Day trading guide for stock market today: Five stocks to buy or sell on Tuesday — 7th November

Day trading guide for stock market today

Speaking on Nifty 50 outlook, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The immediate resistance of 19,250 has been taken out sharply on the upside on Monday and the market is now advancing towards the next overhead resistance of around 19550-19600 levels in the short term. Immediate support for Nifty today is placed at 19,320 levels.”

On Bank Nifty today, Rupak De, Senior Technical analyst at LKP Securities said, “The Bank Nifty stayed positive throughout the day. On the higher side, the index closed above the 21-day moving average (21DMA). The trend is expected to remain sideways to positive in the near term. Support on the lower end is located at 43,300 points. On the higher end, a move above 43,700 points could trigger a rally towards 44,500 points.”

Buy or sell: Vaishali Parekh recommends three stocks to buy today — November 7

Asked about outlook for stock market today, Siddhartha Khemka, Head – Retail Research at Motilal Oswal said, “Overall we expect market to remain positive over the next few days ahead of the Diwali festival over the weekend. Action could be seen in broader market with niche segments in stronger momentum.”

Nifty Call Put Option data

Speaking on Nifty Call Put Option data, Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities said, “Major total Call open interest was seen at 19500 and 19600 strikes with total open interest of 142312 and 133608 contracts respectively. Major Call open interest addition was seen at 19450 and 19600 strikes which added 42164 and 39495 contracts in open interest respectively,” adding, “Major total Put open interest was seen at 19400 and 19300 strikes with total open interest of 121197 and 171004 contracts respectively. Major Put open interest addition was seen at 19300 strike which added 121733 contracts in open interest.”

Bank Nifty Call Put Option data

Speaking on Bank Nifty Call Put Option data, Chinmay Barve of Profitmart Securities said, “Major total Call open interest was seen at 43700 and 44000 strikes with total open interest of 125461 and 177662 contracts respectively. Major Call open interest addition was seen at 43700 and 43900 strikes which added 52885 and 33818 contracts in open interest respectively,” adding, “Major total Put open interest was seen at 43500 and 43400 strikes with total open interest of 205476 and 154619 contracts respectively. Major Put open interest addition was seen at 43500 strike which added 156025 contracts.”

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 stocks for today

1] Colgate Palmolive: Buy at ₹2115, target ₹2189, stop loss ₹2075.

Colgate-Palmolive (COLPAL) exhibits a promising technical outlook, demonstrating strength across multiple indicators. The stock has successfully surpassed its short, mid, and long-term moving averages of 50, 100, and 200 Exponential Moving Averages (EMA), reflecting a positive trend in its price action. Additionally, the Relative Strength Index (RSI) stands at a healthy 58, indicating a favorable level of buying interest.

The Average Directional Index (ADX) is moderately robust at 22, suggesting a stable trend in the stock’s movement. With a sideways to positive bias observed, COLPAL is poised for potential growth.

2] LT: Buy at ₹2975.45, target ₹3215, stop loss ₹2854.

The current trading price of LT is ₹2975.45. On the daily chart, the price has formed a double bottom pattern. The stock has recently reversed from a support level by creating new higher lows with a significant increase in trading volume, indicating strong momentum in the stock. If the price manages to close above the ₹2984 level, it may have the potential to reach near-term targets of ₹3100 and ₹3215. On the other hand, immediate support levels are located at ₹2860 and ₹2800.

The Relative Strength Index (RSI) currently stands at 52.87 and is trending upward, indicating increasing buying momentum. Furthermore, the Stochastic Relative Strength Index (Stoch RSI) has recently experienced a positive crossover, moving out of the oversold region. These technical indicators, when considered together, suggest that LT has the potential to reach a target price of ₹3215 in the near future.

Ganesh Dongre’s stock of the day

3] Hero Motocorp: Buy at ₹3165, target ₹3230, stop loss ₹3130.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹3230. So, holding the support level of ₹3130 this stock can bounce toward the ₹3230 level in the short term. Hence, the trader can go long with a stop loss of ₹3130 for the target price of ₹3230.

Mitesh Karwa’s stocks to buy today

4] Lemon Tree: Buy at ₹114 to ₹114.35, target ₹119, stop loss ₹111.

Lemon Tree share is seen to be giving a false breakdown and closing in green which is why a buy recommendation is initiated for targets upto ₹119. One can initiate buy on dip in the range of ₹114 to ₹114.35 with stoploss below ₹111 on daily closing basis.

5] Exide Industries: Buy at ₹267 to ₹267.75, target ₹276, stop loss ₹262.

Exide Industries share price is seen to be breaking out of a pattern formation with a bullish candlestick on the weekly timeframe which indicates strength which is buying is recommended for targets upto ₹276. One can initiate a buy trade in between the range of ₹267 to ₹267.75 with stoploss of ₹262 on daily closing basis.

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

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Updated: 07 Nov 2023, 08:41 AM IST