Why Indian stock market is 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.
Read also: Buy or sell: Sumeet Bagadia recommends three stocks to buy today – March 2
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.
Day trading guide for a particular trading session
On the outlook of the Nifty 50 index during the NSE special trading session on 2 March 2024, Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher said, “The Nifty 50 index witnessed a strong recovery from the morning session to gain strength as the day progressed and broke above the 22,200 zone to hit again the all-time high of 22,353 level to end on a strong note. The index is again in a strong uptrend with next targets of 22,500 and 22,800 levels expected in the coming days. .”
“The Bank Nifty index finally witnessed a strong bullish candle on the daily chart to recover from the 50EMA zone from 46250 level to close on a strong note near 47300 levels with a much improved sentiment awaiting further rise. The index would have the following targets of 48,400 and 49,700 levels, respectively with near-term support held near the 46,200 zone,” Parekh added.
On triggers for the stock market today, Siddhartha Khemka, Head – Retail Research at Motilal Oswal said, “During the special trading session on 2nd March 2024, sectors will focus on Auto on the back of better than expected monthly sales numbers. Cement and Metals are also expected to focus due to stronger economic growth, while defense and solar sector due to improved order visibility.”
Nifty Call Put Option data
Talking about the Nifty Call Put Options data, Chinmay Barve, Head of Technical and Derivatives Research at Profitmart Securities said, “One of the major total Call open interest was seen at 22500 and 22800 strikes with total open interest of 83148 and 107120 contracts respectively. The strike price of 22800 saw one of the major open interest addition of 54836 contracts,” adding, “One of the major total Put opening interests was seen at 22200 and 22100 strikes with total open interest of 129584 and 123641 contracts respectively . One of the most important Put open interest balances was seen at 22,200 strikes which added 104,650 contracts in open interest.”
Bank Nifty Call Put Option data
On Bank Nifty Call Put Options data, Chinmay 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 107093 and 135476 contracts respectively in open interest. The strike price of 47500. and 48000 saw some of the major addition of 56176 and 57384 contracts respectively in open interest,” adding, “One of the major total Put open interest was seen at 47000 strikes with a total open interest of 144885 contracts. One of the major Put-opened. interest additions were seen at 47,000 strikes which added 115,788 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 Virat Jagad, Technical Analyst at Bonanza Portfolio – recommended nine to buy or sell stocks during the special trading session on 2 March 2024.
Sumeet Bagadia stock recommendations
1) ACE: Buy at ₹1418.50, target ₹1480, stop loss ₹1374.
ACE’s share price is exhibiting strong bullish momentum, currently trading at an all-time high of ₹1478 levels. The recent break above the decisive resistance at ₹1288 levels is a significant technical development, supported by robust trading volumes, reinforcing the strength in the stock. The success suggests a possible continuation of the upward trend, offering an optimistic outlook for investors.
2) Suven Pharmaceuticals: Buy at ₹686, purpose ₹738, stop loss ₹665.
The share price of Suven Pharmaceuticals is currently trading at ₹686.1 levels. Currently stocks trade mainly on major moving averages. In daily charts, the stock formed a strong green candle, which indicates a bullish trend in the stock. Now any decline in the stock around 677 levels will be a buying opportunity. A small resistance can be witnessed nearby ₹706 levels, and once stock crosses the said level, Suven Pharmaceuticals stock can now move further to ₹738 levels and higher.
Ganesh Dongre’s day trading stock
3) HDFC Bank: Buy at ₹1430, target ₹1470, stop loss ₹1410
In the short-term trend, HDFC Bank share price has an upward reversal pattern, technically a pullback could be possible up to ₹1470. So, holding the support level of ₹1410 this stock may rebound to the ₹1470 level soon. Therefore, the trader can go on for a long time with a stop loss of ₹1410 for the target price of ₹1470.
4) Welspun Corp: Buy at ₹534, purpose ₹560, stop loss ₹520.
In the short-term trend, the stock has a bullish reversal pattern, technically a pullback could be possible up to ₹560. So, keeping the support level of ₹520 this stock may rebound to the ₹560 level soon. Therefore, the trader can go on for a long time with a stop loss of ₹520 for the target price of ₹560.
The shares of Shiju Koothupalakkal to buy today
5) NMDC: Buy at ₹231, purpose ₹252, stop loss ₹220.
The stock after the recent slide ended near the significant 50EMA levels of ₹220 zone and indicated a pullback to improve the bias. The stock was in a strong uptrend and at regular intervals after a short period of correction witnessed gathered strength to continue with the uptrend. So currently, the RSI is also improving and increasing to indicate a trend reversal to continue the positive move further ahead. We suggest buying the stock for an initial high level target of ₹252 maintaining the stop loss of ₹220.
6) REC: Buy at ₹459.65, purpose ₹484, stop loss ₹446.
The stock witnessed a brief period of correction to take support near the ₹424 zone and showing signs of a bottom recovered significantly to pass the important 50EMA level of ₹446 to improve the bias. The chart looks attractive, with the RSI also indicating a trend reversal to signal a buy and has scope for more upside in the coming days. We suggest buying the stock for initial purpose of ₹484 maintaining the stop loss of ₹446 level.
7) JSW Steel: Buy at ₹836.20, purpose ₹870, stop loss ₹818.
The stock after taking the support near the important 200 period MA of 790 levels, the stock witnessed a decent pullback with a positive candle formation on the daily chart to improve the bias. We anticipate a further increase to continue with the positive move with the RSI also indicating strength and anticipate further upward movement. We suggest buying the stock for initial purpose of ₹870 levels while maintaining the stop loss of ₹818.
The purchase or sale of shares of Virat Jagad
8) TVS Motor Company: Buy at ₹2240 to ₹2245, purpose ₹2375, stop loss ₹2175.
The Rising Parallel Channel forming in TVS Motor Company Ltd shows potential for a break on the upside. The price found support near the 21-day Exponential Moving Average (EMA), suggesting a strong support level. Additionally, the momentum indicator RSI is in a higher range, signaling an uptrend in the security. Moreover, the positive directional indicator (DI+) is trading above the negative directional indicator (DI-), indicating an uptrend, and the Average Directional Index (ADX) trading above DI- suggests strength in the current upward movement.
9) IndusInd Bank: Buy at ₹1525 to ₹1530, purpose ₹1675, stop loss ₹1450
IndusInd Bank Ltd recently broke out of a descending triangle pattern on the daily chart, suggesting a possible upside move. This breakdown is accompanied by a steady increase in trading volume, indicating growing interest from buyers. The closing price is near the high, forming a bullish candlestick pattern. Furthermore, the prices are currently trading above both the Fast (21) and Slow (50) EMAs pointing to a positive trend in the market. Additionally, the Momentum Indicator, RSI has crossed above the median line, providing further support to the ongoing trend.
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. R
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Published: 02 Mar 2024, 08:10 IST