Nifty 50 closed at 19,406.70, down 5 points, or 0.03 percent, while Sensex settled at 64,942.40, down 16 points, or 0.03 percent. Mid and small caps posted decent gains, outperforming the benchmark indices. The BSE Midcap index ended with a gain of 0.53 percent and the Smallcap index rose 0.38 percent.
Analysts expect the benchmark Nifty to consolidate around current levels after the recent rally. Both the Nifty 50 and Sensex rose more than 2 percent each in the last three sessions following the US Federal Reserve’s rate cut and improved rate outlook.
Day trading guide for the stock market today
On the outlook for Nifty today, Ajit Mishra, SVP – Technical Research, Religare Broking Ltd said, ”After the flat start, Nifty oscillated in a narrow range till the end and finally settled at 19,406.70 levels.”
”We may see further consolidation in the index in line with global peers, however there will be no shortage of equity specific opportunities. Traders should align their positions accordingly, with a focus on sectors that are trading in sync with the benchmark,” Mishra added.
Technically, the confirmation of strength for Nifty can be seen only above its biggest hurdles at the 19707 mark, while support is placed at the 19225 mark, according to Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
On the outlook for Bank Nifty, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said the index exhibited volatility throughout the day before ending with strength.
”On the daily chart, the index closed above the 21EMA for the first time in several days. The sentiment seems to be positive at this point, and the setup seems favorable for a robust upward movement in the index. Soon, it may move to 44,500 on the upside, with support located at 43,300 on the lower end,” Shah said.
Global Indications
Global stocks, which often trade in tandem with oil, lost steam on Tuesday as investor enthusiasm for a peak in global interest rates faded. The US dollar has also rallied from recent lows, making oil more expensive for holders of other currencies.
Minneapolis Federal Reserve President Neel Kashkari on Tuesday dashed hopes for early rate hikes, saying the U.S. central bank may have to do more to bring inflation back to its 2 percent target. Investors are awaiting comments from Fed Chairman Jerome Powell, who is due to speak on Wednesday and Thursday.
Oil prices fell about 3 percent to their lowest since late August on Nov. 7, as demand worries arose from mixed Chinese data and waning investor enthusiasm for an interest rate cut.
Brent crude futures fell $2.53, or 3 percent, to $82.65 a barrel, while U.S. West Texas Intermediate crude fell to $78.35 a barrel, down $2.47, or 3.1 percent. Both contracts hit their lowest levels since August 25.
Stocks to watch today
Some major companies including Oil India, PFC, Lupin, Century Ply, HT Media and MCX, among others, will declare their July-September results for the fiscal 2023-24 (Q2FY24) today.
IRCTC, Power Grid, Shree Cements, Cummins, Apollo Tyres, among a few others, will also be in focus during today’s session as these companies declared their Q2FY24 aftermarket hours on Tuesday.
List of F&O Prohibitions
GNFC was placed under the ban for trading on Wednesday, November 8 under the futures and options (F&O) segment of the National Stock Exchange (NSE). No fresh positions are allowed for any of the F&O contracts in the particular stock when placed under the F&O ban period by the stock exchanges.
Day trading stocks for today
On intraday stocks for today, stock market experts – Ganesh Dongre, Senior Manager – Technical Research at Anand Rathi, Sumeet Bagadia, Executive Director at Choice Broking, and Kunal Kamble, Senior Technical Analyst, Bonanza Portfolio Ltd – have recommended six stocks to buy today.
Sumeet Bagadia’s intraday stocks for today:
1.ICICI Bank: Buy ICICI Bank at ₹948.10 with a stop loss of ₹930 at a target price of ₹980
ICICI Bank bounced back from the support level of 935 levels which is also close to its 20 days EMA levels and crossed the initial resistance of 945 levels which are also 50 days EMA levels. Currently, the stock is trading around 948.10 levels, which indicates a break above the mentioned resistance level.
The stock is also trading above all important moving averages indicating strength. A smaller resistance is witnessed at the level of 960 and once a stock crosses the said level it can move towards the target of 980 and above.
Based on the above analysis we expect ICICI Bank to move higher towards 980 and hence we recommend buying ICICI Bank at CMP of 948.10 with SL of 930.
2.Solar Television Network Ltd: Buy Sun TV Network Ltd at ₹652 with a stop loss of ₹639 at a target price of ₹675
Based on the current technical indicators, Sun TV Network appears to be in a favorable position for potential appreciation. As of the latest quote, the stock is trading at 652, and it has demonstrated strength by closing above its short, medium and long-term moving averages (50, 100 and 200 EMA).
The Relative Strength Index (RSI) stands at 61, indicating a healthy level of momentum. Additionally, the Average Directional Index (ADX) is moderately firm at 20, suggesting a possible continuation of the prevailing trend. The stock exhibited a sideways to positive bias, signaling a possible upward movement.
Further, after a period of consolidation, it is anticipated that a breakout of the 662 resistance level will trigger great potential. Given these factors, considering a long position at the current price of 652 with a stop loss set at 639 and a target price of 675 could present a convenient entry point.
Ganesh Dongre intraday stock for today:
3.Tata Steel: Buy Tata Steel at ₹119 with a stoploss of ₹114 at a target price of ₹127
In the short-term trend, the stock has a bullish reversal pattern, technically a pullback could be possible up to 127 so, holding the support level of 114, this stock can rebound to the 127 level soon, so the trader can go long. stop loss of 114 for the target price of 127
4. NTPC: Buy NTPC at ₹239 with a stop loss of ₹232 at a target price of ₹248
On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of 232. this stock can rebound to the 248 level soon, so the trader can go long with a stop loss of 232 for. the target price of 248.
Support – 19200/19250
Resistance – 19600/19650
Kunal Kamble’s intraday stocks for today:
5.Texmaco Infrastructure & Holdings Ltd: Buy range: Rs106-106.70 Target ₹139| Stop Loss ₹90
In daily time frame Texmaco Infrastructure & Holdings gave a break of Cup and Handle Pattern on the top, indicating a positive trend in the stock. Price trading above both the EMA indicates strength on the upside.
Momentum Indicator RSI goes to the overbought zone, which shows a strong buying interest in the script. Based on the above technical setup, a long position can be created in Texmaco Infrastructure & Holdings for a TP of 139 with a SL of 90.
6.Creative Castings Ltd: Buying range: Rs.665-675 Target ₹750|Stop Loss ₹611
On a daily basis, Creative Castings framework gave a breakout of a Cup and Handle Pattern on top, indicating a positive trend in the stock. Price trading above both the EMA indicates strength on the upside.
Momentum Indicator RSI goes to the overbought zone, which shows a strong buying interest in the script. Based on the above technical setup, a long position can be created in Creative Castings for a TP of 750 with a SL of 611.
Updated: 08 Nov 2023, 06:48 IST