Day trading guide for today: Six buy or sell stocks for Wednesday—November 8

Day trading guide for today: Domestic equity indices Sensex and Nifty 50 snapped their three-day winning run on profit booking today in select heavyweights amid weak global cues as optimism around the end of monetary tightening faded.

Nifty 50 closed at 19,406.70, down 5 points, or 0.03 per cent, while Sensex settled at 64,942.40, down 16 points, or 0.03 per cent. Mid and small-caps clocked decent gains, outperforming the benchmark indices. The BSE Midcap index ended with a gain of 0.53 per cent and the Smallcap index rose 0.38 per cent.

Analysts expect the benchmark Nifty to consolidate around current levels after the recent rise. Both the Nifty 50 and Sensex rose over 2 per cent each in the last three sessions following the US Federal Reserve's rate pause and improved rate outlook.

Also Read: FIIs continue selling streak in Nov, offload ₹497 crore in Indian equities; When will buying resume?

Day trading guide for the stock market today

On the outlook for Nifty today, Ajit Mishra, SVP - Technical Research, Religare Broking Ltd said, ‘’After the flat start, Nifty oscillated in a narrow range till the end and finally settled at 19,406.70 levels.''

‘’We may see further consolidation in the index in line with the global peers however there will be no shortage of stock-specific opportunities. Traders should align their positions accordingly, with a focus on sectors that are trading in sync with the benchmark,'' added Mishra.

Technically, the confirmation of strength for Nifty can be seen only above its biggest hurdles at the 19707 mark, while support is placed at the 19225 mark, according to Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

On the outlook for Bank Nifty, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said that the index exhibited volatility throughout the day before finishing with strength.

‘’On the daily chart, the index has closed above the 21EMA for the first time in several days. The sentiment appears to be positive at this point, and the setup seems favorable for a robust upward movement in the index. In the near term, it may potentially move towards 44,500 on the upside, with support situated at 43,300 on the lower end,'' said Shah.
 

Global Cues

Global shares, which often trade in tandem with oil, lost steam on Tuesday as investor enthusiasm about a peak in global interest rates faded. The US dollar has also ticked up from recent lows, making oil more expensive for holders of other currencies.

Minneapolis Federal Reserve President Neel Kashkari on Tuesday doused hopes of early rate cuts, saying the US central bank may have to do more to bring inflation back down to its 2 per cent target. Investors are awaiting comments from Fed Chair Jerome Powell, who is due to speak on Wednesday and Thursday.

Oil prices fell about 3 per cent to their lowest since late August on November 7, as demand concerns arose from mixed Chinese data and waning investor enthusiasm on interest rate cuts.

Brent crude futures fell $2.53, or 3 per cent, to $82.65 a barrel, while US West Texas Intermediate crude fell to $78.35 a barrel, down $2.47, or 3.1 per cent. Both contracts hit their lowest levels since August 25.

Also Read: Oil prices fall 3% to hit 2-month low as fresh demand concerns outweigh supply cuts; Brent at $82/bbl

Stocks to watch today

Some major companies including Oil India, PFC, Lupin, Century Ply, HT Media, and MCX, among others, will declare their July-September quarter results for fiscal 2023-24 (Q2FY24) today.

IRCTC, Power Grid, Shree Cements, Cummins, Apollo Tyres, among a few others, will also be in focus during today's session as these companies declared their Q2FY24 post-market hours on Tuesday.
 

F&O Ban List

GNFC has been put under the ban for trade on Wednesday, November 8 under the futures and options (F&O) segment by the National Stock Exchange (NSE). No fresh positions are allowed for any of the F&O contracts in the particular stock when placed under the F&O ban period by the stock exchanges.
 

Day trading stocks for today

On intraday stocks for today, stock market experts — Ganesh Dongre, Senior Manager - Technical Research at Anand Rathi, Sumeet Bagadia, Executive Director at Choice Broking, and Kunal Kamble, Senior Technical Analyst, Bonanza Portfolio Ltd— recommended six stocks to buy today.

Sumeet Bagadia's intraday stocks for today:

1.ICICI Bank: Buy ICICI Bank at ₹948.10 with a stop loss of ₹930 at a target price of ₹980

ICICI Bank has bounced back from the support level of 935 levels which is also close to its 20 Day EMA levels and crossed the initial resistance of 945 levels which is also 50 Day EMA levels. Currently, the stock is trading around 948.10 levels which indicates a 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 960 and once stock crosses the mentioned level it can move towards the target of 980 and above.

Based on the above analysis we expect ICICI Bank to move higher towards 980 and hence we recommend buying ICICI Bank at a CMP of 948.10 with an SL of 930.

2.Sun TV Network Ltd: Buy Sun TV Network Ltd at ₹652 with a stop loss of ₹639 at a target price of ₹675

Based on the current technical indicators, Sun TV Network appears to be in a favorable position for potential appreciation. As of the latest quotation, the stock is trading at 652, and it has demonstrated strength by closing above its short, mid, and long-term moving averages (50, 100, and 200 EMA). 

The Relative Strength Index (RSI) stands at 61, indicating a healthy level of momentum. Additionally, the Average Directional Index (ADX) is moderately robust at 20, suggesting a potential continuation of the prevailing trend. The stock has exhibited a sideways to positive bias, signaling a potential upward movement.

Furthermore, after a period of consolidation, a breakthrough of the 662 resistance level is anticipated to trigger a substantial upside potential. Given these factors, considering a long position at the current price of 652 with a stop loss set at 639 and a target price of 675 could present an opportune entry point.
 

Ganesh Dongre's intraday stocks for today:

3.Tata Steel: Buy Tata Steel at ₹119 with a stoploss of ₹114 at a target price of ₹127

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till 127 so, holding the support level of 114 this stock can bounce toward the 127 level in the short term, so the trader can go long with a stop loss of 114 for the target price of 127

4. NTPC: Buy NTPC at ₹239 with a stop loss of ₹232 at a target price of ₹248

On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of 232. this stock can bounce toward the 248 level in the short term, so the trader can go long with a stop loss of 232 for the target price of 248.

Support - 19200/19250

Resistance - 19600/19650

Kunal Kamble's intraday stocks for today:

5.Texmaco Infrastructure & Holdings Ltd: Buying range: Rs106-106.70 Target ₹139| Stop Loss ₹90

On a daily time, frame Texmaco Infrastructure & Holdings has given a breakout of Cup and Handle Pattern on the upside, indicating a positive trend in the stock. Price trading above both the EMA indicates strength on the upside.

Momentum Indicator RSI is havering towards the overbought zone which is showing strong buying interest in the script. Based on the above technical setup a long position can be created in Texmaco Infrastructure & Holdings for a TP of 139 with an SL of 90.

6.Creative Castings Ltd: Buying range: Rs.665-675 Target ₹750|Stop Loss ₹611

On a daily time, frame Creative Castings has given a breakout of Cup and Handle Pattern on the upside, indicating a positive trend in the stock. Price trading above both the EMA indicates strength on the upside. 

Momentum Indicator RSI is havering towards the overbought zone which is showing strong buying interest in the script. Based on the above technical setup a long position can be created in Creative Castings for a TP of 750 with an SL of 611.

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.