“Domestic equities rallied for a second consecutive day on the back of positive global cues and gains in heavyweights. Nifty crossed the 20k levels for the first time since September and closed with gains of 207 (+1%) points at 20,097 levels. Majority of the sector ended in the green with buying seen in IT, Banking, Financials and Auto. Market optimism was fueled by better-than-expected US consumer confidence data and dovish comments from US Fed official Christopher Waller, suggesting a rate cut in 2024. Further , update in India GDP growth forecast by global rating agency S&P to 6.4% for FY24 and FII turning net buyers from last four trading session boosted the sentiments All these factors made BSE listed companies to reach. ₹333 billion market cap,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
Day trading guide for stock market today
On the outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, “The short-term trend of Nifty 50 index continues to be positive. Having witnessed a decisive high-level breakout from 19900 levels, there is a possibility of continuation of sharp. upward momentum for Nifty in coming sessions. Formation of new all-time highs above 20250-20350 levels can be expected in next few sessions. Immediate support is placed at 19950 levels.”
Read also: Nifty 50 just 0.62% away from all-time high, so far at 5.33% in November
On the outlook for Bank Nifty today, Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher said, “Bank Nifty after a long time advanced with strength indicated and with a big bullish candlestick pattern on the daily chart passed the crucial hurdle of. 44400 zone of the important 100-period MA to strengthen the bias. A decisive break above 45000 will trigger new additional targets of 45800-46200 in the coming days.”
Talking about outlook for stock market today, Motilal Oswal’s Siddhartha Khemka said, “We expect the market momentum to continue for the next few days. However, several important events including India GDP, monthly F&O expiry, state election exit polls and OPEC+ meeting on Thursday could induce some volatility over the last 2 days. Market will also react to US GDP data released late night on Wednesday.”
Nifty Call Put Option data
Talking about Nifty Call Put Option data, Chinmay Barve, Head of Technical and Derivatives Research at Profitmart Securities said, “Significant total Call open interest was seen at 20200 and 20300 strikes with total open interest of 267349 and 166633 contracts respectively.Significant Call open interest interest. addition was seen at 20200 strike which added 100019 contracts in open interest,” adding, “Major total Put open interest was seen at 20000 and 19900 strikes with total open interest of 342021 and 233509 contracts respectively. Major Put open interest addition was seen at 20100. and 20000 strikes which added 209669 and 287357 contracts respectively in open interest.”
Bank Nifty Call Put Option data
On Bank Nifty Call Put Option data, Chinmay Barve of Profitmart Securities said, “Major total Call open interest was seen at 44700 and 45000 strikes with total open interest of 136973 and 227003 contracts respectively. Major Call open interest addition was seen at 44900 strike which added 68673 contracts,” adding, “Major total Put opening interest was seen at 44500 and 44200 strikes with total open interest of 235767 and 229344 contracts respectively. Major Put opening interest addition was seen at 44500 and 44200 strikes which added 26206271 and 2156271 contracts respectively.
Day trading stocks for today
On intraday stocks for today, stock market experts – Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager – Technical Research at Anand Rathi and Mitesh Karwa, Research Analyst at Bonanza Portfolio – recommended six stocks to buy or sell today.
Sumeet Bagadia’s intraday shares for today
1) ICICI Bank: Buy at ₹939.60, purpose ₹980, stop loss ₹915.
The share price of ICICI Bank has bounced back from the support level of ₹915 levels and crossed the initial resistance of ₹930 levels which is also close to its 20 Day EMA levels. Currently, the share price of ICICI Bank is trading ₹939.60 levels, which indicates a break above the aforementioned resistance level. The stock is also trading above all important moving averages indicating strength. Smaller resistance is witnessed at the level of ₹950 and once a stock crosses the said level it can move towards the target of ₹980 and above.
2) Small Finance Bank of AU: Buy at ₹748.25, purpose ₹808, stop loss ₹688.
AU Bank share price is currently trading at ₹714.4. The stock has just broken out of its daily trend, accompanied by significant trading volume. Additionally, AUBANK is currently trading above critical Exponential Moving Averages (EMAs), including the 20-day, 100-day and 200-day EMAs. This emphasizes its bullish momentum and suggests the potential for further upward price movement.
The shares of Ganesh Dongre to buy today
3) SBI: Buy at ₹568, purpose ₹580, stop loss ₹560.
In the short-term trend, the SBI stock price has an upward reversal pattern, technically a pullback could be possible up to ₹580. So, keeping the support level of ₹560 this stock may rebound to the ₹580 level soon. Therefore, the trader can go on for a long time with a stop loss of ₹560 for the target price of ₹580.
4) SAIL: Buy at ₹91, purpose ₹95, stop loss ₹87.
On the short-term chart, the share price of SAIL has shown a bullish reversal pattern, thus holding the support level of ₹87. This stock may rebound to the ₹95 level soon. Therefore. the trader can go long with a stop loss of ₹87 for the target price of ₹ ₹95.
Mitesh Karwa buy or sell shares
5) First Source Solutions or FSL: Buy at ₹175 to ₹176, goal ₹185, stop below ₹169.
The share price of FSL is seen breaking out of a bullish pattern on the daily time frame and closing green with a bullish candlestick, hence a buy recommendation is initiated for targets up to. ₹185. One can start a buy on dip in the range of ₹175 to ₹176 with stoploss below ₹169 on a daily closing basis.
6) CCL Products: Buy at ₹650 to ₹652, purpose ₹675, stop loss ₹635.
The CCL share price is seen emerging from a descending triangle pattern with a bullish candlestick on the daily time frame, which indicates that strength buying is recommended for targets up to. ₹675. One can start a buying business between the range of ₹650 to ₹652 with a stoploss of ₹635 on daily closing basis.
Disclaimer: The views and recommendations made above are those of individual analysts or trading companies, and not of Mint. We advise investors to check with certified experts before making any investment decision.
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Updated: 30 Nov 2023, 08:53 IST