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Business News/ Markets / Stock Markets/  Stock market today: Day trading guide for Nifty 50 to Sensex, six stocks to buy or sell on Wednesday — 13th March
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Stock market today: Day trading guide for Nifty 50 to Sensex, six stocks to buy or sell on Wednesday — 13th March

Stocks to buy today: Experts have recommended six day trading stocks for today — TCS, Indigo, BHEL, L&T, Ugro Capital, and HEG.

Stocks to buy (Reuters)Premium
Stocks to buy (Reuters)

Stock market today: The market benchmarks Nifty 50 and Sensex managed to conclude nearly unchanged, despite most of their constituents ending the day with losses, on Tuesday, March 12. The Nifty 50 commenced trading at 22,334.45, marginally higher than the previous close of 22,332.65. Throughout the session, it oscillated between an intraday high of 22,452.55 and a low of 22,256. Ultimately, the index closed a mere 3 points higher at 22,335.70.

Similarly, the Sensex opened at 73,516.42, slightly up from the previous close of 73,502.64. It experienced fluctuations during the day, with an intraday high of 74,004.16 and a low of 73,342.12. The 30-share pack index concluded the session 165 points, or 0.22%, higher at 73,667.96, with 22 stocks ending in the red.

Also read: Stock market today: Nifty 50, Sensex end flat; mid, smallcaps suffer deep cuts; investors lose 4 lakh crore in a day

“Markets traded volatile for yet another session and ended almost unchanged, in continuation to the prevailing trend. After the flat start, the Nifty oscillated sharply on both sides and finally settled at the 22,335.70 level. Meanwhile, most sectors ended lower wherein realty, metal and pharma were among the top losers. The broader indices continued to underperform and lost in the range of 1.4%-2%. The recent volatility in the index combined with sustained weakness in the broader indices may continue to pose challenges, especially to the traders. And, they have no option but to align positions accordingly and avoid aggressive trades until we see clarity over the next directional move," said Ajit Mishra, SVP - Technical Research, Religare Broking Ltd.

Day trading guide for stock market today

On the outlook for the Nifty 50 today, Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities, said, "The Nifty index experienced a volatile trading session with an ongoing battle between the bulls and bears. The formation of a doji candle suggests indecisiveness at current levels, and a breakout on either side could lead to trending moves. The immediate resistance for Nifty is at 22500, and a break above this on a closing basis would signal a resumption of the upward movement. Conversely, the immediate support is positioned at 22200-22150, and sustaining above this level could witness some recovery in the index."

On the outlook for the Bank Nifty today, Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said, “Buying in select frontline stocks helped key benchmarks to end in positive territory in a volatile trading session, although markets witnessed broad-based selling, especially in realty, power and capital goods stocks. The focus is on the inflation readings to be released in the US and India, as any further moderation would improve the prospects of a rate cut by the Fed. Technically, with an intermonth perspective, all bullish eyes will be on Nifty's 23000 mark."

Also read: Nifty 500 beats key global indices over last 10 years; midcap outperforms smallcap, largecap indices: Motilal Oswal AMC

Furthermore, commenting on the overall market outlook, Vaibhav Vidwani, Research Analyst, BONANZA PORTFOLIO LTD, said, “Today investors followed cautious approach as investors were waiting for important U.S. inflation data to provide further hints about the Federal Reserve's path for interest rate cuts. As domestic wage growth slowed and expectations that the Bank of England may start relaxing monetary policy this year increased, UK market ended the day higher."

Nifty Call Put Option

On Nifty call put option data, Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities, said, “some of the major total Call open interest was seen at 22500 and 22600 strikes with total open interest of 167642 and 121162 contracts respectively. Strike price of 22800 Call saw one of the major open interest addition of 44298 contracts," adding, “One of the major total Put open interests was seen at 22300 and 22000 strikes with total open interest of 83130 and 98293 contracts respectively. Strike price of 22000 Put saw one of the major addition in open interest where it added 33570 contracts."

