Day trading guide for stock market today: Nine stocks to buy or sell on Wednesday — 14th February

Indian stock market: Frontline indices the Sensex and the Nifty 50 ended higher on Tuesday, February 13, driven by notable performances from specific banking giants. Nifty 50 rose 127 points, or 0.59 per cent, to end at 21,743.25 while the Sensex closed at 71,555.19, up 483 points, or 0.68 per cent. Mid and smallcaps also ended in the positive territory. The BSE Midcap index rose 0.61 per cent while the Smallcap index ended with a small gain of 0.18 per cent.

“Nifty bounced back from yesterday’s losses after India’s CPI inflation came in at a 3-month low of 5.10%. The index closed with gains of 127 points (+0.6%) at 21743 levels. All sectors ended in green, except Metals. Banking and Financial Services were top gainers. PSU sector bounced back after witnessing profit booking over the last few sessions. On the other hand, Reliance became the first Indian company to cross Rs.20 lakh market cap. MSCI Global Standard Index saw a quarterly rejig today that could lead to inflows of nearly $1 billion from passive FII funds. Many stocks like NMDC, GMR Airports, Union Bank, BHEL, and Punjab National Bank were in focus post the MSCI review,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

Day trading guide for stock market today

On the outlook for the Nifty 50 index, Rupak De, Senior Technical Analyst, LKP Securities, said, “The Nifty exhibited volatility throughout the day, mostly fluctuating within the range of 21650 and 21750. The prevailing sentiment is expected to persist in a sideways to bearish direction as long as the index stays below 21850. On the downside, a short-term support level is identified at 21500. A significant decline below 21500 could potentially initiate a correction towards 21270/21000. Conversely, on the upside, a decisive breakthrough above 21850 might trigger a rally towards 22200.”

On the outlook for the Bank Nifty today, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said, “The bulls made a strong comeback, defending the critical support level of 44800, which now serves as a cushion for further upside. The index remains in a buy mode as long as the mentioned support holds, and any dips should be utilized to add long positions. The immediate resistance on the upside is situated at 46000, where the highest open interest is built up on the call side, indicating a potential target for the bullish momentum.”

Nifty Call Put Option Data

Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities, said, “One of the major total Call open interest was seen at 21800 and 22000 strikes with total open interest of 113856 and 181850 contracts respectively. Strike price of 21800 saw reduction by 18508 contracts in open interest.” He further added, “One of the major total Put open interests was seen at 21600 and 21500 strikes with total open interest of 92366 and 125430 contracts respectively. One of the major Put open interest addition was seen at 21500 strike which added 38834 contracts in open interest.”

Bank Nifty Call Put Option Data

Barve at Profitmart Securities, said, “One of the major total Call open interest was seen at 46000 strike with total open interest of 269601 contracts in open interest. Strike price of 45600 saw reduction of 30869 contracts in open interest,” adding, “ One of the major total Put open interest was seen at 45500, 45300 and 45000 strikes with total open interest of 132234, 122084 and 261787 contracts respectively. One of the major Put open interest addition was seen at 45300 and 45000 strikes which added 92082 and 168489 contracts respectively 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 Mitesh Karwa, Research Analyst at Bonanza Portfolio — recommended nine stocks to buy or sell today.

Sumeet Bagadia’s day trading stocks

1] Solar Industries: Buy at ₹6929, target ₹7190, stop loss ₹6720

Solar Industries India Limited, priced at ₹6929 for cash transactions, presents an appealing opportunity for investors. The stock’s Relative Strength Index (RSI) stands at 57, indicating a stable market sentiment. Moreover, it maintains a consistent performance above key Exponential Moving Averages (EMAs), such as the 20-day, 50-day, 100-day, and 200-day averages.

While Solar Industries encounters resistance around the ₹7050 level, it benefits from support generated by a rounding bottom pattern, suggesting a potential shift towards bullish momentum.

