Day trading guide for today: Six buy or sell stocks for Tuesday — June 20

Day trading guide for today: Following weak global market cues, Indian stock market ended lower despite gap up opening on Monday session. NSE Nifty ended 70 points lower at 18,755 levels after missing to hit a new high by just 6 points. Likewise, BSE Sensex finished 216 points lower at 63,168 mark after missing to breach its life-time high by just 9 points. Bank Nifty index lost 304 points and closed at 43,633 levels. However, small-cap index finished marginally higher from its Friday close.

Day trading guide for stock market today

On out look for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The near term uptrend status of Nifty remains intact. There is a possibility of upside bounce from the lows in the next 1-2 sessions. Immediate support for NSE Nifty is placed at 18,670 and strong hurdle is placed at 18,900 levels."

On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty has been taking resistance around the 44,050 zones since last three days. It is trading nervously around the 20 DEMA mark. The 43,400 zone is a key support level for Bank Nifty. A breakdown below this level can take Bank Nifty to 42,800 zones."

PM Modi's US visit in focus

Advising stock market traders to remain vigilant about PM Modi's news in regard to his US visit, Siddhartha Khemka, Head - Retail Research at Motilal Oswal said, "The focus remains on geopolitics this week, as the US Secretary of State is set to meet the Chinese President today. PM Modi's visit to US is likely to bring deal wins in the defense space and strengthen the trade relation."

Motilal Oswal expert went on to add that Niche sectors like Insurance, and Pharma could continue to be in focus after recovery was seen in their respective monthly data. NBFC too is in focus after the slowing of inflation and the recent rate pause.

Stocks to watch today

Among dividend stocks, seven stocks are going to trade ex-dividend today. Those seven dividend paying stocks are Bank of India, Newgen Software, Meghmani Organics, Meghmani Finechem, Sagar Cement, Cera Sanitaryware and CEAT.

Apart from this, Blue Star shares are going to trade ex-bonus stock today as the company has declared bonus shares in 1:1 ratio. The board of directors of the company has fixed bonus share record date on 20th June 2023.

F&O ban list

Eight shares have been put in F&O bank list for trade date 20th June 2023. Those eight shares are Delta Corp, Indiabulls Housing Finance, Hindustan Aeronautics Ltd or HAL, India Cements, L&T Finance Holdings, Manappuram Finance, Tata Chemicals and ZEEL.

Day trading stocks for today

On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Rajesh Bhosale, Technical Analyst at Angel One — recommended six stocks to buy today.

Sumeet Bagadia's intraday stocks for today

1] Sun Pharma: Buy in cash @ ₹1001, SL ₹980, TGT ₹1043.

Sun Pharma share is presently trading at ₹1001, having recently broken out from its previous range of ₹981 to ₹995 that persisted for a week. This breakout signifies a potential shift in the stock's price dynamics, making it an intriguing investment prospect.

In addition, the Relative Strength Index (RSI) is trending upward and appears to be on the verge of a positive crossover, indicating a potential increase in buying pressure. Moreover, Sun Pharma's price is currently positioned above its 20-50-100-200 Exponential Moving Averages (EMA), suggesting underlying strength in the stock.

The Bollinger Band is also displaying expansion, indicating an increase in volatility and potential upward momentum. Taking all these factors into consideration, it is our professional opinion that Sun Pharma presents a favourable buying opportunity at the current price of ₹1001, with a target price of ₹1043. It is important to note that our views would be invalidated if the stock were to fall below the ₹980 level.

2] Tech Mahindra or TechM: Buy in cash @ ₹1093.60, SL ₹1060 TGT ₹1150.

Tech Mahindra share has displayed a consolidation since last 4 days. The stock is currently trading at ₹1093.60 levels. The stock is trading above its crucial moving averages of 20, 50, and 100, indicating a bullish sentiment. A minor resistance at ₹1101 levels, when once taken out, could act as a catalyst for further upward movement. The Relative Strength Index (RSI) is currently at 54 and trending upwards, reflecting growing buying interest. This makes TECHM an attractive buy.

However, caution is advised, with a close eye on the stock falling below ₹1060, as it could negate the positive outlook. A short-term target of ₹1150 is possible.

Anuj Gupta's buy or sell stocks

3] MRPL: Buy at CMP, target ₹85, stop loss ₹72.

MRPL share price is looking positive on chart pattern after giving breakout at ₹72 apiece levels.

4] M&MFin: Buy at CMP, target ₹330, stop loss ₹304.

M&MFin share has formed higher top higher bottom on chart pattern signaling bull trend in near term.

Ganesh Dongre's stock of the day

5] IndusInd Bank: Buy at ₹1300, target ₹1350, stop loss ₹1275.

In the short-term trend, IndusInd Bank share has a bullish reversal pattern, technically retrenchment could be possible till ₹1350. So, holding the support level of 1275 this stock can bounce toward the ₹1350 level in the short term. Hence, the trader can go long with a stop loss of ₹1275 for the target price of ₹1350.

Rajesh Bhosale's stock pick for Tuesday

6] Sumitomo Chemical India or SUMICHEM: Buy at ₹428, target ₹450, stop loss ₹415.

Stock is looking positive on chart pattern after bouncing back from the oversold zone.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.