Why is Indian stock market open today?
To strengthen the exchanges in the event of any unforeseen event that may affect their operations, the National Stock Exchange (NSE) will conduct a special live trading session today with an intraday transition to disaster recovery (DR). So, the Indian stock market is expected to remain open on Saturday during the special trading session. However, only the stock market will be open on Saturday. Trading in the commodity market will remain suspended as usual on the weekend days.
The session will be conducted in two phases. The first phase will be a 45-minute session starting at 9:15 AM. The second special live trading session will start at 11:30 AM and end at 12:30 PM.
Intraday trading tips for a particular trading session
Unveiling intraday trading tips for the NSE special trading session on 2 March 2024, Sumeet Bagadia, Executive Director at Choice Broking said the Nifty 50 index breached the 22,200 mark and climbed to a new peak on Friday. The 50-share index climbed to a new peak after breaking this psychological level and managed to end on a higher note on Friday. The Choice Broking expert said that Nifty may try to climb up to the 22,500 level today. Bagadia went on to add that the 50-share index might try to climb up to the 22,800 level soon.
Stocks to buy today
When asked about the intraday stocks for special session on 2 March 2024, Sumeet Bagadia recommended three stocks to buy or sell for Saturday – JSW Steel, Tata Motors and ONGC.
1) JSW Steel: Buy at ₹836.20, purpose ₹895, stop loss ₹790.
JSW Steel shares, currently trading at ₹836.20 levels, shows signs of a positive technical outlook. The stock recently bounced back from the support levels around ₹790, which is also close to 200 Day EMA levels, proving its ability to maintain price stability. Notably, the stock successfully crossed a minor resistance level at ₹820, which is close to both the 20-Day and 50-Day Exponential Moving Averages (EMA). This is a positive development, as it means a possible change in the trend of the shares.
There is another resistance level in the vicinity of ₹845. If the stock manages to maintain a position above this mentioned resistance, it can pave the way for an upward movement to the target level of ₹895 and beyond. The Relative Strength Index (RSI), a momentum indicator, is currently trading at 57.22 levels. This RSI reading suggests moderate strength in the stock, without being in overbought territory. It implies that there is room for the stock to potentially gather further momentum.
Based on the above analysis JSW Steel shares can be bought at the CMP of ₹836.20, It can also be added to ₹820 for the purpose of ₹895 levels with SL of ₹790.
2) Tata Motors: Buy at ₹978, purpose ₹1060, stop loss ₹943.
Tata Motors stock is currently trading at an all-time high of ₹978, showing a consistent pattern of forming new higher highs and higher lows. This upward trend is supported by significant trading volume, indicating the potential for further upward movement. Forecast price targets are set at ₹1060, with great support observed nearby ₹943 on the downside.
Furthermore, Tata Motors stock is currently trading above the key Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day and 200-day EMAs. This suggests robust bullish momentum, implying the likelihood of continued upward price action. The Relative Strength Index (RSI) stands at 73.7, signifying an upward trajectory and confirming an increase in buying momentum.
To manage risk effectively, it is recommended to set a stop-loss (SL) at ₹943 to protect the investment in the event of an unexpected market reversal. A cautious strategy involves considering buying opportunities on market dips at levels around ₹959.
In short, based on technical analysis and prevailing market conditions, Tata Motors stock seems to present a promising buying opportunity for those who are targeting. ₹1060 price target. This recommendation is dependent on the implementation of prudent risk management measures.
3) ONGC: Buy at ₹270.55, purpose ₹282, stop loss ₹261.
Share price of ONGC, currently trading at ₹270.55 levels, exhibits a resilient technical stance with a major rebound from the robust support at ₹261, closely aligned with its 20-day Exponential Moving Average (EMA). ONGC’s share price maintains a positive position above its short-term (20 Day), medium-term (50 Day) and long-term (200 Day) EMAs, highlighting its ongoing bullish trend.
The momentum indicator, currently at 59.69 levels, has rebounded, indicating renewed strength in ONGC. This favorable technical arrangement is further confirmed by the stock trading above all decisive moving averages.
Looking ahead, little resistance is anticipated near the ₹275 level. After surpassing this level, ONGC is poised for an upward trajectory, targeting the price target of ₹282 and beyond. This analysis suggests a positive outlook for ONGC, supported by robust support levels, moving average alignment and moving indicators, signaling potential upward momentum in the coming sessions. Investors and traders can consider these technical aspects for an informed decision.
Based on the above analysis, ONGC shares can be bought at the CMP of ₹270.55, It can also be added to ₹266 for the purpose of ₹282 levels with SL of ₹261.
Disclaimer: The views and recommendations above are those of individual analysts, experts and trading companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 02 Mar 2024, 07:04 IST
(tagsTo Translate)Buy or sell