Day trading guide for today: Following strong global market sentiments, Indian stock market ended higher on Friday. In fact, BSE Sensex and NSE Nifty ended at life-time closing highs. 50-stock index Nifty finished at 18,826 mark, which is just 61 points away from its all-time peak whereas 30-stock index BSE Sensex ended at 63,384, which is just 199 points away from its current peak of 63,583. So, intraday traders and other investors would be expecting that Nifty and Sensex to hit new highs on Monday session as Bank Nifty, small-cap and mid-cap indices have already hit a new all-time his in current stock market rally. In fact, this participatory rally is expected to continue further if Nifty manages to sustain above its crucial support zone placed at 18,700 levels.
Day trading guide for stock market today
On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, "The near term uptrend of Nifty remains intact and the one may expect it to register new all time highs in the coming week. The next upside target to be watched around 19,000 to 19,100 levels. Immediate support for Nifty today is placed at 18,700 levels."
On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty is consolidating around the 43,400 to 44,200 zones since a month. A decisive breakout on either side of the range is required for the momentum to pick up."
Intraday trading tips for Monday
Unveiling day trading strategy for stock market today, SAMCO Securities expert added, "Nifty will continue to be a ‘buy on dip’ market as long as it is trading above the 20 DEMA zones. 18,500 will act as a strong support for Nifty. However, the lower high formation in Relative Strength Index (RSI), a momentum indicator, needs to be monitored especially when the Index is at a touching distance from its all-time high."
PM Modi US visit in focus
On triggers that may dictate Indian stock market this week, Siddhartha Khemka, Head - Retail Research at Motilal Oswal said, "All eyes would be on PM Modi’s visit to the US this week (PM Modi is arriving US on 20th June 2022 i.e. on Tuesday), as it would bring in cross-border agreements with a key focus on Defence. Sectors like Pharma, Healthcare, and Insurance companies would remain in focus after recovery was seen in monthly industry data."
Stocks to watch today
Among dividend stocks today, shares of Hindustan Unilever Ltd or HUL, Futuristic Solutions, Craftsman Automation and Automobile Corp Of Goa Ltd or ACGL are going to trade ex-dividend stocks today.
In bonus shares category, Ashirwad Capital shares are going to trade ex-bonus today. The BSE listed company board has declared bonus shares in 1:2 ratio, which means the company is going to issue one bonus share for every two stocks held by the eligible shareholders.
Apart from this, multibagger small-cap stock NINtec Systems that has surged around 1470% in last one year, would in focus today as board of directors of this company are going to consider and approve proposal for issuance of bonus shares in its meeting scheduled today.
F&O ban list
Eight shares have been put in F&O bank list for trade date 19th June 2023. Those eight shares are Delta Corp, Indiabulls Housing Finance, IEX, India Cements, L&T Finance Holdings, Manappuram Finance, Tata Chemicals and ZEEL.
Day trading stocks for today
On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi — recommended six stocks to buy today.
Sumeet Bagadia's intraday stocks for today
1] Hindustan Unilever Ltd or HUL: HUL share price is currently trading at ₹2715, is positioned at a significant breakout zone of ₹2715 to ₹2720. Over the past year, the stock has made multiple attempts to breach this level but has been unsuccessful so far. The current price action indicates a renewed effort to break through this crucial zone.
The Relative Strength Index (RSI) stands at 61, indicating positive momentum in the stock. This suggests that buying interest is present and could potentially drive HINDUNILVR's price higher. Additionally, the Average Directional Index (ADX) at 25 reflects good strength in the ongoing move, supporting the bullish case.
Furthermore, the Bollinger band is showing expansion, which implies an increase in volatility. This expansion often accompanies significant price movements, indicating a favourable possibility of upside potential for HINDUNILVR.
Considering the technical indicators mentioned, a buy position in HINDUNILVR at the current level of ₹2715 is recommended, with a stop loss (SL) set at ₹2660 and a target (TGT) of ₹2805.
2] IndiGo: Buy in cash @ ₹2429.50 SL ₹2360 TGT ₹2550.
Currently Indigo share price is trading at ₹2429.50 levels. The stock has a strong support at ₹2360 which is also a 20 Day EMA levels. We can also witness small resistance near ₹2490 levels which is also the all-time high levels. Once stock maintains a higher level than ₹2490, it may advance upward and approach the 2550 levels and above. The RSI indicator is comfortably trading at 65 levels which indicate that the stock has potential to move upwards.
We recommend buying INDIGO at CMP of ₹2429.50 for a medium term outlook with a stop loss of ₹2360 for targets of ₹2550.
Anuj Gupta's stocks to buy today
3] Ashok Leyland: Buy at CMP, target ₹185, stop loss ₹153.
Ashok Leyland share has formed higher top higher bottom on chart after giving strong breakout.
4] Titan Company: Buy at CMP, target ₹3080, stop loss ₹2854.
Titan share price is looking positive from both technical and fundamental perspective. The stock is expected to trade with positive bias despite trading at life-time highs. Good to normal monsoon may create a demand for jewellery, smart watches and luxury products.
Ganesh Dongre's day trading stocks
5] Infosys: Buy at ₹1290, target ₹1345, stop loss ₹1265.
In the short-term trend, Infosys share price has a bullish reversal pattern, technically retrenchment could be possible till ₹1345. So, holding the support level of ₹1265 this stock can bounce toward the ₹1345 level in the short term. Hence, a trader can go long with a stop loss of 1265 for the target price of ₹1345.
6] BEML: Buy at ₹1550, target ₹1620, stop loss ₹1520.
On the daily chart, BEML share price has given a bullish trendline breakout, technical indicator MACD still inching up. So, holding the support level of ₹1520 this stock can bounce toward the ₹1620 level in the short term. Thus, the trader can go long with a stop loss of ₹1520 for the target price of ₹1620.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Updated: 19 Jun 2023, 07:55 AM IST
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