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Business News/ Markets / Stock Markets/  Day trading guide for stock market today: Six stocks to buy or sell on Monday — October 23
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Day trading guide for stock market today: Six stocks to buy or sell on Monday — October 23

Day trading stocks: Market experts have recommended six stocks to buy today — Bharti Airtel, Bajaj Auto, HDFC Bank, Zomato, Zodiac and BBTC

Stock market today: The short term trend of Nifty 50 index remains negative, believe experts.Premium
Stock market today: The short term trend of Nifty 50 index remains negative, believe experts.

Day trading guide for stock market today: On account of weak global market sentiments, Indian stock market extended sell off for yet another session on Friday last week. Nifty 50 index fell 82 points and closed at 19,542 levels, 30-stock index BSE Sensex corrected 231 points and ended at 65,397 mark whereas Bank Nifty index finished 31 points lower at 43,723 levels. Volumes on the NSE improved mildly. Broad market indices fell more than the Nifty even as the advance decline ratio fell sharply to 0.48:1.

Day trading guide for today

On outlook for Nifty 50 today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty remains negative. A slide below the immediate support of 19,480 could drag Nifty towards another important support of 19,350 levels in the near term. Immediate resistance for Nifty today is placed around 19,650 levels."

On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty was set to go past the key level of 43,800 before selling pressure led to the Index closing at 43,723, down 31 points. The option activity at 43,500 Strike will provide cues about future direction of Bank Nifty. A break below 43,500 will lead the next round of selling while a close above 44,000 is required for the bulls to comeback."

Intraday trading strategy for stock market today

Unveiling day trading guide for stock market today, Siddhartha Khemka, Head - Retail Research at Motilal Oswal said, "Banking sector will be in focus on Monday as investors would react to Q2 results of ICICI and Kotak Bank that would be announced over the weekend. Among the key results to be announced this week would be from Axis Bank, TechM, Maruti, Bajaj Finserv, SBI Life and Dr Reddy."

Buy or sell: Vaishali Parekh recommends three stocks to buy today — October 23

So, stock specific approach would be an ideal strategy if Indian stock market continues to remain choppy during Monday session.

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 19600, 19700 and 19800 strikes with total open interest of 167804, 165684 and 167957 contracts respectively. Major Call open interest addition was seen at 19600 and 19700 strikes which added 75320 and 51225 contracts in open interest," adding, "Major total Put open interest was seen at 19500 and 19400 strikes with total open interest of 168583 and 116416 contracts respectively. Major Put open interest addition was seen at 19400 strike which added 40493 contracts in open interest."

Bank Nifty Call Put Option data

On Bank Nifty Call Put Option data, Chinmay Barve of Profitmart Securities said, "Major total Call open interest was seen at 43800, 44000, 44200 and 44500 strikes with total open interest of 114149, 151348, 110416 and 173840 contracts respectively. Major Call open interest addition was seen at 43800 and 44200 strikes which added 53657 and 40690 contracts in open interest respectively," adding, "Major total Put open interest was seen at 43700 and 43500 strikes with total open interest of 113744 and 128857 contracts respectively. Major Put open interest addition was seen at 43700 and 43500 strikes which added 32329 and 21790 contracts respectively."

Buy or sell: Sumeet Bagadia recommends three stocks to buy this week

Day trading stocks to buy 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 Kunal Kamble, Sr.Technical Analyst at Bonanza Portfolio — recommended six stocks to buy today.

Sumeet Bagadia's day trading stocks

1] Bharti Airtel: Buy at 945, target 972, stop loss 930.

Bharti Airtel share price is currently exhibiting strong bullish signals. The recent breakout at 930 indicates a notable shift in momentum, complemented by the fact that Bharti Airtel share price has successfully closed above its short, mid, and long-term moving averages (20, 50, 100, 200 EMA). This not only underscores the stock's current strength but also suggests a sustained positive trend.

Considering these technical indicators, it appears to be an opportune moment for investors to consider BHARTIARTL as a potential addition to their portfolio. A prudent strategy would be to initiate a position at the current price of 945, with a stop-loss set at 930 to manage risk. The target price of 972 presents a plausible upside potential, aligning with the positive technical outlook.

2] Bajaj Auto: Buy at 5489, target 5680, stop loss 5350.

Bajaj Auto share price is currently quoted at 5489, having recently experienced a breakout at 5200, indicating a potential upward momentum. Furthermore, Bajaj Auto share price has demonstrated strength by consistently closing above its short, mid, and long-term moving averages, including the 20, 50, 100, and 200 Exponential Moving Averages (EMA). This suggests a robust underlying trend in the stock's price movement.

Given these technical indicators, it is recommended to consider initiating a position in Bajaj Auto share price at the current price of 5489, with a stop-loss set at 5350 to manage risk. The target price (TGT) is advised at 5680, reflecting a potential upward movement.

Ganesh Dongre's stocks to buy today

3] HDFC Bank: Buy at 1523, target 1545, stop loss 1500.

HDFC Bank share price is showcasing bullish reversal pattern on chart. Technically, retrenchment could be possible till 1545. So, holding the support level of 1500 this stock can bounce toward the 1540 level in the short term, so the trader can go long with a stop loss of 1500 for the target price of 1545.

4] Zomato: Buy at 113, target 118, stop loss 108.

Zomato share price is showcasing bullish pattern on technical chart and it may hold the current support of 108. Zomato share prie may bounce toward the 118 level in the short term, so the trader can go long with a stop loss of 108 for the target price of 118.

Kunal Kamble's buy or sell stocks

5] Zodiac: Buy at 155 to 154, target 178, stop loss 137.

Zodiac share price has given a breakout of Symmetric Pattern on the upside indicating a positive move with volume spike in today's session confirming the trend, with price trading above the Conversion and Base Line also conforming the upward move. Based on above technical setup one can initiate a long position in ZODIAC with an SL of 139 with a target price of 178.

6] BBTC: Buy at 1419 to 1415, target 1800, stop loss 1172.

BBTC share price has given a breakout of Falling Trend Line indicating an uptrend with volume supporting the move. The price are trading above the Conversion Line, Base Line & Ichimoku Cloud indicating positive trend. Hence based on above technical setup one can initiate a long position in BBTC with a SL of 1172 for a TP of 1800.

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 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. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
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Published: 23 Oct 2023, 07:40 AM IST
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