Day trading guide for today: Six stocks to buy or sell on Tuesday — September 26
- Day trading stocks: Market experts have recommended six stocks to buy or sell today — Coal India, Bajaj Finserv, ICICI Prudential Life Insurance, Cummins India, Asian Paints and Sun Pharma October 2023 Future
Day trading guide for today: After losing for fourt straight sessions, Indian stock market ended flat on Monday. Nifty 50 index ended marginaly higher at 19,674 levels, BSE Sensex finished 14 points higher at 66,023 mark whereas Bank Nifty index gained 154 points and closed at 44,766 levels. In broad market, small-cap index went up 0.12 per cent whereas mid-cap index surged 0.46 per cent during Monday deals.
"Nifty swung between gains and losses to finally close flat at 19675. Broader markets were positive with Nifty mid-cap 100 up 0.7% while Nifty smallcap 100 ending flat. Sectorially it was a mixed bag with buying seen in Realty, Consumer Durables, and Financial Services. Markets have come under pressure in recent weeks as the US central bank hinted at more rate hikes in the future. This along with persistent selling by FIIs, rising crude prices, and a spike in bond yields dampened investors' sentiments," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal.
Day trading guide for stock market today
On outlook for Nifty 50 index during Tuesday deals, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "Nifty is currently placed near the support of 20 week EMA around 19,580 levels. The said moving average has offered strong supports for the Nifty since past 3-4 months. Hence, there is a possibility of an upside bounce in the near term. At the highs, the market could find strong resistance around 19,850 levels. Immediate supports to be watched around 19,600 to 19,550 levels."
On outlook for stock market today, Siddhartha Khemka of Motilal Oswal said, "We expect weakness to persist in the market amid cautiousness ahead of the monthly FNO expiry this week and economic data like India’s Infrastructure Output for the month of August US/UK Q2 GDP data and US/ China manufacturing PMI data to be released."
Nifty Call Option data
As per data shown by nseindia.com at 3.30 pm on 25 September 2023, higher total Call open interest was seen at 19700, 19800 and 19900 strikes with total open interest of 165536, 229320 and 163762 respectively. Higher Call open interest addition was seen at 19700 and 19750 and 20000 strikes which added 56590, 29,936 and 23,160 respectively. No major Call unwinding was seen at strikes ranging from 19400 to 20,000.
Nifty Put Option data
As per data shown by nseindia.com at 3.30 pm on 25 September 2023, higher total Put open interest was seen at 19700 and 19800 strikes with total open interest of 157247 and 103828 respectively. Higher Put open interest addition was seen at 19700 and 19600 and 19500 strikes which added 28609, 34259 and 37681 respectively. Put unwinding was seen at 19750 and 19800 strikes which shed 3146 and 5999 in open interest.
Bank Nifty Call Option data
As per data shown by nseindia.com at 3.30 pm on 25 September 2023, higher total Call open interest was seen at 44800, 45000 and 45300 strikes with total open interest of 146461, 233053 and 158673 respectively. Higher Call open interest addition was seen at 44900 and 45300 strikes which added 21088 and 22943 respectively. No major Call unwinding was seen at the strikes ranging between 44300 to 45300 except 44600 strike which shed 2660 in open interest.
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Bank Nifty Put Option data
As per data shown by nseindia.com at 3.30 pm on 25 September 2023, Higher total Put open interest was seen at 44800, 44600 and 44500 strikes with total open interest of 154621, 108618 and 180345 respectively. Higher Put open interest addition was seen at 44800, 44600 and 44500 strikes which added 63688, 47392 and 52279 respectively. No major Put unwinding was seen at strikes ranging from 44300 to 45100 strikes.
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 Ashish Katwa, Technical Analyst, Bonanza Portfolio — recommended six stocks to buy or sell today.
Sumeet Bagadia's intraday stocks for today
1] Coal India: Buy at ₹288, target ₹301, stop loss ₹280.
Coal India share price has exhibited a commendable upward trajectory, demonstrating strong resilience as it found robust support at the ₹280 levels and subsequently consolidated. Delving further into the analysis of Coal India, it's crucial to emphasize the significance of its recent support and consolidation at the ₹280 levels. This consolidation phase suggests a period of stability after a potential price movement, indicating that the stock may be gearing up for a sustained upward trend.
The fact that Coal India is trading above key moving averages - the 20-day, 50-day, 100-day, and 200-day - is a strong testament to its current bullish momentum. This not only indicates positive market sentiment but also implies that the stock is outperforming historical averages, a promising sign for potential investors.
2] Bajaj Finserv: Buy at ₹1577.40, target ₹1674, stop loss ₹1530.
Bajaj Finserv share price is currently trading at ₹1577.4, On daily chart recently given breakout of range with good volume. Notably, the price has formed a rounding bottom pattern breakout. Over the past week, the stock has demonstrated robust support at the ₹1530 level, indicating a noteworthy degree of price stability.
Additionally, BAJAJFINSV is presently trading above critical Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs. This underscores its bullish momentum and suggests the potential for further upward price movement.
Ganesh Dongre's stocks to buy today
3] ICICI Prudential Life Insurance: Buy at ₹578, target ₹600, stop loss ₹565.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till 600 so, holding the support level of ₹565 this stock can bounce toward the ₹600 level in the short term, so the trader can go long with a stop loss of ₹565 for the target price of ₹600.
4] Cummins India: Buy at ₹1738, target ₹1790, stop loss ₹1710.
On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of ₹1710. this stock can bounce toward the ₹1790 level in the short term, so the trader can go long with a stop loss of ₹1710 for the target price of ₹1790.
Ashish Katwa's buy or sell stocks
5] Asian Paints: Buy at ₹3323.25, target ₹3405, stop loss ₹3182.
On an Hourly time frame, Asian Paint has given a breakout of the Symmetric Triangle Pattern with volume supporting the breakout. The price is trading above Fast (18) and Slow (45) EMA indicating positive trend. The price is trading above the Ichimoku cloud indicating an uptrend. Hence based on above Technical Setup a long position can be created in Asian Paint with a SL of ₹3,182 for an Upside target of ₹3,405.
6] Sun Pharma October Future 2023: Sell at ₹1134.85, target ₹1113, stop loss ₹1145.60.
On the daily time frame, SUNPHARMA has formed negative price action. The stock is trading below the Base and Conversion lines, indicating a negative trend. The momentum Indicator RSI is following the price action conforming the move. Hence based on the above Technical Setup a short position can be created in SUNPHARMA with an SL of ₹1145.60 for a Downside target of ₹1113.
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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