Day trading guide for stock market today: Six stocks to buy or sell on Monday — 20th November
- Day trading stocks: Market experts have recommended six stocks to buy today — Aurobindo Pharma, LT, Escorts, Devyani International, Mankind Pharma and Tourism Fin Corp
Day trading guide for today: After witnessing choppy trade throughout the day, Indian stock market ended lower on Friday. Nifty 50 index lost 33 points and ended at 19,730 levels, BSE Sensex went down 187 points and closed at 65,794 mark while Nifty Bank index corrected 577 points and finished at 43,583 levels. Both DIIs and FIIs remained net sellers on the previous session. In cash segment, DIIs sold out Indian stocks worth ₹565 crore whereas FIIs offloaded Indian shares worth ₹477 crore.
"Domestic equity saw a subdued session as selling in financial stocks offset the rally elicited by easing in US inflation and drop in crude oil prices. Nifty snapped its two days of gain and traded in a range to close with loss of 33 points at 19732 levels. Sectorally it was a mixed bag with buying seen in FMCG, Pharma and Auto. Profit booking was seen in Banking stocks after RBI raised risk weights for unsecured loans. In a truncated week," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal.
Day trading guide for stock market today
Speaking on outlook for Nifty 50 today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The near-term uptrend status of the market remains intact, but there is a possibility of some more consolidation or minor weakness for the Nifty in the next 1-2 sessions. A decisive upside breakout of 19,875 is likely to bring more upside for the short term. At the lows, the area of 19,600 to 19,550 is going to act as a support for the short term."
On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty opened with a gap down and consolidated in a tight range throughout the day to end at 43,584, down 578 points. The Index has given a lower close on the daily chart. Bank Nifty took resistance around 50% Fibonacci retracement level of 44,206 for the previous two trading sessions and fell, drawn from the high of 46,310 made on 15th September to the low of 42,105 made on 26th October. The option activity at the maximum put open interest strike of 43,500 will provide cues about Bank Nifty’s future direction."
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 19800, 19900 and 20000 strikes with total open interest of 171590, 161736 and 116557 contracts respectively. Major Call open interest addition was seen at 19800 and 19900 strikes which added 95822 and 56350 contracts respectively in open interest," adding, "Major total Put open interest was seen at 19700 and 19600 strikes with total open interest of 117221 and 104413 contracts respectively. Major Put open interest addition was seen at 19500 strike which added 42346 contracts in open interest."
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 273371 and 254911 contracts respectively. Major Call open interest addition was seen at 43800 strike which added 260020 contracts in open interest," adding, "Major total Put open interest was seen at 43500 and 43000 strikes with total open interest of 144289 and 162103 contracts respectively. Major Put open interest addition was seen at 43200 and 43000 strike which added 63583 and 72248 contracts respectively."
Also Read: F&O Ban List: India Cements, MCX, ZEEL, 5 others placed under futures & options ban for Nov 20
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 six stocks to buy or sell today.
Sumeet Bagadia's intraday stocks for today
1] Aurobindo Pharma: Buy at ₹1004.40, target ₹1064, stop loss ₹975.
Aurobindo Pharma share price is currently trading at ₹1004.40 apiece levels. Aurobindo Pharma share has recently exhibited bullish momentum, forming higher highs and higher lows accompanied by a significant increase in trading volume. If the price manages to close above the ₹1010 level, it may have the potential to reach near-term targets of ₹1064. On the contrary, immediate support levels are situated at ₹975.
The Relative Strength Index (RSI) currently stands at 75 and is trending upward, indicating increasing buying momentum. Furthermore, the Stochastic Relative Strength Index (Stoch RSI) has recently undergone a positive crossover. Taken together, these technical indicators suggest that Aurobindo Pharma share has the potential to reach a target price of ₹1064 in the near future.
2] LT: Buy at ₹3109, target ₹3230, stop loss ₹3025.
LT share price is currently trading at ₹3109 levels. The stock has a strong support at ₹3025 levels which is also close to its 20 Day EMA levels. LT share price can now progress even further towards new all-time high levels and beyond. The strength for the stock to climb upwards is demonstrated by the RSI indicator, which is comfortably trading at 66 levels. The stock is also moving above all important moving averages. Once stock crosses the previous all-time high of ₹3115.45 it can move towards the level of ₹3230 and above.
Based on the above technical analysis we recommend buying LT at CMP of ₹3109 for a medium term outlook with a stop loss of ₹3025 for targets of ₹3230.
Ganesh Dongre's stocks to buy today
3] Escorts: Buy at ₹3230, target ₹3330, stop loss ₹3170.
In the short-term trend, Escorts share price has a bullish reversal pattern, technically retrenchment could be possible till ₹3330. So, holding the support level of ₹3170 this stock can bounce toward the ₹3330 level in the short term. Hence, the trader can go long with a stop loss of ₹3170 for the target price of ₹3330.
4] Devyani International: Buy at ₹186, target ₹193, stop loss ₹182.
On the short-term chart, Devyani International share price has shown a bullish reversal pattern, so holding the support level of ₹182. This stock can bounce toward the ₹193 level in the short term. Hence, the trader can go long with a stop loss of ₹182 for the target price of ₹193.
Virat Jagad's buy or sell stocks
5] Mankind Pharma: Buy at ₹1915 to ₹1920, target ₹2050, stop loss ₹1860.
On a Daily time frame Mankind Pharma 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 (21) EMA trading above the Slow (50) EMA indicating a positive trend with price trading above both the EMA indicates strength on the upside. The directional indicator ADX is confirming the positive stance with DI+ trading above DI- and ADX trading above the 20 levels indicating strength in the move. The volume after the breakout is high, suggesting demand for security.
6] Tourism Fin Corp: Buy at ₹116 to ₹117, target ₹125, stop loss ₹112.
On a daily time frame, Tourism Fin Corp Ltd has given a breakout of the Pennant Pattern on the upside forming a continuation 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 (50) is following the trend and trending upward which is indicating a positive trend. On the momentum indicator RSI, the RSI is trading close to the overbought area, which shows a positive trend 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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