BackDay trading guide for stock market today: Five stocks to buy or sell on Thursday — November 9
Day trading stocks: Market experts have recommended five stocks to buy today — JSW Steel, Titan, Hero Motocorp, Dilip Buildcon and Jyothy Lab
PremiumDay trading guide for stock market today: After showing an upside recovery from the intraday lows on Tuesday, Indian stock market shifted into a gradual upside move with range bound action on Wednesday. Nifty 50 index and BSE Sensex eneded marginally higher whereas Bank Nifty index finished in red territory. The 50-stock index Nifty ended 36 points higher at 19,443 levels whereas 30-stock index Sensex closed 33 points higher at 64,975 mark. However, Bank Nifty shed 79 points and closed at 43,658 levels. In broad market, small-cap index gained 0.60 per cent whereas mid-cap index surged 0.78 per cent.
"Domestic equities remained range bound amid mixed global cues. Nifty traded in positive territory throughout the session and closed with modest gains of 37 points at 19444. Broader market continued to outperform with Nifty mid-cap 100 up 1% while smallcap 100 up 0.7%. Sectorially it was a mixed bag with buying seen in Pharma, Realty and Oil & Gas," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal.
Day trading guide for stock market today
On outlook for Nifty 50 today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The opening upside gap of 2nd, 3rd and 6th November remains intact on the daily chart and the immediate resistance of 19,300 has already been broken on the higher side. The overall chart pattern remains positive and one may expect Nifty to advance towards 19,600 levels in the short term. Any dips from here could be a buying opportunity around 19,300 to 19,250 levels."
Stocks to Watch: Power Finance, Tata Power, Lupin, Raymond, HAL, Bata India
On outlook for Bank Nifty today, Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher said, "Bank Nifty after a flat opening witnessed a sluggish session to end on a flat note near 43,650 zone resisting near the 43,800 level for the second day. As said earlier, the index needs to breach above the 44,000 zone to further strengthen the trend and establish some conviction to anticipate for further rise in the coming days."
On triggers that may dictate Indian stock market today, Siddhartha Khemka of Motilal Oswal said, "After witnessing recovery in the last week, market is now in a consolidation mode and we expect slow and steady upmove till the festivity. Investors awaited comments from Fed Chair Jerome Powell to get view on US central bank’s future course of action."
Nifty Call Put Option data
Speaking on Nifty Call Put Option data, Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities said, "Major total Call open interest was seen at 19500 and 19600 strikes with total open interest of 289367 and 251245 contracts respectively. Major Call open interest addition was seen at 19500 strike which added 127205 contracts in open interest," adding, "Major total Put open interest was seen at 19400 and 19300 strikes with total open interest of 247354 and 247946 contracts respectively. Major Put open interest addition was seen at 19400 strike which added 115848 contracts in open interest."
Buy or sell: Vaishali Parekh recommends three stocks to buy today — November 9
Bank Nifty Call Put Option data
Speaking on Bank Nifty Call Put Option data, Chinmay Barve of Profitmart Securities said, "Major total Call open interest was seen at 43800 and 44000 strikes with total open interest of 71127 and 103869 contracts respectively. Major Call open interest addition was seen at 43800 and 44000 strikes which added 56023 and 57262 contracts in open interest respectively," adding, "Major total Put open interest was seen at 43500 and 43000 strikes with total open interest of 67735 and 52583 contracts respectively. Major Put open interest addition was seen at 43700 strike which added 35116 contracts."
Day trading stocks for today
On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Virat Jagad, Technical Analyst at Bonanza Portfolio — recommended five stocks to buy or sell today.
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Sumeet Bagadia's intraday stocks for today
1] JSW Steel: Buy at ₹756.70, target ₹786, stop loss ₹740.
JSW Steel share is currently trading at ₹756.70 levels, is showing signs of a positive technical outlook. The stock has recently rebounded from the support levels around ₹745, demonstrating its ability to maintain price stability. Notably, the stock has successfully crossed a minor resistance level at ₹755, which is in proximity to both the 20-Day and 200-Day Exponential Moving Averages (EMA). This is a positive development, as it signifies a potential change in the stock's trend.
2] Titan Company: Buy at ₹3311.85, target ₹3450, stop loss ₹3245.
Titan share price is currently trading at ₹3,311.85. The stock has recently broken out of the daily trendline with a significant increase in trading volume, indicating strong momentum in the stock. If the price manages to close above the ₹3,320 level, it may have the potential to reach near-term targets of ₹3,400 and ₹3,450. On the other hand, immediate support levels are located at ₹3,245.
Ganesh Dongre's stock of the day
3] Hero Motocorp: Buy at ₹3135, target ₹3200, stop loss ₹3100.
Hero Motocorp share has a bullish reversal pattern, technically retrenchment could be possible till ₹3200. So, holding the support level of ₹3100 this stock can bounce toward the ₹3200 level in the short term. Hence, the trader can go long with a stop loss of ₹3100 for the target price of ₹3200
Virat Jagad's buy or sell stocks
4] Dilip Buildcon: Buy at ₹356 to ₹357, target ₹385, stop loss ₹343.
On a Daily time frame Dilip Buildcon Ltd. has given a breakout of Rectangle Pattern on the upside, indicating a positive trend in the stock. Buyers have to look more attractive to buy the security above 347 levels. The Fast (5) EMA trading above the Slow (50) EMA indicating a positive trend with price trading above both the EMA indicates strength on the upside. in addition to this the MACD is showing positive crossover, which confirms the buying interest. The volume after the breakout is high, suggesting demand for security.
5] Jyothy Lab: Buy at ₹411 to ₹413, target ₹450, stop loss ₹400.
On a Daily time frame Jyothy Lab Ltd. had formed a Flag and pole pattern. Usually flag and pole is a continuous pattern. In current formation the security has formed a bullish price action indicating buyers been keen to buy the securities and are expecting the stock to move higher. On EMA front the prices is trading above major EMA’s which indicates positive trend. The Slow EMA (5) is following the trend and trending upward which is indicating a positive trend. On the momentum indicator MACD, the MACD line has cross the signal line confirms the positivity in the script.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.
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