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Business News/ Markets / Stock Markets/  Day trading guide for stock market today: Nine stocks to buy or sell on Tuesday — 6th February
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Day trading guide for stock market today: Nine stocks to buy or sell on Tuesday — 6th February

Day trading stocks: Experts have recommended nine stocks to buy today — Eicher Motors, Radico Khaitan, Mcdowell-N, NCC, Pidilite Industries, Dalmia Bharat, Metropolis Health, Astra Micro, and BSE

Stock market today: Present weakness is unlikely to damage the near-term uptrend status of the market and one may expect chances of an upside bounce from the lower levels, say experts.Premium
Stock market today: Present weakness is unlikely to damage the near-term uptrend status of the market and one may expect chances of an upside bounce from the lower levels, say experts.

Stock market today: After strong selling ahead of the closing bell, the Indian stock market ended lower on Monday. The Nifty 50 index lost 82 points and closed at the 21,771 level, the BSE Sensex shed 354 points and closed at the 71,731 mark whereas the Bank Nifty index finished 145 points lower at the 45,825 level. Broad market indices fared better than the Nifty even as the advance-decline ratio fell to 0.71:1.

"Nifty traded sideways for most of the session, however, last-hour selling led the index to close with a loss of 82 points (-0.4%) at 21772 levels. The volatility index rose by 6% to 15.62. Sector-wise it was a mixed bag with buying seen in Oil & Gas, Pharma, and Auto. The 3QFY24 corporate earnings have been in line so far with 33 Nifty companies reporting a PAT growth of 21% YoY (until 1st Feb’24). Domestic equities saw a subdued session after an outstanding January US employment report ruined any expectations of a near-term interest rate cut. On the positive side, India’s Service PMI rose six months high to 61.8," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal.

Day trading guide for stock market today

On the outlook for the Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, "The selling pressure that started from the new all-time high of 22,126 has extended on Monday and the market is now showing volatility at the highs. Present weakness is unlikely to damage the near-term uptrend status of the market and one may expect chances of an upside bounce from the lower levels. Immediate support for Nifty today is placed around 21,600 to 21,500 levels."

On the outlook for the Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty consolidated in range throughout the day to close at 45,826, down 145 points. Strong call writing was observed at 46,000 Strike in Bank Nifty. Heavy call writing is a sign of resistance getting stronger. At today’s close, put writers lead the call writers by a fair margin at 45,500 Strike and the option activity at this strike will provide cues about Bank Nifty’s Intraday direction."

On triggers for the stock market today, Siddhartha Khemka of Motilal Oswal said, "The RBI policy meeting will start today and it is expected to maintain the status quo in line with the US Fed. Overall markets are consolidating at higher levels. With 2 key events behind, markets are taking cues from ongoing results which is leading to a lot more stock-specific action which is likely to continue."

Day trading stocks for today

On stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi; Shiju Koothupalakkal, Technical Analyst at Prabhudas Lilladher and Mitesh Karwa, Research Analyst at Bonanza Portfolio — recommended nine stocks to buy or sell today.

Sumeet Bagadia's day trading stocks

1] Eicher Motors: Buy at 3890, target 4080, stop loss 3780.

Eicher Motors share price presently trading at 3890 levels, displays favorable technical indicators on the daily charts. The stock recently formed a bullish candle after establishing a supportive base near 3810, a level in proximity to both the 20 and 50-day Exponential Moving Averages (EMA). This convergence underlines the significance of the support zone, indicating a strong foundation for potential upward movement.

2] Radico Khaitan: Buy at 1736.70, target 1850, stop loss 1680.

In the ever-evolving landscape of equity markets, Radico Khaitan share has firmly established its position at an impressive 1736.70 levels, portraying a robust technical standing above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, and 200-day indicators. The recent phase of consolidation observed within the range of 1560 to 1700 levels not only suggests a potential upward movement but also gains support from a bullish candlestick pattern discernible on the daily charts.

Ganesh Dongre's stocks to buy today

3] McDowell-N: Buy at 1060, target 1090, stop loss 1040.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till 1090. So, holding the support level of 1040 this stock can bounce toward the 1090 level in the short term. Hence, the trader can go long with a stop loss of 1040 for the target price of 1090.

Also Read: ZEE, UPL, Indus Towers among 6 stocks placed under F&O ban list today

4] NCC: Buy at 117, target 124, stop loss 113.

In the short-term trend, NCC share price has a bullish reversal pattern, technically retrenchment could be possible till 123. So, holding the support level of 113 this stock can bounce toward the 123 level in the short term. Hence, the trader can go long with a stop loss of 113 for the target price of 123.

Shiju Koothupalakkal's buy or sell stock

5] Pidilite Industries: Buy at 2554, target 2650, stop loss 2490.

The stock after the decent erosion witnessed has shown signs of bottoming out near the 2500 zone and with a positive candle formation seen has just moved past the 100 and 200 period MA to improve the bias with the RSI also signaling a buying with trend reversal confirmed. We expect an initial target of 2650 levels keeping the stop loss of 2490.

6] Dalmia Bharat Sugars: Buy at 410.80, target 430, stop loss 396.

The stock has indicated a positive candle formation after a decent pullback from the support taken near the 385 zone and has improved the bias moving past the important 200 period MA and 50EMA level of 409 to anticipate further rise with a near-term target of 430 expected keeping the stop loss of 396.

7] Metropolis Health: Buy at 1666, target 1730, stop loss 1632.

The stock has gained gradually moving past the significant 50EMA level of 1610 to improve the bias with the RSI indicator on the rise and is well placed to anticipate further rise. The initial target expected is 1730 keeping the stop loss of 1632.

Mitesh Karwa's stock picks for today

8] Astra Micro: Buy at 641 to 644, target 675, stop loss 624.

Astra Micro share is seen to be breaking out of a resistance zone on the daily timeframe and making a bullish candlestick which is why a buy recommendation is initiated for targets up to 675. One can initiate a buy on a dip in the range of 641 to 644 with a stop loss below 624 on a daily closing basis.

9] BSE: Buy at 2558 to 2561, target 2660, stop loss 2495.

BSE is seen to be breaking out of a resistance zone on the daily timeframe and making consecutive bullish candles, which is why a buy recommendation is initiated for targets up to 2660. One can initiate a buy-on dip in the range of 2558 to 2561 with a stop loss below 2495 on a daily closing basis.

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: 06 Feb 2024, 08:53 AM IST
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