Bank Nifty Call Put Option

On Bank Nifty Call Put option data, Barve of Profitmart Securities said,"One of the major total Call open interest was seen at 47500 and 48000 strikes with total open interest of 163067 and 320811 contracts respectively in open interest. Strike price of 47800 Call saw reduction of 19609 contracts in open interest," adding, “Some of the major total Put open interest was seen at 47000 and 46500 strike with total open interest of 156456 and 110311 contracts. One of the major Put open interest addition was seen at 47000 strike which added 51370 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; and Drumil Vithlani, Technical Reseach Analyst at Bonanza Portfolio — recommended six stocks to buy or sell today.

Sumeet Bagadia's stocks to buy today

1] Tata Consultancy Services: Buy at 4192.25, target 4400, stop loss 4075

Tata Consultancy Services (TCS) at its current trading level of 4192.25 displays a robust technical foundation. The chart analysis reveals a formidable support base at 4075, which is also close to its 20-day Exponential Moving Average (EMA). This support level indicates significant buying interest, suggesting a solid platform for potential upward movements. The Relative Strength Index (RSI) at 62.90 signifies positive momentum, indicating there is room for further growth without being overbought. TCS maintains its strength by trading above all key moving averages, affirming the continuity of its positive trend. This technical configuration suggests a promising outlook, with potential for TCS to not only sustain its current momentum but potentially extend gains. Investors and traders may find it beneficial to monitor these support and resistance levels for informed decision-making in their trading strategies.

Considering the technical factors and market conditions, it appears to be a favourable opportunity to buy TCS at the CMP of 4192.25 levels. The target for this trade would be 4400, with a recommended stop loss set at 4075.

2] Indigo: Buy at 3242.95, target 3450, stop loss 3150

INDIGO 's stock price is currently at 3242.95 and has recently shown a bullish pattern known as a bullish engulfing candle. This pattern often indicates a potential reversal in the stock's direction from bearish to bullish. Additionally, the stock has found support from its 50-day Exponential Moving Average (EMA), which further supports the idea of a bullish trend.

Furthermore, INDIGO is trading above important EMAs such as the 20-day, 50-day, 100-day, and 200-day EMAs. This suggests that the stock has strong upward momentum and could continue to rise in price. The Relative Strength Index (RSI) is also at 62, indicating an upward trend and increasing buying interest in the stock.

For investors looking to take advantage of these positive signals, buying INDIGO at the current market price is a viable option. It's recommended to set a stop-loss at 3150 to manage risk effectively. This stop-loss level will help protect investments in case the market unexpectedly reverses.

In conclusion, INDIGO presents a favourable opportunity for investors, with a target price of 3450. However, investors should stay vigilant and employ proper risk management techniques to safeguard their investments.

Ganesh Dongre's day trading stocks

3] Larsen & Toubro: Buy at 3620, target 3720, stop loss 3570

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till 3720 so, holding the support level of 3570 this stock can bounce toward the level 3720 in the short term, so the trader can go long with a stop loss of 3570 for the target price of 3720.

4] BHEL: Buy at 244, target 260, stop loss 235

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till 260 so, holding the support level of 235 this stock can bounce toward the level 260 in the short term, so the trader can go long with a stop loss of 235 for the target price of 260.

Drumil Vithlani's buy or sell stocks

5] Ugro capital: Sell at 248-249, target 238, stop loss 253

Ugro capital is seen to be breaking down of a symmetrical pattern on the daily timeframe and making a bearish candlestick which is why a sell recommendation is initiated for targets up to Rs.238. One can initiate sell on rise in the range of 248-249 with stop loss below 253 on daily closing basis. The price is trading below the short term EMA (20) indicating uptrend in the security. The RSI is now trading in the southern direction supporting the price action.

6] HEG: Buy at 1791-1793, target 1845, stop loss 1765

HEG is seen to be breaking out a Rectangle pattern on the daily timeframe and making a bullish candlestick which is why a buy recommendation is initiated for targets up to Rs.1845. One can initiate buy on dip in the range of 1791-1793 with stop loss below 1765 on daily closing basis.

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 making any investment decisions.

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Published: 13 Mar 2024, 06:48 AM IST
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