Day trading guide for stock market today: Five stocks to buy or sell on Wednesday — 15th November | Mint
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Business News/ Markets / Stock Markets/  Day trading guide for stock market today: Five stocks to buy or sell on Wednesday — 15th November

Day trading guide for stock market today: Five stocks to buy or sell on Wednesday — 15th November

Day trading stocks: Market experts have recommended five stocks to buy today — M&M, IndusInd Bank, Coal India, Hindustan Copper and Sun TV

Stock market today: Near-term trend for Nifty 50 index remains positive, but there may be some consolidation or minor weakness before a decisive upside breakout of the resistance.Premium
Stock market today: Near-term trend for Nifty 50 index remains positive, but there may be some consolidation or minor weakness before a decisive upside breakout of the resistance.

Day trading guide for today: After sharp sell off in late hours, Indian stock market finished close to its intraday low on Monday. Nifty 50 index finished 82 points lower at 19,443 levels, BSE Sensex gained 325 points and closed at 64,933 mark whereas Bank Nifty index added 105 points and ended at 43,891 levels. In broad market, mid-cap index added 0.10 per cent whereas small-cap index ended marginally lower on previous session.

Day trading guide for stock market today

On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The near-term trend of Nifty continues to be positive. Having placed at the crucial overhead resistance around 19,550 to 19,600 levels, there is a possibility of some more consolidation or minor weakness in the short term before showing any decisive upside breakout of the resistance. Further weakness from here could find support around 19,300 to 19,250 levels."

8 things that changed for the stock market overnight

On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities said, "Bank Nifty shrugged off its initial weakness and rose steadily throughout the day to end at 43,891, down 105 points. Strong put writing was observed at 43,700 & 43,800 Strike, which led to a steady up move in Bank Nifty. The level of 43,800 is likely to act as a strong support for Bank Nifty, while call writers exiting at 44,000 Strike will result in a strong up move in the coming days."

"In this truncated trading week, we expect market to consolidate in a broader range due to lack of major events and Q2 earning season coming to an end," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal while speaking on outlook for stock market today.

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 today.

Sumeet Bagadia's intraday stocks for today

1] Mahindra & Mahindra (M&M): Buy at 2538, target 1660, stop loss 1475.

M&M share price is currently trading at 1538, has recently undergone a bullish reversal, forming new higher lows with substantial trading volumes. This trend indicates a positive momentum shift in the stock. Moreover, M&M is currently trading above critical Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs, underscoring its bullish momentum and suggesting the potential for further upward price movement.

The Relative Strength Index (RSI) stands at 61.8 and is on an upward trajectory, signifying an increase in buying momentum. Additionally, the Stochastic Relative Strength Index (Stoch RSI) is displaying a positive crossover, further supporting the bullish outlook. The combination of these technical indicators suggests that M&M may have the potential to reach a target price of 1660 in the near term.

2] IndusInd Bank: Buy at 1510, target 1600, stop loss 1470.

IndusInd Bank share is currently trading around 1509.60 levels. The stock is continuously forming higher high higher low formation on daily charts. The stock has a strong support near 1470 levels, which is close to its 20 Day EMA. Currently stock is trading above all important moving averages. The important support of 1470 was prior a resistance and stock sustaining above these levels indicates strength. The momentum indicator RSI is around 63 levels and slopping upwards indicating strength. A small resistance is placed around 1516.30 levels which is also a recent high, once stock surpasses the above-mentioned level it can lead towards the target of 1600 and above.

Ganesh Dongre's stock of the day

3] Coal India Limited: Buy at 350, target 360, stop loss 345.

On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of 345. This stock can bounce toward the 360 level in the short term. Hence, the trader can go long with a stop loss of 345 for the target price of 360.

Virat Jagad's buy or sell stocks

4] Hindustan Copper: Buy at 160 to 161, target 175, stop loss 154.

On a Daily time frame Hindustan Copper Ltd. has given a breakout of downward moving channel on the upside, indicating a positive trend in the stock. Buyers have to look more attractive to buy the security above 162 levels. The stock took support at the 50 days EMA and started moving on the positive side indicating a positive trend with price trading above 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] Sun TV Network: Buy at 670 to 672, target 720, stop loss 650.

On a Daily time frame Sun TV Network Ltd. had formed a pennant pattern which is known as 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 fast EMA (10) 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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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. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
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Published: 15 Nov 2023, 08:25 AM IST
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