Day trading guide for today: Six buy or sell stocks for today — 23rd June
5 min read 23 Jun 2023, 07:47 AM ISTDay trading stocks: Market experts have recommended six stocks to buy today — Hindustan Zinc, Tech Mahindra, BSE, Balrampur Chini, DLF and Tata Steel
PremiumDay trading guide for today: On account of weak global market sentiments after US Fed Chair indicated about further room to raise interest rates to contain stubbornly elevated inflation, key benchmark indices of the Indian stock market ended lower on Thursday. On third time in this week, Nifty failed to climb to a new peak as it retraced from intraday high of 18,886 levels, which is just one point away from the life-time high of 18,887 mark. But, BSE Sensex hit a new high for second straight session as the 30-stock index hit 63,601 levels during pre-open session, improving its previous high of 63,586. Bank Nifty ended 134 points lower at 43,724 levels.
Day trading guide for stock market today
On outlook for Nifty today, Deepak Jasani, Head of Retail Research at HDFC Securities said, "Nifty formed a bearish candle stick on June 22 after making a marginally higher high in the morning. The Nifty has tried 4 times out of the previous 5 days to make a new all time high, but has not succeeded so far. 18,888 to 18,660 is the band for the Nifty, a breach of which on either side will determine it’s near term direction."
On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty consolidated for yet another day around the 20-Day Exponential Moving Average (DEMA) mark. The resistance for Bank Nifty is placed at 44,000 while the 43,500 zones is likely to act as a strong support as we head into the final expiry week of June series."
On Nifty call put ratio, the SAMCO Securities expert said, "The Open Interest (OI) in the Index Futures indicated buildup of fresh short positions. Interestingly, Short Buildup was also observed on the previous two weekly expiries. The Put-Call Ratio (PCR), a sentiment indicator, which stands at 0.99, is at the lowest level since the start of June series expiry in Nifty."
Intraday trading tips for today
On triggers that may dictate stock market today, Siddhartha Khemka, Head - Retail Research at Motilal Oswal said, "A hawkish statement by the US Fed Chairmen and the high UK inflation data dented the investor’s sentiments in the near term. On the domestic front, poor monsoon (31% below normal) so far, has further impacted sentiments."
Stocks to watch today
A total of 12 stocks are going to trade ex-dividend today. Those 12 dividend stocks include Punjab National Bank (PNB), Torrent Pharma, Dalmia Bharat and Raymond. Other dividend paying stocks are Dutron Polymers, Sky Industries, Medico Intercontinental, BN Rathi, SKP Securities, Plastiblends, GHCL and DBOL.
After Wipro buyback offer opening on 22nd June 2023, Wipro share price is expected to remain in focus today. Wipro buyback would end on 29th June 2023.
F&O bank list
As per the information available on NSE website, five shares have been put in F&O bank list and those stocks are BHEL, Hindustan Copper, L&TFH, PNB 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 buy or sell stocks
1] Hindustan Zinc: Buy in cash @ ₹310.70, SL @ ₹304, TGT @ ₹320.
Hindustan Zinc share has been consistently trading in a higher high higher low pattern since last 6 days. The stock has crossed the resistance range of ₹309 to ₹310 levels, which is also 50 and 200 Day EMA levels. The RSI indicator is currently trading at a comfortable level of 58, signifying strength. The stock has shown strong closing above all significant moving averages. The stock has demonstrated a bounce from the middle band of the Bollinger band, respecting the initial support on the daily chart and has approached the higher band forcing the Bollinger band to expand. This clearly shows the strength of the stock.
2] Tech Mahindra: TechM share price is currently quoted at ₹1119 and has rallied continuously in a larger time frame. Tech Mahindra share price has a good support zone around ₹1100 zone. Price is quoting above its 40 EMA, which is a critical support zone as well as a strong buying opportunity if the price retests that level. Stock has also taken support at the middle Bollinger Bands, signaling that short-term support has been established. We forecast positive momentum in TECHM in the following weeks for the target price of ₹1155. SL can be kept as ₹1098.
Anuj Gupta's stocks to buy today
3] BSE: Buy at CMP, target ₹645, stop loss ₹587.
Bullish chart structure and substantial rise in trade volume signals uptrend in near term.
4] Balrampur Chini: Buy at CMP, target ₹440, stop loss ₹387.
Sugar stock has given breakout after consolidation and it is trading above 10 and 20 days exponential moving average.
Ganesh Dongre's buy or sell stocks
5] DLF: Buy at ₹480, target ₹495, stop loss ₹470.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹495. 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.
6] Tata Steel: Buy at ₹111, target ₹115, stop loss ₹107.
On the short-term chart, the stock has showing a bullish reversal pattern, so holding the support level of ₹107 this stock can bounce toward the ₹115 level in the short term. Hence, the trader can go long with a stop loss of ₹107 for the target price of ₹115.
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.
