Today’s day trading tips: Following a sixth week of increases, the Indian stock market closed down on Monday. The Nifty 50 index concluded 38 points worse at 21,418 levels, the BSE Sensex corrected 168 points and closed at 71,315 levels, while the Bank Nifty finished 275 points lower at 47,867 levels. The small-cap index rose 0.48 percent, while the mid-cap index gained 0.28 percent.
“Domestic equities traded steady today as profit taking was seen following a sharp rally over the three previous sessions.” Global markets were also trading cautiously ahead of the Bank of Japan’s meeting on Tuesday, when the central bank is expected to reveal a strategy to unwind its ultra-easy monetary policy. The Nifty closed the day down 38 points at 21419. The wider market, on the other hand, finished in the green, with the Midcap100/SMallcap100 up 0.2%/0.6%. Pharma, auto, metals, and infrastructure were among the minor gainers. Banking and information technology equities took a pause after many Fed members signaled that the US Federal Reserve would not lower rates next year. Today’s market focus was on niche industries such as sugar, shipping, and military stocks. Sugar stockpiles rebounded when the government enabled sugar mills to generate ethanol from both sugarcane juice and B-heavy molasses, while robust domestic demand bolstered military supplies,” said Siddhartha Khemka, Head of Retail Research at Motilal Oswal.
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Today’s stock market trading guidance
Subash Gangadharan, Senior Technical and Derivative Analyst at HDFC Securities commented on the Nifty 50 today, “We believe that the markets have taken a breather after the sharp rise seen last week.” As a result, any corrections are likely to be brief and may be used to invest in excellent equities. Today’s immediate resistance for the Nifty is currently around 21,483 levels.”
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Today’s stocks to trade
Stock market analysts Sumeet Bagadia, Executive Director at Choice Broking, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, and Virat Jagad, Technical Analyst at Bonanza Portfolio advised six stocks to purchase today on intraday stocks.
Today’s intraday stocks
1] Marico: Buy at 540.45 with a target of 565 and a stop loss of 528.
Marico’s stock price is now trading at 540.45. The stock has recovered from a solid support level of 528, which is also near to the 50 Day EMA. Marico’s share price is now trading above all of the significant moving averages. On daily charts, the stock has created a powerful green candle, indicating bullishness. Any decline in the stock around 530 levels now represents a buying opportunity. A minor resistance can be seen at 547 levels, and once the stock overcomes that level, Marico share price can potentially advance towards 565 levels and higher. Investors who are holding at lower levels should maintain a trailing stop loss.
2] Cipla: Buy at 1216.80 with a goal of 1270 and a stop loss of 1190.
Cipla’s share price is now trading at 1216.80. On the daily chart, the stock has produced a powerful bullish candle, indicating a rebound of price strength. A strong support level is located around 1207, which coincides with the 50-Day Exponential Moving Average (EMA). The stock’s stability and durability are enhanced by the convergence of support forces. Furthermore, CIPLA is trading above all of the key moving averages, emphasizing its overall bullish stance and trend.
3] Sun Pharma: Buy at 1250 with a target of 1280 and a stop loss of 1230.
Sun Pharma shares have a positive reversal pattern in the short term; technically, retrenchment is probable till 1280. So, if this stock maintains its support level of 1230, it has the potential to rise to the 1280 level in the immediate term. As a result, the trader might go long with a stop loss of 1230 and a target price of 1280
4] Tata Chemical: Buy at 1038 with a target of 1085 and a stop loss of 1020.
The stock has demonstrated a bullish reversal pattern on the short-term chart, thus it is maintaining the 1020 support level. In the immediate term, this stock may return to the 1085 level. As a result, a trader can go long with a stop loss of 1020 and a target price of 1085.
5] Granules India: Buy between 402 and 402.50, aim 425, stop loss 393.
After a strong surge, Granules began consolidating near the upper end, where we can see a breakout of the pennant formation on the daily chart. The bulls are in charge of security, according to this. On the indicator front, the RSI is trading around the overbought zone, indicating a bullish trend in the script. DI+ is trading above DI-, suggesting a bullish trend, whilst ADX is trading above DI-, showing strength in the move.
Disclaimer: The opinions and recommendations above are those of individual analysts or brokerage firms, not Axpert media. Before making any financial choice, we recommend that investors consult with competent specialists.
