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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 Wednesday — March 20
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Stock market today: Day trading guide for Nifty 50 to Sensex; nine stocks to buy or sell on Wednesday — March 20

Stocks to buy today: Experts have recommended nine day trading stocks for today — RHI Magnesita India, Polyplex, Delhivery, Sun Pharma, TVS Motor, Mazagon Dock Shipbuilders, Carborundum Universal, KPR Mill and Indusind Bank.

The share sales sailed through despite choppy stock markets this week. The BSE Sensex is down 3% since Monday.mint (MINT_PRINT)Premium
The share sales sailed through despite choppy stock markets this week. The BSE Sensex is down 3% since Monday.mint (MINT_PRINT)

Indian stock market: A substantial downturn was witnessed in the Indian stock market which diminished investors' assets, on Tuesday, March 19. Sensex fell 736 points, or 1.01 per cent, to close at 72,012.05 while the Nifty 50 ended the day at 21,817.45, down 238 points, or 1.08 per cent.

Day trading guide for stock market today

On the outlook for the Nifty 50 index, Rupak De, Senior Technical Analyst, LKP Securities, said, "The Nifty has broken down from the rising wedge pattern on the daily chart, suggesting a potential reversal of the uptrend. Additionally, it has fallen below the critical short-term moving average, indicating weakening momentum. The Relative Strength Index (RSI) has also shown a bearish crossover, indicating increasing selling pressure. Key levels to watch include resistance at 22000 and support at 21800. A drop below 21700 could lead to further correction in the Nifty index."

On the outlook for the Bank Nifty today, De further said, "The BankNifty experienced another day of sideways trading, indicating ongoing indecision between bulls and bears, marked by the formation of a doji candle. Key levels to watch include support at 46000 and resistance at 47000, where the highest put and call open interests are concentrated. A breakout beyond this range is awaited for a directional move; however, within the range, the bullish sentiment prevails. Traders may consider adopting a buy-on-dip strategy, with 46000 as a stop-loss level."

On triggers for the Indian stock market today, Siddhartha Khemka, Head of Retail Research at Motilal Oswal said, “Nifty opened the gap down and remained under pressure throughout the session to close with the loss of 238 points (-1%) at 21817 levels. After consolidating in a narrow range for the last few days, Nifty has fallen below its key support levels, indicating that weakness could continue over the next few days. Selling pressure was seen across the market including mid and small caps. Defensive names witnessed profit booking with IT, FMCG, and Pharma being the top laggards. Investors remained on edge as key central Banks globally are scheduled for a meeting starting with BOJ. Bank of Japan has hiked its interest rate for the first time in 17 years, ending its negative rate policy. We expect the market to remain in consolidation mode as cautiousness persists with the commencement of US Fed meeting today. While the US Fed is likely to maintain its stance and keep the rate unchanged, its commentary will hold importance as it would provide insights into the Central bank’s future rate action."

Nifty Call Put Option data

Speaking on the Nifty Call Put Option 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 19 March 2024, some of the major total Call open interest was seen at 22000 and 22200 strikes with a total open interest of 218455 and 158869 contracts respectively. Strike price of 22000 Call saw one of the major open interest addition of 143790 contracts," adding, “As per data shown by nseindia.com at 3.30 pm on 19 March 2024, one of the major total Put open interests was seen at 21800 and 21500 strikes with a total open interest of 86426 and 84852 contracts respectively. Strike price of 21450 Put saw one of the major additions in open interest where it added 29008 contracts."

Bank Nifty Call Put Option data

On Bank Nifty Call Put Option data, Chinmay Barve said, “As per data shown by nseindia.com at 3.30 pm on 19 March 2024, one of the major total Call open interest was seen at 46500 and 47000 strikes with a total open interest of 200471 and 285237 contracts respectively in open interest. The strike price of 46500 Call saw the addition of 97310 contracts in open interest," adding, “As per data shown by nseindia.com at 3.30 pm on 19 March 2024, some of the major total Put open interest was seen at 46000 strikes with a total open interest of 138781 contracts. One of the major Put open interest additions was seen at 46400 strike which added 36888 contracts in open interest."

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 Drumil Vithlani, Technical Research Analyst at Bonanza Portfolio Ltd — recommended nine buy or sell stocks for today.

