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Business News/ Markets / Stock Markets/  Day trading guide on Budget 2024 date: Nine stocks to buy or sell today — 1st February
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Day trading guide on Budget 2024 date: Nine stocks to buy or sell today — 1st February

Day trading stocks: On budget 2024 date, experts have recommended nine stocks to buy today — GPIL, RVNL, McDowell-N, M&M, IOL Chemicals, Olectra Greentech, Century Textiles, Voltas, and Ratnamani Metals

Stock market today: The short-term trend of Nifty remains up and the market is waiting for the triggers from the key economic event of Union Budget 2024, say experts. (Photo: Bloomberg)Premium
Stock market today: The short-term trend of Nifty remains up and the market is waiting for the triggers from the key economic event of Union Budget 2024, say experts. (Photo: Bloomberg)

Stock market today: Ahead of the budget 2024 date and the US Fed meeting outcome, the Indian stock market ended higher on Wednesday. The Nifty 50 index ended 203 points higher at the 21,725 level, the BSE Sensex gained 612 points and closed at the 71,752 mark while the Bank Nifty index shot up 629 points and closed at the 45,996 level. Broad market indices rose more than the Nifty even as the advance-decline ratio rose sharply to 2.14:1.

"Nifty bounced back from a weak start and closed with gains of 204 points at 21726 levels. The broader market outperformed with the Nifty midcap 100 up 1.6% and the Nifty smallcap 100 up 2.2. All sectors ended in green with buying seen in PSU Bank, Pharma, and Realty," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal.

Day trading guide on Budget 2024 date

On the outlook for the Nifty 50 index, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, "The short-term trend of Nifty remains up and the market is waiting for the triggers from the key economic event of Union Budget 2024, which is scheduled on 1st Feb. High volatility is likely on Thursday and one may expect chances of a decisive upside breakout of 21800 levels soon."

Also Read: Paytm share price hits 20% lower circuit after RBI's restrictions on PPB

On the outlook for the Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities said, "Bank Nifty concluded at 45,367.75, marking a modest decline of 0.16%. Notably, Nifty encountered robust resistance at 45,650-45,700 levels, leading to corrections in the preceding two sessions. The Relative Strength Index (RSI) holding at 38 levels remains in an oversold zone heightening the bearish sentiment depicted in the recent weekly chart. Additionally, the 200-day Moving Average (DMA) at 44,500 acts as critical support with a breach below this level that could intensify selling in the index."

Day trading stocks for today

On stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi; Shiju Koothupalakkal, Technical Analyst at Prabhudas Lilladher and Kunal Kamble, Senior Technical Analyst at Bonanza Portfolio — recommended nine stocks to buy or sell today.

Sumeet Bagadia's day trading stocks

1] GPIL: Buy at 761.60, target 800, stop loss 734.

GPIL share price is currently positioned at 761.60 levels, showcasing a robust technical stance with a comfortable position above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, and 200-day indicators. The recent consolidation phase observed within the range of 710 to 740 levels hints at a potential upward movement, further emphasized by the presence of a bullish candlestick pattern on the daily charts. An important highlight is the emergence of a modest resistance zone at 790 levels, serving as a critical juncture for GPIL. A successful breach of this resistance could propel the stock towards the target of 800 levels and potentially beyond. Investors are strongly advised to closely monitor the stock's performance around this resistance, as it significantly influences the sustainability of the positive momentum in the short term.

2] RVNL: Buy at 308.25, target 340, stop loss 297.

Rail Vikas Nigam Limited (RVNL) share price is currently positioned at 308.25 levels, displaying a robust technical stance. The stock maintains a comfortable position above key Exponential Moving Averages (EMAs), including the 20-day, 50-day, and 200-day indicators. The recent consolidation phase observed in the charts suggests the potential for an upward movement, further emphasized by the presence of a bullish candlestick pattern on the daily charts.

Ganesh Dongre's stocks to buy today

3] McDowell-N: Buy at 1090, target 1115, stop loss 1075.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till 1115. So, holding the support level of 1075 this stock can bounce toward the 1115 level in the short term. Hence, the trader can go long with a stop loss of 1075 for the target price of 1115.

4] M&M: Buy at 1656, target 1695, stop loss 1935.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till 1695. So, holding the support level of 1635 this stock can bounce toward the 1695 level in the short term. Hence, the trader can go long with a stop loss of 1635 for the target price of 1695.

Shiju Koothupalakkal's buy or sell stocks

5] IOL Chemicals: Buy at 443, target 465, stop loss 434.

The stock has witnessed a decent correction and has stabilized near the important 200 period MA of 432 zone currently, indicating a positive candle pattern on the daily chart to improve the bias and signal a buy. The RSI also after attaining the oversold zone has indicated a trend reversal to anticipate further rise in the coming days. We suggest buying this stock for an upside target of 465 keeping the stop loss of 434.

6] Olectra Greentech: Buiy at 1741, target 1810, stop loss 1715.

The stock after a short span of consolidation has indicated a positive bullish candle formation on the daily chart to trigger for fresh upward move with also the volume participation looking much appealing. With the RSI cooling off from the highly overbought zone is once again well placed and can anticipate for further rise. We suggest buying this stock for an upside target of 1810 keeping the stop loss of 1715.

7] Century Textiles: Buy at 1425.95, target 1500, stop loss 1400.

The stock has maintained a strong uptrend and with a series of higher lows formation pattern on the daily chart, this stock has been gaining strength as of now. Currently, after the short correction witnessed, has once again indicated a decent pullback to improve the bias, along with the RSI also correcting from the overbought zone and indicating a trend reversal to signal a buy. We suggest a buy expecting an initial target of 1500 level keeping the stop loss of 1400.

Kunal Kamble's stock picks for today

8] Voltas: Buy at 1090 to 1094, target 1170, stop loss 1050.

Voltas after a period of ~1 year and 8 months has closed above 1098 levels which indicates a breakout of a strong resistance. The price has closed near its high which suggests that buyers have overpowered the sellers and are expecting more strength in the coming days. The spurt in volume also indicates security interest. The price has been respecting its EMA and trading above the Fast (50) and Slow (200) EMA which indicates bullishness. Momentum Indicator Relative Strength Index (RSI) after cooling off has regained strength in the northern direction supporting the price action. The Directional Indicator DMI, DI+ is trading above DI- indicating an uptrend, whereas ADX trading above both the DMI's is indicating strength in the move.

9] Ratnamani Metals: Buy at 3527 to 3233, target 3730, stop loss 3248.

A breakout of Prolong range breakout has been witnessed in RATNAMANI which is indicating an uptrend. The continuation of the primary trend is indicated by increasing volume during the buy day and decreasing volume on selling days. Price has closed above the Fast (50) EMA which is suggesting an upward direction in the security. RSI has also given a breakout of the range which supports the price action. DI+ trading above DI- indicates an uptrend and ADX trading above DI- indicates strength in the upward move.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 01 Feb 2024, 09:59 AM IST
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