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Business News/ Markets / Stock Markets/  Day trading guide for stock market today: Six stocks to buy or sell on Thursday — 30th November
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Day trading guide for stock market today: Six stocks to buy or sell on Thursday — 30th November

Day trding stocks: Market experts have recommended six stocks to buy today — ICICI Bank, AU Bank, SBI, SAIL, FSL and CCL Products

Stock market today: The short-term trend of Nifty continues to be positive, say experts. (Photo: Bloomberg)Premium
Stock market today: The short-term trend of Nifty continues to be positive, say experts. (Photo: Bloomberg)

Day trading guide for today: Despite mixed global market cues, Indian stock market finished higher on Wednesday. Nifty 50 index ended above 20,000 levels for the first time since September 2023 and closed at 20,096 levels. BSE Sensex registered 727 points gain and closed at 66,901 mark whereas Bank Nifty index gained 685 points and finished at 44,566 levels. Broad market indices too registered handsome gains but not more than key benchmark indices.

"Domestic equities rallied for second consecutive day on back of positive global cues and gains in heavyweights. Nifty surpassed the 20k levels for the first time after September and closed with gains of 207 (+1%) points at 20,097 levels. Majority of the sector ended in green with buying seen in IT, Banking, Financial and Auto. Market optimism was fuelled by better-than-expected US consumer confidence data and dovish comments from US Fed official Christopher Waller, suggesting rate cut in 2024. Further, upgrade in India’s GDP growth forecast by global rating agency S&P to 6.4% for FY24 and FIIs turning net buyers from last four trading session boosted the sentiments. All these factors led BSE-listed companies to reach 333bn market-cap," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.

Day trading guide for stock market today

On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, "The short-term trend of Nifty 50 index continues to be positive. Having witnessed a decisive upside breakout of 19900 levels, there is a possibility of continuation of sharp upside momentum for Nifty in the coming sessions. One may expect formation of new all-time highs above 20250-20350 levels in the next few sessions. Immediate support is placed at 19950 levels."

Also Read: Nifty 50 just 0.62% away from all-time high, up 5.33% in November so far

On outlook for Bank Nifty today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, "Bank Nifty after a long time surged ahead with strength indicated and with a big bullish candle pattern on the daily chart has moved past the crucial hurdle of 44400 zone of the important 100 period MA to strengthen the bias. A decisive breach above 45000 shall trigger for fresh further targets of 45800-46200 in the coming days."

Speaking on outlook for stock market today, Siddhartha Khemka of Motilal Oswal said, "We expect the market momentum to sustain over the next few days. However, several important events including India GDP, monthly F&O expiry, state election exit polls and OPEC+ meeting on Thursday could induce some volatility over the last 2 days. Market will also react to US GDP data released late night on Wednesday."

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 20200 and 20300 strikes with total open interest of 267349 and 166633 contracts respectively. Major Call open interest addition was seen at 20200 strike which added 100019 contracts in open interest," adding, "Major total Put open interest was seen at 20000 and 19900 strikes with total open interest of 342021 and 233509 contracts respectively. Major Put open interest addition was seen at 20100 and 20000 strikes which added 209669 and 287357 contracts respectively 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 44700 and 45000 strikes with total open interest of 136973 and 227003 contracts respectively. Major Call open interest addition was seen at 44900 strike which added 68673 contracts," adding, "Major total Put open interest was seen at 44500 and 44200 strikes with total open interest of 235767 and 229344 contracts respectively. Major Put open interest addition was seen at 44500 and 44200 strikes which added 215271 and 206666 contracts respectively."

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 Mitesh Karwa, Research Analyst at Bonanza Portfolio — recommended six stocks to buy or sell today.

Sumeet Bagadia's intraday stocks for today

1] ICICI Bank: Buy at 939.60, target 980, stop loss 915.

ICICI Bank share price has bounced back from the support level of 915 levels and crossed the initial resistance of 930 levels, which is also close to its 20 Day EMA levels. Currently, ICICI Bank share price is trading around 939.60 levels which indicates breakout above the mentioned resistance level. The stock is also trading above all important moving averages indicating strength. A smaller resistance is witnessed at the level of 950 and once stock crosses the mentioned level it can move towards the target of 980 and above.

2] AU Small Finance Bank: Buy at 748.25, target 808, stop loss 688.

AU Bank share price is currently trading at 714.4. The stock recently broke out of its daily trendline, accompanied by significant trading volume. Additionally, AUBANK is presently trading above critical Exponential Moving Averages (EMAs), including the 20-day, 100-day, and 200-day EMAs. This emphasizes its bullish momentum and suggests the potential for further upward price movement.

Ganesh Dongre's stocks to buy today

3] SBI: Buy at 568, target 580, stop loss 560.

In the short-term trend, SBI share price has a bullish reversal pattern, technically retrenchment could be possible till 580. So, holding the support level of 560 this stock can bounce toward the 580 level in the short term. Hence, the trader can go long with a stop loss of 560 for the target price of 580.

4] SAIL: Buy at 91, target 95, stop loss 87.

On the short-term chart, SAIL share price has shown a bullish reversal pattern, so holding the support level of 87. This stock can bounce toward the 95 level in the short term. Hence. the trader can go long with a stop loss of 87 for the target price of 95.

Mitesh Karwa's buy or sell stocks

5] Firstsource Solutions or FSL: Buy at 175 to 176, target 185, stop loss below 169.

FSL share price is seen to be breaking out of a bullish pattern on the daily timeframe and closing in green with a bullish candlestick which is why a buy recommendation is initiated for targets upto 185. One can initiate buy on dip in the range of 175 to 176 with stoploss below 169 on daily closing basis.

6] CCL Products: Buy at 650 to 652, target 675, stop loss 635.

CCL share price is seen to be breaking out of a descending triangle pattern with a bullish candlestick on the daily timeframe which indicates strength which is buying is recommended for targets upto 675. One can initiate a buy trade in between the range of 650 to 652 with stoploss of 635 on daily closing basis.

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. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
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Published: 30 Nov 2023, 08:45 AM IST
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