Sumeet Bagadia's stocks to buy today

1] RHI Magnesita India: Buy at 551.50, target 587, stop loss 536

RHIM is currently priced at 551.50 and has shown a reversal after a sharp fall, supported by divergence in the Relative Strength Index (RSI) and a bullish candle, indicating potential upward momentum.

Additionally, RHIM has closed above the 20-day moving average, suggesting strong positive momentum and the possibility of further price increases. The RSI is at 37, indicating that the stock is oversold, which is often seen as a precursor to a potential upward trend and growing investor interest in the stock.

For investors looking to capitalize on this reversal signal, buying RHIM in cash at the current market price of 551.50 is recommended. To manage risk, setting a stop-loss (SL) at 536 is advisable. This SL level acts as a protective measure against potential losses in case the market moves unfavorably.

In summary, RHIM presents a compelling buying opportunity, with a target price of 587. Investors should closely monitor the stock's price movement and consider implementing appropriate risk management strategies.

2] Polyplex: Buy at 818.25, target 872, stop loss 794

At 818.25 per share, POLYPLEX has staged a remarkable comeback, defying its recent downward spiral. This reversal is underscored by the divergence in the Relative Strength Index (RSI) and a bullish candle, hinting at a significant upward momentum in the offing.

Adding to the bullish narrative, POLYPLEX has not only breached but also closed above its 20-day moving average. This move signifies a robust positive momentum and sets the stage for further price escalations. The RSI, currently at 38, indicates that the stock is oversold, a classic sign preceding an upward trend, potentially sparking renewed interest among investors.

For those eyeing an entry point, buying POLYPLEX at 818.25 is a prudent move. To mitigate risks, consider setting a stop-loss (SL) at 794. This level acts as a safety net, protecting against unexpected market swings.

In conclusion, POLYPLEX presents an enticing buying opportunity, with a target price of 872. As always, closely monitoring the stock's performance and employing effective risk management strategies is paramount.

Ganesh Dongre's shares to buy today

3] Delhivery: Buy at 450, target 465, stop loss 440

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till 465 so, holding the support level of 440 this stock can bounce toward the level 465 in the short term, so the trader can go long with a stop loss of 440 for the target price of 465.

4] Sun Pharma: Buy at 1548, target 1580, stop loss 1530

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till 1580 so, holding the support level of 1530 this stock can bounce toward the level of 1580 in the short term, so the trader can go long with a stop loss of 1530 for the target price of 1580.

Shiju Koothupalakkal's buy or sell stocks

5] TVS Motor: Buy at 2041, target 2150, stop loss 1990

The stock has recently witnessed a correction from the 2300 zone and has shown signs of taking support near the 2000 level with an indication of pullback to slightly improve the bias. The long-term trend of the stock remains positive and from current levels, we anticipate a decent pullback with initial targets of 2150 expected. One can buy the stock keeping the strict stop loss of 1990 levels.

6] Mazagon Dock Shipbuilders: Buy at 1867, target 2100, stop loss 1800

The stock has slipped down from the consolidation zone of 2050 levels and since the last 4 sessions has once again stabilised with current indications of strong buying visible during the intraday session to slightly improve the bias. We anticipate for a decent pullback for an initial target of 2100 keeping the strict stop loss of 1800 level.

7] Carborundum Universal: Buy at 1111, target 1170, stop loss 1075

The stock after the consolidation period has picked up gradually to move above the important 50EMA level of 1100 to improve the bias and expect further rise in the coming days. With the RSI also on the rise has indicated strength and can carry on with the positive move with an initial target of 1170 expected keeping the strict stop loss of 1075 level.

Drumil Vithlani's day trading stocks

8] KPR Mill: Buy at 800-801, target 835, stop loss 784

Kpr mills are seen to be breaking out of an inverted head & shoulder pattern on the daily time frame and making a bullish candlestick which is why a buy recommendation is initiated for targets up to 835 One can initiate a buy on a dip in the range of 800-801 with stop loss below 784 on daily closing basis. The price is trading near the short-term EMA (20) indicating an uptrend in the security. The RSI is now trading in the northern direction supporting the price action.

9] Indusind Bank: Buy at 1437-1438, target 1400, stop loss 1457

Indusind Bank is seen to be breaking out of the inverted flag & pole pattern on the daily time frame and making a bearish candlestick which is why a sell recommendation is initiated for targets up to Rs.1400. One can initiate a sell on the rise in the range of 1437-1438 with stop loss above 1457 on daily closing basis.

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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Published: 20 Mar 2024, 08:05 AM IST
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