Day trading guide for stock market today
On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The 20day EMA 18,650 has been active in the last couple of months and minor upside bounce could be expected in the short term. However, any weakness below this support at 18,650 levels is likely to bring next round of weakness in the market. Immediate resistance is placed at 18,760 levels."
On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities said, "Bank Nifty is making a descending triangle like pattern on the daily chart. The support for Bank Nifty is placed at 43,400. A close below this level can take the Index to 42,600 zones, where its next visible support is placed." However, he cautioned that FPIs still hold more long positions relative to short positions in Index futures as indicated by the Long-Short Ratio. One can expect the selling pressure to pick up once they start to unwind their long positions.
Intraday trading strategy for Tuesday
On sectors that may remain in focus at Indian stock market today, Siddhartha Khemka, Head - Retail Research, Motilal Oswal said, "Sentiments have been dented on account of concern surrounding economic growth globally and rising geopolitical issues within Russia. We expect the market to consolidate in the near term before resuming the upward journey. Sectors like Auto, and FMCG would be in focus with the progress of the monsoon. The primary market is also in buzz with the ideaForge IPO getting subscribed 2.5x on the first day itself, while Cyient DLM IPO will be open for retail participants on Tuesday."
Stocks to watch today
Eight stocks are going to trade ex-dividend today and those eight dividend stocks are Thanga Mayil Jewellery, Bombay Oxygen, Sagarsoft, Silicon Rental, Welspun India, Supreme Petrochem, Anant Raj and Shriram Pistons.
Apart from this, Hindustan Aeronautics Ltd or HAL shares would also be in focus as its board of directors are going to discuss about the stock split and final dividend proposal in its board meeting scheduled today.
F&O ban list
Two stocks have been kept in F&O ban list for trade on 27th June 2023 and those two stocks are Hindustan Copper and RBL Bank.
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] Ashok Leyland: Buy @ ₹164.25, SL @ ₹160, TGT @ ₹172.
Ashok Leyland share price has recently created a new all-time high level. The stock has corrected from the new all-time high level of ₹170.55 but has shown a bounce from the initial support itself. ASHOKLEY has a Formed a strong support at ₹160 levels. Currently, the stock is trading around ₹164.25. A smaller resistance is visible on the charts near ₹166.20 levels. Once the stock overcomes the previously mentioned resistance, it will be able to move closer to the target price of ₹172 and higher. The stock is trading above all important moving averages. RSI is also trading comfortably at 67 levels indicating strength.
Based on the above analysis we recommend buying ASHOKLEY at CMP of ₹164.25 with a medium term target price of ₹172. Our analysis will be deemed void if price closes below ₹160 levels.
2] Divi's Lab: Buy @ ₹3535, SL ₹3420, TGT ₹3700.
DIVIS Lab share is currently quoting at ₹3535 and has recently bounced back from a strong support level at ₹3445. The stock has consolidated around these levels for about a month, indicating stability. It has closed above its 20-day EMA and remains comfortably positioned above its 50-day, 100-day, and 200-day EMAs, signalling a healthy long-term trend.
The RSI is at 56 and trending upward, suggesting strengthening buying momentum. Based on these indicators, DIVIS Lab is expected to reach ₹3700 in the near future. However, caution should be exercised if the stock falls below ₹3420.
Anuj Gupta's buy or sell stocks
3] Cipla: Buy at CMP, target ₹1060, stop loss ₹999.
Cipla share price is looking bullish on chart pattern as it has formed higher top higher volume along with substantial rise in trade volume.
4] Tata Consumer: Buy at CMP, target ₹910, stop loss ₹835.
Tata Consumer shares are showcasing uptrend line on chart structure.
Ganesh Dongre's day trading stocks
5] Cummins India: Buy at ₹1874, target ₹1920, stop loss ₹1840.
In the short-term trend, Cummins India share price has a bullish reversal pattern, technically retrenchment could be possible till ₹1920. So, holding the support level of ₹1840 this stock can bounce toward the ₹1920 level in the short term. Hence, the trader can go long with a stop loss of ₹1840 for the target price of ₹1920.
6] DLF: Buy at ₹478, target ₹495, stop loss ₹470.
On the short-term chart, DLF share is showing a bullish reversal pattern, so holding the support level of ₹470 this stock can bounce toward the ₹495 level in the short term. So, the trader can go long with a stop loss of ₹470 for the target price of ₹495.
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: 27 Jun 2023, 07:32 AM IST
Day trading guide: Buy or sell to dividend stocks to watch today — June 27 | Mint - Mint
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