Research at IIFL Securities. However, he maintained that market is eagerly awaiting US Fed's meeting outcome as two days FOMC meeting is beginning today.
Day trading stocks for today
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 five stocks to buy today.
Sumeet Bagadia's intraday stocks for today
1] BPCL: Buy BPCL in Cash @ ₹371.65 SL ₹355 TGT ₹392.
BPCL share price is currently trading at ₹367 levels, comfortably above the key moving averages including the 20-day, 50-day, 100-day, and 200-day Exponential Moving Averages (EMA). The stock has been consolidating within the range of ₹355.5 to ₹370 levels over the past five days. Moreover, a bullish candlestick pattern has formed on the daily charts, indicating a positive sentiment for the stock.
2] HCL Technologies: Buy HCL Tech in cash @ ₹1139.65 SL @ ₹1085 TGT @ ₹1198.
HCL Tech, a leading technology company, has displayed a consistent uptrend, holding steady around its current market price (CMP) of ₹1139.65 for the past week. The stock is trading above its crucial moving averages of 20, 50, and 100, indicating a bullish sentiment. A minor resistance at ₹1195 levels, when once taken out, could act as a catalyst for further upward movement. The Relative Strength Index (RSI) is currently at 58 and trending upwards, reflecting growing buying interest. This makes HCL Tech an attractive buy.
Anuj Gupta's buy or sell stock
3] TTML: Buy at CMP, target ₹88, stop loss ₹76.
Stock has made higher top higher bottom on chart pattern after giving strong breakout. TTML shares have witnessed substantial rise in trade bolume in recent sessions as well.
Ganesh Dongre's day trading stocks
4] Infosys: Buy at ₹1293, target ₹1325, stop loss ₹1260.
After showing a small correction stock has bounced from its retrenchment levels, which is a strength for the stock for the short term again. So, on the short-term hourly chart pattern, holding the support level of ₹1260 could drag the stock toward the ₹1325 to ₹1350 level. Hence, one can go long with a stop loss of ₹1260 for the target price of ₹1325 to ₹1350.
5] Laurus Labs: Buy at ₹344, target ₹356, stop loss ₹335.
This stock is showing strength on the short-term hourly chart pattern, share price has witnessed strong buying interest from its prior support zone in the last trading day. So, holding the support level of ₹330 to ₹335 could drag the stock toward the ₹355 level in the short term. Hence, the trader can go long with a stop loss of ₹335 for the target price of ₹356.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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