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Business News/ Markets / Stock Markets/  Stock market today: Day trading guide for Nifty 50 to Sensex, nine stocks to buy or sell on Thursday — March 21
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Stock market today: Day trading guide for Nifty 50 to Sensex, nine stocks to buy or sell on Thursday — March 21

Stocks to buy today: Experts have recommended nine day trading stocks for today — Glenmark, KPIL, Bajaj Finserv, BEML, Parag Milk, Power Grid, Max Healthcare, Chalet Hotels, and CG Power

Stock market today: The near-term trend of the Nifty 50 remains weak, say experts. (Photo: MINT)Premium
Stock market today: The near-term trend of the Nifty 50 remains weak, say experts. (Photo: MINT)

Stock market today: After a sharp sell-off on Tuesday, the Indian stock market shifted into the base-building mode on Wednesday. Two out of three benchmark indices ended higher while the broad market indices ended flat even as the advance-decline ratio rose to 0.75:1. The Nifty 50 index gained 21 points and closed at 21,839 level, the BSE Sensex shot up 89 points and ended at 72,101 level whereas the Bank Nifty index shed 73 points and finished at 46,310 mark.

Day trading guide for stock market today

On the outlook for the Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, "The near-term trend of the Nifty 50 remains weak. Further upside move from here could find strong overhead resistance around 22,150 to 22,200 levels in the next few sessions and this is likely to be a sell-on-rise opportunity. Immediate support for Nifty today is placed at the 21,700 mark."

On the outlook for the Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities said, "Bank Nifty concluded the session at 46,384.80 posting a decline of 0.41%. A notable correction in the RSI dropping from Monday’s close of 47 to 44 on Tuesday signals a potential shift in trend. According to Fibonacci retracement, immediate support levels for Bank Nifty remains at 45,850 followed by 45,250 while resistance remains at 47,000 levels."

Nifty Call Put Option data

Speaking on the Nifty Call Put Options data, Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities said, "As per data shown by nseindia.com at 3.30 pm on 20 March 2024, some of the major total Call open interest was seen at 22000 and 22200 strikes with total open interest of 230861 and 175493 contracts respectively. The strike price of 22300 Call saw one of the major open interest addition of 53146 contracts," adding, "One of the major total Put open interests was seen at 21800 and 21500 strikes with a total open interest of 115879 and 132323 contracts respectively. The strike price of 21700 Put saw one of the major additions in open interest where it added 48556 contracts."

Bank Nifty Call Put Option data

On Bank Nifty Call Put Options data, Chinmay Barve said, "One of the major total Call open interest was seen at 46500 and 47000 strikes with total open interest of 94278 and 73786 contracts respectively in open interest. The strike price of 46400 Call saw the addition of 44432 contracts in open interest," adding, "As per data shown by nseindia.com at 3.30 pm on 20 March 2024, some of the major total Put open interest was seen at 46000 strikes with total open interest of 73843 contracts. One of the major Put open interest additions was seen at 46400 strikes which added 35428 contracts in open interest."

Day trading stocks for today

Asked about 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 Research Analyst at Bonanza Portfolio — recommended nine buy or sell stocks for today.

Sumeet Bagadia's stocks to buy today

1] Glenmark Pharmaceuticals: Buy at 941.30, target 995, stop loss 910.

Glenmark Pharmaceuticals share price is presently trading at 941.30 levels, demonstrating a robust upward movement from the support level of 910 close to its 20-Day EMA levels. The stock's positioning above all significant moving averages underscores its current strength. The momentum indicator, Relative Strength Index (RSI), further validates the positive sentiment, presently trading at 56.18 and indicating strength in the stock.

2] KPIL: Buy at 1081.75, target 1155, stop loss 1044.

KPIL share price, currently trading at 1081.75 levels, is showing signs of a positive technical outlook. The stock has recently rebounded from the support levels around 986 which is also close to 20 Day EMA levels, demonstrating its ability to maintain price stability.

Ganesh Dongre's shares to buy today

3] Bajaj Finserv: Buy at 1586, target 1625, stop loss 1560.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till 1625. So, holding the support level of 1560 this stock can bounce toward the level of 1625 in the short term. Hence, the trader can go long with a stop loss of 1560 for the target price of 1625.

4] BEML: Buy at 2870, target 2990, stop loss 2800.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till 2990. So, holding the support level of 2800 this stock can bounce toward the level 2900 in the short term. Hence, the trader can go long with a stop loss of 2800 for the target price of 2990.

Shiju Koothupalakkal's buy or sell stocks

5] Parag Milk: Buy at 200, target 225, stop loss 190.

The stock has witnessed a decent correction from the peak zone of 290 levels and has stabilized near the important 200 period MA of 198 zone with support maintained around 190 levels. Currently, a positive candle formation on the daily chart has slightly improved the bias moving past the 200 period MA of 198 and with the RSI also flattening out after the slide has indicated a trend reversal to signal a buy. We suggest buying the stock for an upside target of 225 keeping the strict stop loss of 190 level.

6] Power Grid: Buy at 264, tartget 282, stop loss 256.

The stock after the short correction witnessed has flattened out with consolidation indicated maintaining the support near 257 levels. Currently, the pullback witnessed has slightly improved the bias with the RSI also indicating a trend reversal and has much upside potential from current levels. With a positive candle formation, we suggest buying the stock for an initial target of 282 keeping the strict stop loss of 256 level.

7] Max Healthcare: Buy at 758, target 810, stop loss 730.

The stock corrected quite decently from the peak zone of 910 levels and has consolidated taking support near the 720 zone and with a significant pullback visible has improved the bias to anticipate further rise in the coming days. The RSI has almost flattened out after the slide currently indicating a trend reversal to signal a buy and has much upside potential visible from the current rate. We suggest buying the stock for an initial target of 810 keeping the strict stop loss of 730 level.

Kunal Kamble's day trading stocks

8] Chalet Hotels: Buy at 792 to 795, target 900, stop loss 740.

On a daily timeframe, Chalet Hotels has closed above 9 days close; it has formed a strong Marubozo candle, indicating bullish sentiment. The stock has been moving with positive momentum, the security has taken support at the Fibonacci 0.382 level, where we can also see a turn with a peak in buy interest. High volumes indicate a demand for security. The momentum indicator, RSI, is moving upward, supporting the price action. On the other hand, DI+ has crossed DI- from below, indicating upward momentum in the security.

9] CG Power: Buy at 500 to 502.25, target 540, stop loss 480.

CG Power on the daily chart reveals a cup and handle pattern, confirming a breakout with a gradual increase in volume bar, signaling buyer dominance. The strong closing above the resistance is now reflecting positive sentiment and price action. Support from the Fast (50) EMA suggests a bullish foundation for the upcoming days. The RSI is now hovering towards the northern zone, signaling upside momentum in the counter.

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: 21 Mar 2024, 09:13 AM IST
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