BackDay trading guide for stock market today: Six stocks to buy or sell on Tuesday — 21st November
Day trading stocks: Market experts have recommended six stocks to buy today — Tata Communications, Metropolis Healthcare, MFSL, Torrent Pharma, Vesuvius India, KPR Mill
PremiumDay trading guide for today: Indian stock market continue to trade choppy on Monday. Nifty 50 index ended 37 points lower at 19,694 levels, BSE Sensex shed 139 points and closed at 65,655 mark whereas Nifty Bank index finished marginally higher at 43,584 levels. In broad market, small-cap index ended higher and logged 0.37 per cent gain on Monday whereas mid-cap index finished marginally lower.
"Global markets were trading mixed after the rally witnessed last week. Domestic index Nifty saw a lackluster session on account of profit booking in index heavyweights and closed with marginal loss of 38 points at 19694 levels. Majority sectors ended in red. Weakness continued in Financial stocks for second consecutive day after RBI tightened norms for consumer credit," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal.
Day trading guide for stock market today
On outlook for Nifty 50 today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short-term trend of Nifty continues to be range bound. There is a possibility of some more consolidation or minor weakness in the short term before showing upside bounce from the lows. Immediate support is placed around 19,600 to 19,550 levels."
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On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty has formed a doji candle on the daily chart, which signals indecision. Both the call & put writers battled out at the maximum put open interest strike of 43,500 with the latter winning the battle by a fine margin. The level of 43,800 is a key hurdle for Bank Nifty and a continuation of uptrend is likely upon successful close above the same. Bank Nifty closed 1 point higher at 43,585."
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On outlook for stock market today, Siddhartha Khemka of Motilal Oswal said, "Overall market is likely to consolidate in a range as focus will be on the US FOMC meeting minutes which will be released on Wednesday. Globally, participation could be lower on account of Thanks Giving Holiday on Thursday. Investors would watch for US existing home sales data that will be released on Tuesday."
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 and 19900 strikes with total open interest of 234196 and 142149 contracts respectively. Major Call open interest addition was seen at 19800 strike which added 82648 contracts in open interest," adding, "Major total Put open interest was seen at 19700 and 19600 strikes with total open interest of 117390 and 114571 contracts respectively. Major Put open interest addition was seen at 19600 strike which added 20555 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 43700 and 44000 strikes with total open interest of 232093 and 221030 contracts respectively. Major Call open interest addition was seen at 43700 strike which added 56050 contracts in open interest," adding, "Major total Put open interest was seen at 43500 and 43000 strikes with total open interest of 242254 and 155056 contracts respectively. Major Put open interest addition was seen at 43500 strike which added 111685 contracts."
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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] Tata Communications: Buy at ₹1723, target ₹1827, stop loss ₹1672.
Tata Communications share currently trading at ₹1722.95, has recently formed a flag and pole pattern on the daily chart, accompanied by robust trading volume. Over the past week, the stock has consistently found support at the ₹1680 level, indicating significant price stability. Additionally, Tata Communications share 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.
The Relative Strength Index (RSI) currently stands at 50.22 and is trending upwards, signaling increasing buying momentum. Furthermore, the Stochastic Relative Strength Index (Stoch RSI) is exhibiting a positive crossover. This combination of technical indicators suggests that Tata Communications share may have the potential to reach a target price of ₹1827 in the near term.
2] Metropolis Healthcare: Buy at ₹1641, target ₹1695, stop loss ₹1607.
Metropolis Healthcare share currently trades at ₹1641, exhibiting a robust technical posture with its closing values surpassing key short, mid, and long-term moving averages of 50, 100, and 200 EMA, respectively. The Relative Strength Index (RSI) stands at 66, indicative of a favorable momentum. Moreover, the Average Directional Index (ADX) is moderately strong at 31, underscoring a notable trend strength. Notably, the stock has recently achieved a breakout, consolidating above the pivotal level of ₹1600 and portraying resilience on the charts.
Ganesh Dongre's stocks to buy today
3] Max Financial Services Ltd or MFSL: Buy at ₹948, target ₹970, stop loss ₹930.
In the short-term trend, MFSL share price has a bullish reversal pattern, technically retrenchment could be possible till ₹970. So, holding the support level of ₹930 this stock can bounce toward the ₹970 level in the short term. Hence, the trader can go long with a stop loss of ₹930 for the target price of ₹970.
4] Torrent Pharmaceuticals: Buy at ₹2114, target ₹2180, stop loss ₹2070.
On the short-term chart, Torrent Pharma share has shown a bullish reversal pattern, so holding the support level of ₹2070. This stock can bounce toward the ₹2180 level in the short term. Hence, the trader can go long with a stop loss of ₹2070 for the target price of ₹2180.
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Virat Jagad's buy or sell stocks
5] Vesuvius India: Buy at ₹3745 to ₹3755, target ₹3870, stop loss ₹3690.
On the daily chart Vesuvius India Ltd has established a robust hurdle zone between ₹3720 and ₹3740, where buyers have been actively accumulating shares, propelling the stock above the hurdle mark. The recent positive price action confirms the dominance of buyers, result in the breakout of the Head & Shoulder pattern suggesting the potential for further upward movement. Additionally, the stock is currently trading above significant moving averages, supporting the bullish momentum.
6] KPR Mill: Buy at ₹830 to ₹831, target ₹900, stop loss ₹800.
The weekly chart shows that the K.P.R Mill Ltd is in a strong barrier zone between ₹780 and ₹800, where buyers are constantly buying shares to propel it over the obstacle line. The recent positive price action confirms the dominance of buyers, leading to the breakout of the rounding bottom formation, which indicates the potential for further upward movement. Moreover, the stock is currently trading above important moving averages which support a bullish trend and today's close above that previous resistance line underpins this positive trend.
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. Rea
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