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

Day trading stocks: Market experts have recommended six stocks to buy today — Power Grid, BPCL, SAIL, Torrent Pharma, Hero MotoCorp, HDFC Life

Stock market today: The short- term trend of Nifty 50 index remains range bound with positive bias, say experts. (Photo: Pixabay)Premium
Stock market today: The short- term trend of Nifty 50 index remains range bound with positive bias, say experts. (Photo: Pixabay)

Day trading guide for today: Following mixed trends in global market, Indian stock market ended mixed on Wednesday. Nifty 50 and BSE Sensex ended higher whereas Nifty Bank index finished in negative zone. The 50-stock index gained 28 points and closed at 19,811 levels whereas 30-stock index finished 92 points higher at 66,023 levels. Nifty Bank index lost 239 points and closed at 43,449 mark.

"Global markets were mixed after US FOMC meeting minutes release suggested Fed’s cautious approach towards rate hike. Nifty swung between gains and losses throughout the session to finally close in positive territory at 19812 levels – up 28 points. Sectorally it was mixed with buying seen in IT, Auto and Pharma," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal.

Day trading guide for stock market today

On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short- term trend of Nifty 50 index remains range bound with positive bias. A decisive move above 19850-19900 levels is expected to open sharp upside towards new all-time highs. Any weakness from here could find support around 19650 levels."

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — November 23

On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty was under massive selling pressure since the beginning of the session. It erased some of its losses during the penultimate hour ahead of closing. Call writers overpowered the put writers at the 43,500 Strike in Bank Nifty. Bank Nifty reversed from the 50% Fibonacci retracement level of 43,259, drawn from the low of 42,105 made on 26th October to the high of 44,421 made on 16th November. The Index closed 240 points lower at 43,450."

Also Read: F&O Ban List: BHEL, MCX, RBL Bank, 6 others placed under futures & options ban for Nov 23

On outlook for stock market today, Siddhartha Khemka of Motilal Oswal said, "Bank Nifty was under massive selling pressure since the beginning of the session. It erased some of its losses during the penultimate hour ahead of closing. Call writers overpowered the put writers at the 43,500 Strike in Bank Nifty. Bank Nifty reversed from the 50% Fibonacci retracement level of 43,259, drawn from the low of 42,105 made on 26th October to the high of 44,421 made on 16th November. The Index closed 240 points lower at 43,450."

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 19900 and 20000 strikes with total open interest of 266587 and 235536 contracts respectively. Major Call open interest addition was seen at 20000 strike which added 101262 contracts in open interest," adding, "Major total Put open interest was seen at 19800 and 19700 strikes with total open interest of 250893 and 241713 contracts respectively. Major Put open interest addition was seen at 19800 strike which added 110711 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 43500 and 44000 strikes with total open interest of 142980 and 124254 contracts respectively. Major Call open interest addition was seen at 44000 strike which added 40638 contracts in open interest," adding, "Major total Put open interest was seen at 43500 and 43000 strikes with total open interest of 104573 and 82021 contracts respectively. Major Put open interest addition was seen at 43500 strike which added 45988 contracts."

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

Sumeet Bagadia's intraday trading stocks for today

1] Power Grid Corporation of India: Buy at 211, target 219, stop loss 206.50.

Power Grid share is presently quoted at 211, showcasing robust technical strength by successfully closing above critical short-term, mid-term, and long-term moving averages—namely the 20, 50, 100, and 200 Exponential Moving Averages (EMA). The stock exhibits a consistent positive momentum and boasts a strong support level around 206. The Relative Strength Index (RSI) stands at a balanced 64, indicating a healthy equilibrium between buying and selling pressures.

2] BPCL: Buy at 402, target 417, stop loss 391.

BPCL share price is currently trading at 402, displaying robust technical strength by successfully closing above critical short-term, mid-term, and long-term moving averages—the 20, 50, 100, and 200 Exponential Moving Averages (EMA). The stock shows consistent positive momentum and has a strong support level around 406. The Relative Strength Index (RSI) is at a balanced 72, indicating a healthy balance between buying and selling pressures.

Ganesh Dongre's stocks to buy today

3] SAIL: Buy at 89, target 95, stop loss 86.

In the short-term trend, SAIL share price has a bullish reversal pattern, technically retrenchment could be possible till 95. So, holding the support level of 86 this stock can bounce toward the 95 level in the short term. Hence, the trader can go long with a stop loss of 86 for the target price of 95.

4] Torrent Pharmaceuticals: Buy at 2114, target 2185, stop loss 2085.

On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of 2080. This stock can bounce toward the 2185 level in the short term, so the trader can go long with a stop loss of 2080 for the target price of 2185.

Kunal Kamble's buy or sell stocks

5] Hero MotoCorp: Buy at 3409 to 3413, target 3510, stop loss 3363.

A Cup and Handle pattern breakout has been witnessed in Hero MotoCorp share. A burst in volume indicates buyers are more interested in buying the security at the current price. The price is trading above the major EMA's indicating uptrend in the security. The RSI has given a breakout supporting the upside move. Hence based on above technical setup a long position can be created for a TP of 3510 with a SL of 3363.

6] HDFC Life: Buy at 668.50, target 700, stop loss 652.

Falling Parallel channel breakout is witnessed in HDFC LIFE indicating an uptrend. The volume during the fall is fading which indicates retracement in the security. The price is trading above the major EMA indicates uptrend whereas DI+ trading above DI- also indicates upward move on the other hand ADX is trading above DI- indicating strength in the move. Hence based on above technical setup a long position can be created for a TP of 700 with a SL of 652.

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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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: 23 Nov 2023, 07:58 AM IST
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