For investors evaluating Solar Industries, a cautious strategy is recommended. Purchasing at current levels, with a stop-loss set at ₹6720, offers protection against potential market downturns. The target price of ₹7190 reflects an optimistic outlook for potential returns.

In conclusion, Solar Industries presents a favourable investment opportunity, supported by its stable RSI, consistent EMA performance, and bullish chart pattern. By implementing prudent risk management measures and strategic entry points, investors can position themselves to capitalize on potential upward movements in Solar Industries’ stock price.

2] Taj Gvk Hotels & Resorts: Buy at ₹347, target ₹376, stop loss ₹335

TAJGVK daily chart analysis offers a favourable view for the following week, indicating a steady higher advance. Notably, the stock has produced a notable higher high and higher low pattern in weekly frame and the company’s recent upward swing has effectively violated the neckline, establishing a new week high. This breakthrough indicates the possibility of a significant follow-through upward increase in the stock price.

Adding to the positive momentum, there has been an increase in trading volume, indicating growing market interest. The stock formed a strong bullish candle signifying a potential continuation of the uptrend following and the daily strength indicator RSI (14) is moving upwards, indicating a positive bias. Furthermore, TAJGVK is currently trading above its crucial 20-day, 50-day, and 100-day Exponential Moving Average (EMA) levels, reinforcing the bullish trend. Given the overall chart pattern, the analysis suggests a favourable long trading opportunity for investors.

Based on the above analysis we recommend buying TAJGVK in cash at CMP of 347 for the target of 376 with a stop loss of 335.

Ganesh Dongre’s stocks to buy today

3] DLF: Buy at ₹830, target ₹850, stop loss ₹820

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till 850 so, holding the support level of 820 this stock can bounce toward the 850 level in the short term, so the trader can go long with a stop loss of 820 for the target price of 850.

4] Kotak Bank: Buy at ₹1737, target ₹1780, stop loss ₹1715

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till 1780 so, holding the support level of 1715 this stock can bounce toward the 1780 level in the short term, so the trader can go long with a stop loss of 1715 for the target price of 1780.

Shiju Koothupalakkal’s day trading shares

5] Havells: Buy at ₹1362, target ₹1425, stop loss ₹1335

The stock after a short consolidation, has improved the bias with a positive candle formation moving past the significant 100 period MA of 1340 level and 50EMA level of 1348 zone respectively and further rise is anticipated in the coming sessions. With the RSI indicator getting better, we suggest to buy this stock for an upside target of 1425 keeping the stop loss of 1335.

6] Natco Pharma: Buy at ₹856.90, target ₹890, stop loss ₹838

The stock has indicated a higher bottom formation near the significant 50EMA level of 834 zone and with a positive candle formation a pullback has been witnessed to improve the bias and expected for further gains. With the RSI well placed indicating a trend reversal, we anticipate further rise for an initial upside target of 890 keeping the stop loss of 838.

7] Inox Wind Ltd: Buy at ₹514.65, target ₹537, stop loss ₹502

The stock has witnessed a decent pullback during the intraday session from the significant 50EMA level of 443 zone and has improved the bias to expect for further upward move. We expect for an initial target of 537 maintaining the stop loss of 502.

Mitesh Karwa’s buy or sell stocks

8] Suven Pharmaceuticals Ltd: Buy at ₹654-656, target ₹700, stop loss ₹633

SUVENPHAR is seen to be breaking and retesting a rounding bottom pattern and closing in green with a bullish candlestick which is why a buy recommendation is initiated for targets upto Rs.700. One can initiate buy on dip in the range of 654-656 with stoploss below 633 on daily closing basis.

9] Poonawalla: Buy at ₹481-483, target ₹503, stop loss ₹470

POONAWALLA is seen to be breaking and retesting a rounding bottom pattern and closing in green with a bullish candlestick which is why a buy recommendation is initiated for targets upto Rs.503. One can initiate buy on dip in the range of 481-483 with stoploss below 470 on daily closing basis.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.