BackDay trading guide for today: Six stocks to buy or sell on Friday — September 29
Day trading stocks: Market experts have recommended six stocks to buy or sell today — Axis Bank, Bharti Airtel, DLF, ITC, JSW Steel and Shreyas Shipping
PremiumDay trading guide for today: After showing a sustainable upside bounce from the lows on Wednesday, Indian stock market witnessed sharp downward reversal on Thursday and closed in red territory. Nifty 50 index finished 192 points lower at 19,523 levels, BSE Sensex corrected 610 points and ended at 65,508 mark whereas Bank Nifty lost 287 points and closed at 44,300 levels. In broad market, small-cap index shed 0.34 per cent whereas mid-cap index nosedived to the tune of 1.19 per cent.
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"Global sentiments have been dampened over sharp rise in Brent crude price which touched almost $98/barrel and US 10 year bond yields continuing to hover above 4.5% (16 year highs). Also concerns over the likelihood of interest rates remaining higher for a longer has been adding to the global overhang," 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, "Nifty has broken below the crucial weekly support of 10 week EMA at 19560 levels and closed lower. The said weekly 10 period EMA has been offering supports for the market in the last few months and that resulted in a decent upside bounces from the said support in the past. Having declined below this support this time, the market could slide down to its next support of 20 week EMA, which is currently placed around 19,230 levels. Immediate resistance is at 19,700 levels."
Buy or sell: Vaishali Parekh recommends three stocks to buy today — September 29
On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty has formed an inverted flag & pole structure on the daily chart. Short Buildup was observed in Future Open Interest data for two consecutive days. A break below 44,300 can take the Index until 43,800 level while uptrend is likely to resume upon successful close above 44,800 levels. Bank Nifty closed 287 points lower at 44,301."
Nifty Call Put Option data
Speaking on Nifty call option data, Chinmay Barve, Head of Technical & Derivatives Research at Profitmart Securities said, "As per data shown by nseindia.com at 3.30 pm on 28 September 2023, major total Call open interest was seen at 19600, 19700 and 19800 strikes with total open interest of 86311, 131807 and 114242 contracts respectively. Major Call open interest addition was seen at 19600, 19700 and 19800 strikes which added 54600, 94939 and 64591 contracts respectively."
Stocks to Watch: Sun Pharma, Adani Green, Emami, Uno Minda, NLC India
"As per data shown by nseindia.com at 3.30 pm on 28 September 2023, major total Put open interest was seen at 19500, 19400 and 19300 strikes with total open interest of 96451, 58875 and 46125 contracts respectively. Major Put open interest addition was seen at 19500 and 19400 strikes which added 55614 and 35930 contracts respectively," said Barve while speaking on Nifty Put Option data.
Bank Nifty Call Put Option data
On Bank Nifty call put option data, Chinmay Barve of Profitmart Securities said, "As per data shown by nseindia.com at 3.30 pm on 28 September 2023, major total Put open interest was seen at 19500, 19400 and 19300 strikes with total open interest of 96451, 58875 and 46125 contracts respectively. Major Put open interest addition was seen at 19500 and 19400 strikes which added 55614 and 35930 contracts respectively," adding, "Major total Call open interest was seen at 44500, 44700 and 45000 strikes with total open interest of 117514, 85179 and 112731 respectively. Major Call open interest addition was seen at 44500 and 44700 strikes which added 61525 and 62074 contracts in open interest respectively."
Stocks to watch today
Dalal Street is expected to remain vigilant about the outcome of board meeting of DP Wires. The board of directors of the company is going to consider and approve bonus shares in its scheduled meeting today.
Among dividend stocks in September 2023, four stocks are going to trade ex-dividend today. Those dividend paying stocks are HPIL, Hindprakash Industries, Maharashtra Scooters and Bajaj Holdings.
Day trading stocks
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 Ashish Katwa, Technical Analyst at Bonanza Portfolio — recommended six stocks to buy or sell today.
Sumeet Bagadia's intraday stocks for today
1] Bharti Airtel: Buy at ₹931, target ₹964, stop loss ₹906.
Bharti Airtel share is currently trading at ₹931. After consolidating within the support price breakout range of ₹903 to ₹923, the stock has displayed notable resilience over the past week, particularly at the ₹903 level, indicating a degree of price stability. Moreover, BHARTIARTL is currently trading above critical Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs, reinforcing its bullish momentum and potential for further upward price movement.
2] Axis Bank: Buy at ₹1030.90, target ₹1070, stop loss ₹1005.
Axis Bank share price appears to be displaying positive signals in its recent price movements. The stock's resilience is evident as it rebounded from a support level of ₹1005, indicating investor interest at that point. At present, Axis Bank share is trading around ₹1030.90 levels, showcasing a recovery from the aforementioned support level. The fact that the stock is trading above key moving averages reinforces the notion of its strength in the current market conditions. A minor hurdle can be observed at the ₹1048 level, which presents a smaller resistance. Once Axis Bank manage to surmount this resistance, it is anticipated to continue its upward trajectory.
FTSE Russell keeps India on a watch list for inclusion in emerging markets government bond index
Ganesh Dongre's stocks to buy today
3] DLF: Buy at ₹521, target ₹540, stop loss ₹510.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹540. so, holding the support level of ₹510 this stock can bounce toward the ₹540 level in the short term. Hence, the trader can go long with a stop loss of ₹510 for the target price of ₹540.
4] ITC: Buy at ₹441, target ₹454, stop loss ₹432.
On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of ₹432. this stock can bounce toward the ₹454 level in the short term, so the trader can go long with a stop loss of ₹432 for the target price of ₹454.
Ashish Katwa's buy or sell stocks
5] Shreyas Shipping: Buy at ₹473.85 to ₹471, target ₹501, stop loss ₹459.
On a Weekly time frame SHREYAS has given a breakout of Rectangle Pattern on the upside, indicating a positive trend in the stock. Buyers have to look more attractive to buy the security above ₹440 levels. The Short (9) EMA has crossed the Fast (21) EMA indicating a positive trend with price trading above both the EMA indicates strength on the upside. Momentum Indicator MACD has crossed the Signal Line below 0 levels supporting the positive move.
6] JSW Steel October Future: Sell at ₹774.95 to ₹775.80, target ₹758, stop loss ₹783.20.
On the daily time frame, JSWSTEEL has formed negative price action and at the same time, the stock has given a breakdown of Descending triangles with bearish candlestick. The stock has been trading below Ichimoku cloud which confirms the bearish trend. The momentum Indicator RSI is following the price action confirming the move. Hence based on the above Technical Setup a short position can be created in JSWSTEEL with an SL of ₹783.20 for a Downside target of ₹758.
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 decisions.
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