Day trading guide for today: Six stocks to buy or sell on Tuesday — 3rd October

“Domestic equities ended the last day of the month on a strong note closing in green after witnessing selling pressure in the last couple of days. Nifty partially recovered its previous day’s losses amid broad-based buying and closed with handsome gains of 115 points at 19638 levels. Expect IT, all sectors ended in green with major buying seen in pharma and metals,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal.

“Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!” Click here!

Day trading guide for stock market today

On Nifty 50 today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The market has been stuck in a range of high low point of Thursday’s long bear candle. Hence, a sustainable move above 19,770 levels could bring bulls back into action. A slide below 19,500 is expected to resume sharp selling momentum.”

Buy or sell: Vaishali Parekh recommends three stocks to buy today — October 3

On outlook Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, “Bank Nifty, on the other hand, took resistance from the 50 DEMA of 44,765 and formed a shooting star like candle on the daily chart. The maximum put open interest is placed at 44,500 Strike, break of which can take the Index until 43,800 levels. Bank Nifty is likely to resume uptrend upon successful close above 44,800 level. Bank Nifty closed at 44,585, up 284 points.”

Highlighting the triggers for Indian stock market today, Siddhartha Khemka of Motilal Oswal said, “Overall we expect the market to trade in a broader range as the higher oil price has rekindled the worry over inflation and might result in a prolonged high interest rate environment. Auto stocks will remain in focus as companies will announce monthly sales numbers. Interest rate sensitive sector would also be in focus, as RBI policy meeting is scheduled next week. Investors will also take cues from macro data to be released globally.”

Nifty 50, Sensex on October 3: What to expect in trade today

Stocks to buy today

On day trading stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager at Anand Rathi and Ashish Katwa, Technical Analyst, Bonanza Portfolio — recommended six stocks to buy or sell today.

Sumeet Bagadia’s day trading stocks

1] Tata Motors: Buy at ₹630, target ₹652, stop loss ₹615.

Tata Motors share is , currently trading at ₹630, exhibits a favorable technical outlook supported by a robust trendline that has demonstrated resilience since June.

The recent bounce from this key level underscores its potential for upward momentum. Moreover, the stock has successfully surpassed its short, mid, and long-term moving averages, including the 20-day, 50-day, 100-day, and 200-day Exponential Moving Averages (EMA), indicating a strengthening bullish trend.

2] Dr Lal Pathlabs: Buy at ₹2524.35, target ₹2800, stop loss ₹2403.

Dr Lal Pathlab shares are currently trading at ₹2524.35.On daily chart price created cup and handle pattern breakout with huge volume. Moreover, LALPATHLAB is presently trading above critical Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs, reinforcing its bullish momentum and potential for further upward price movement.

Sensex Today | Share Market Live Updates: Sensex flat at preopen session

The Relative Strength Index (RSI) currently stands at 69.41 and is trending upwards, indicating a growing buying momentum. Additionally, the Stochastic Relative Strength Index (Stoch RSI) has recently experienced a positive crossover from the oversold region. This combination of technical indicators suggests that LALPATHLAB may have the potential to reach a target price of ₹2800 in the near term.

Ganesh Dongre’s buy or sell stocks

3] NCC: Buy at ₹154, target ₹165, stop loss ₹150.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹165. So, holding the support level of ₹150 this stock can bounce toward the ₹165 level in the short term. Hence, the trader can go long with a stop loss of ₹150 for the target price of ₹165.

4] Cummins India: Buy at ₹1703. target ₹1770, stop loss ₹1660.

On the short-term chart, the stock has shown a bullish reversal pattern. So, holding the support level of ₹1660. this stock can bounce toward the ₹1770 level in the short term. Hence, the trader can go long with a stop loss of ₹1660 for the target price of ₹1770.

Stocks to Watch: JSW Infra, Maruti Suzuki, TCS, Vedanta, Ultratech Cement

Ashish Katwa’s intraday stocks for today

5] GMDC: Buy at ₹315.90, target ₹340, stop loss ₹301.

After a strong run, GMDC started consolidating at the upper end where, on the daily chart, we’ve seen a breakout of the pennant formation. This tells us that the bulls are in charge of security. On the indicator front, RSI is trading close to the overbought area, which shows a positive trend in the GMDC; in addition to this the MACD is showing positive crossover, which confirms the buying interest. We could see further buying interest in GMDC till the ₹340 marks, with immediate support of ₹301.

6] IIFL Securities: Buy at ₹86.70 to ₹87.30, target ₹106, stop loss ₹76.

The stock is trading in an uptrend, price has given a breakout of previous supply zone indicating a bullish trend with volume supporting the move. Price are trading above the major EMA indicating a positive move. One can initiated a long position in IIFLSEC for a target price of ₹106.

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.

“Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!” Click here!

Updated: 03 Oct 2023, 09:04 AM IST