BackDay trading guide for today: Six stocks to buy or sell on Thursday — September 28
Day trading stocks: Experts have recommended six stocks to buy today — ITC, Hindustan Copper, Delhivery, Zydus Life, IIFL Securities, and Omaxe
PremiumDay trading guide for today: Following strong global market sentiments, Indian stock market bounced back after opening weak on Wednesday.Nifty 50 index finished 51 points higher at 19,716 levels whereas BSE Sensex gained 173 points and closed at 66,118 mark. However, Bank Nifty index ended 35 points lower at 44,588 mark. In broad market, small-cap index finished 0.68 per cent higher whereas mid-cap index gained 0.76 per cent.
"Domestic equities rebounded into positive territory after reports of Nomura upgraded its rating on the Indian Markets to ‘Overweight’. Nifty recovered from lower levels amid buying in index heavyweights and closed with marginal gains of 52 points at 19716 levels. Broader market outperformed with Nifty Midcap 100 and Nifty Smallcap 100 up 0.8% and 1% respectively. Majority of the sectors ended in green with Pharma, FMCG, and PSU Bank being top gainers. Markets saw some respite after the previous day’s sell-off but the pressure still continues given several concerns regarding rising interest rates, crude oil prices, and growth concerns in China," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
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Day trading guide for stock market today
On Nifty 50 today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty seems to have reversed up and a follow-through upmove could confirm short term higher bottom reversal pattern. Immediate support is placed around 19600-19550 levels and a decisive move above the hurdle of 19750 levels could pull Nifty towards 19950-20000 levels."
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Speaking on outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities said, "Bank Nifty bounced back from the 78.6% retracement level of 44,186, drawn from the low of 43,600 made on 16th August to the high of 46,310 made on 15th September and closed at 44,588, down 36 points. Strong put writer additions were observed at 44,200 & 44,300 Strikes today. The underlying trend is weak in Bank Nifty and a decisive close above 44,800 level can ignite buying interest. The downside support for Bank Nifty is placed at 44,500 after today’s closing.
Nifty Call Put Option data
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 27 September 2023, major total Call open interest was seen at 19700, 19800 and 19900 strikes with total open interest of 221432, 320958 and 227488 respectively. Major Call open interest addition was seen at 19750, 19800 and 19850 strikes which added 67409, 55835 and 49049 contracts respectively. Call unwinding was seen at 19650 strike which shed 13266 contracts in open interest."
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"As per data shown by nseindia.com at 3.30 pm on 27 September 2023, major total Put open interest was seen at 19700, 19650 and 19600 strikes with total open interest of 229775, 166173 and 278492 contracts respectively. Major Put open interest addition was seen at 19600 and 19500 strikes which added 102977 and 100500 contracts respectively. Put unwinding was seen at 19800 and 19900 strikes which shed 10788 and 6896 contracts in open interest," Barve added.
Bank Nifty Call Put Option data
On Bank Nifty call option data, Chinmay Barve said, "As per data shown by nseindia.com at 3.30 pm on 27 September 2023, major total Call open interest was seen at 44800, 45000 and 45200 strikes with total open interest of 227386, 330018 and 211777 respectively. Major Call open interest addition was seen at 45000 and 45100 strikes which added 78047 and 80977 contracts in open interest respectively. No Call unwinding was seen at the strikes ranging between 44200 to 45200."
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"As per data shown by nseindia.com at 3.30 pm on 27 September 2023, major total Put open interest was seen at 44500, 44400 and 44000 strikes with total open interest of 184794, 185527 and 270666 contracts respectively. Major Put open interest addition was seen at 44200 and 44300 strikes which added 91696 and 91862 contracts respectively. Put unwinding was seen at 44700 and 44800 strikes which shed 44093 and 39979 contracts in open interest," he added.
Day trading stocks for today
Stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Kunal Kamble, Sr.Technical Analyst, Bonanza Portfolio — recommended six stocks to buy or sell today.
Sumeet Bagadia's intraday stocks for today
1] ITC: Buy at ₹449, target ₹467, stop loss ₹437.
ITC share price is currently trading at ₹449.15, has been consolidating within a range of ₹453 to ₹438.5. Over the past week, the stock has shown strong support at the ₹438 level, indicating price stability. Furthermore, ITC is presently trading above crucial Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs, underscoring its bullish momentum and the potential for further upward price movement.
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The Relative Strength Index (RSI) currently stands at 51.4 and is on an upward trajectory, suggesting an increasing buying momentum. Additionally, the Stochastic Relative Strength Index (Stoch RSI) has exhibited a positive crossover from the oversold region. This combination of technical indicators implies that ITC may have the potential to reach a target price of ₹467 in the near term.
2] Hindustan Copper: Buy at ₹159, target ₹170, stop loss ₹154.
Hindustan Copper share is presently priced at ₹159.30 levels, but its real strength lies in the robust support zone spanning from ₹150 to ₹154. This support range signifies a level where buying interest has historically been strong, making it a key reference point for investors.
Furthermore, HINDCOPPER is trading above essential exponential moving averages, signalling a sustained upward trend. This suggests that the stock has exhibited consistent positive price action, which is typically seen as a bullish indicator.
Ganesh Dongre's stocks to buy today
3] Delhivery: Buy at ₹419, target ₹435, stop loss ₹410.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹435 so, holding the support level of ₹410 this stock can bounce toward the 435 level in the short term, so the trader can go long with a stop loss of ₹410 for the target price of ₹435.
4] Zydus Life: Buy at ₹606, target ₹625, stop loss ₹595.
On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of ₹595. this stock can bounce toward the ₹625 level in the short term, so the trader can go long with a stop loss of ₹595 for the target price of ₹625.
Kunal Kamble's buy or sell stocks
5] IIFL Securities: Buy at ₹86.50 to ₹87.20, target ₹117, stop loss ₹69.
On a Weekly time frame the security is able to hold above ₹77 levels and has given a breakout of falling trend line indicating a bullish stand. The price are trading above the major EMA’s and Ichimoku cloud indicating a positive setup. Hence based upon above technical setup a long position can be created in IIFLSEC for a target price of ₹117.
6] Omaxe: Buy at ₹63.80 to ₹64.20, target ₹80, stop loss ₹56.
On a Daily time frame the stock has given a breakout of falling regression line on the upside indicating a bullish trend. On a weekly trend a breakout of Falling channel is also witnessed indicating a positive trend. The price are trading above the major EMA’s indicating uptrend. Hence based on above technical setup one can initiate a long position in OMAXE for a Target of ₹80.
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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