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Business News/ Markets / Stock Markets/  Day trading guide for stock market today: Seven stocks to buy or sell on Friday — 9th February
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Day trading guide for stock market today: Seven stocks to buy or sell on Friday — 9th February

Day trading stocks: Market experts have recommended seven stocks to buy today — Alembic Pharma, Oil India, MCX, Voltas, Cochin Shipyard, Jindal Saw, and Barbeque-Nation

Stock market today: The short-term trend of the Nifty 50 index seems to have turned down and one may expect some more weakness in the short term, say experts. (Photo: Bloomberg)Premium
Stock market today: The short-term trend of the Nifty 50 index seems to have turned down and one may expect some more weakness in the short term, say experts. (Photo: Bloomberg)

Stock market today: After the RBI's announcement to keep the repo rate unchanged at 6.5 percent, banking stocks witnessed a heavy selloff that dragged the key benchmark indices of the Indian stock market. The Nifty 50 index lost 212 points and closed at 21,717 level, the BSE Sensex crashed 723 points and ended at 71,428 mark whereas the Bank Nifty index nosedived 806 points and ended at 45,012 level.

"Nifty opened positive but soon witnessed selling pressure post-RBI policy outcome where the committee tone was cautious. The index closed with a loss of 213 points (-1%) at 21718 levels. PSU Bank, Oil & Gas, Healthcare, and IT sectors ended in the green. Rate-sensitive sectors ended in red after RBI maintained the status quo for the sixth consecutive time and did not provide any time frame for an interest rate cut. Equity mutual funds in India saw a surge in inflows, reaching ~ 21,780 crores in Jan’24 vs 16,997 crores in December’23. SIP hit a fresh record of 18839 crore in Jan’24 as per the latest data released by AMFI," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal.

Also Read: SEBI bars 15 guest experts of Zee Business, fines them 7.41 crore

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 short-term trend of the Nifty 50 index seems to have turned down and one may expect some more weakness in the short term. The near-term uptrend of the market remains intact and further weakness down to the immediate support of 21550-21500 levels could be a buying opportunity."

On the outlook for the Bank Nifty today, Ashwin Ramani, Derivatives Analyst at SAMCO Securities said, "Bank Nifty cracked 807 points on an Intraday basis to close at 45,012. The call writers built significant positions at the 46,000 & 45,500 Strike in the Index. Both call-and-put writers battled out at 45,000 Strike in Bank Nifty. The option activity at 45,000 Strike will provide cues about Bank Nifty’s future direction. If the current trend continues, Bank Nifty can extend its fall further until 44,500 levels."

On the outlook for the stock market today, Siddhartha Khemka of Motilal Oswal said, "After the hawkish tone of RBI, we expect the market to remain sideways and consolidate in the near term."

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 Analyst at Anand Rathi and Shiju Koothupalakkal, Technical Analyst at Prabhudas Lilladher — recommended seven stocks to buy or sell today.

Sumeet Bagadia's day trading stocks

1] Alembic Pharmaceuticals: Buy at 990, target 1049, stop loss 977.

Alembic Pharmaceuticals share price has recently experienced a significant breakthrough above the crucial resistance zone ranging from 890 to 960 on the daily chart. This breakout has been accompanied by a consolidation of the upward movement, characterized by higher highs and higher lows. The strong bullish sentiment is further validated by a noticeable surge in trading volume.

2] Oil India Ltd: Buy at 513, target 542, stop loss 501.

OIL daily chart analysis offers a favorable view for the following week, indicating a steady higher advance. Notably, the stock has produced a notable higher high and higher low pattern, and the company's recent upward swing has effectively violated the neckline, establishing a new week high. This breakthrough indicates the possibility of a significant follow-through upward increase in the stock price.

Ganesh Dongre's stocks to buy today

3] MCX: Buy at 3860, target 3930, stop loss 3820.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till 3930. So, holding the support level of 3820 this stock can bounce toward the 3930 level in the short term. Hence, the trader can go long with a stop loss of 3820 for the target price of 3930.

4] Voltas: Buy at 1065, target 1110, stop loss 1040.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till 1110. So, holding the support level of 1040 this stock can bounce toward the 1110 level in the short term. Hence, the trader can go long with a stop loss of 1040 for the target price of 1110.

Shiju Koothupalakkal buy or sell stocks

5] Cochin Shipyard: Buy at 911.50, target 950, stop loss 896.

The stock with a series of higher low formations on the daily chart has gained strength and currently, once again with a positive candle formation taking support near the 863 zone has improved the bias. With further rise anticipated, we suggest buying the stock with an initial target of 950 level expected keeping the stop loss of 896.

6] Jindal Saw: Buy at 537.75, target 565, stop loss 522.

The stock has once again indicated a higher low formation on the daily chart and improved the bias with a breakout given above the 530 zone with the trend maintained positive, we anticipate further rise in the coming for an initial upside target of 565 keeping the stop loss of 522.

7] Barbeque-Nation: Buy at 658, target 692, stop loss 640.

The stock has indicated a triangular breakout and has moved past the significant 50EMA level of the 939 zone to improve the bias and is expected for further upward move in the coming sessions. We suggest buying the stock for an initial target of 692 maintaining the stop loss of 640.

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: 09 Feb 2024, 08:53 AM IST
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