Day trading guide for Indian stock market today: The impressive real Q3 GDP numbers of India provided the ammunition to the bulls to catapult key benchmark indices of the Indian stock market to all-time highs. The Nifty 50 index gained 355 points and closed at the 22,338 level, the BSE Sensex shot up 1245 points and ended at the 73,745 mark whereas the Bank Nifty index finished 1166 points higher at the 47,286 level. The Indian stock market (equity and F&O) will remain open today as a part of the framework for the business continuity plan and disaster recovery site for stock exchanges and depositories and would involve an intraday shift from the primary to the disaster recovery site.

Why Indian stock market is open today

To strengthen the exchanges in the event of any unforeseen incident, that may impact their operations, the National Stock Exchange (NSE) is going to conduct a special live trading session today with an intraday switchover to a disaster recovery (DR) site. So, the Indian stock market is expected to remain open on Saturday during the special trading session. However, only the equity market will be open on Saturday. Trading in the commodity market will remain suspended as usual on the weekend days.

The session will be conducted in two phases. The first phase will be a 45-minute session starting at 9:15 AM. The second special live trading session will commence at 11:30 AM and conclude at 12:30 PM.

Day trading guide for special trading session

On the outlook of the Nifty 50 index during NSE’s special trading session on 2 March 2024, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, “The Nifty 50 index witnessed a strong pick-up from the morning session to gain strength as the day progressed and breached above the 22,200 zone to hit once again the all-time high of 22,353 level to end on a strong note. The index is once again in a strong uptrend with next targets of 22,500 and 22,800 levels expected in the coming days.”

“The Bank Nifty index finally witnessed a strong bullish candle on the daily chart to recover from the 50EMA zone of 46250 level to close on a strong note near 47300 levels with sentiment much improved expecting for further rise. The index would have the next targets of 48,400 and 49,700 levels, respectively with near-term support maintained near the 46,200 zone,” Parekh added.

On triggers for the stock market today, Siddhartha Khemka, Head – Retail Research at Motilal Oswal said, “During the special trading session on 2nd March 2024, sectors to be in focus Auto on the back of better-than-expected monthly sales numbers. Cement and Metals are also expected to be in focus on the back of stronger economic growth, while defence and solar sector on account of improved order visibility.”

Nifty Call Put Option data

Speaking on the Nifty Call Put Options data, Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities said, “One of the major total Call open interest was seen at 22500 and 22800 strikes with total open interest of 83148 and 107120 contracts respectively. The strike price of 22800 saw one of the major open interest addition of 54836 contracts,” adding, “One of the major total Put open interests was seen at 22200 and 22100 strikes with a total open interest of 129584 and 123641 contracts respectively. One of the major Put open interest additions was seen at 22200 strikes which added 104650 contracts in open interest.”

Bank Nifty Call Put Option data

On Bank Nifty Call Put Options data, Chinmay Barve of Profitmart Securities said, “One of the major total Call open interest was seen at 47500 and 48000 strikes with total open interest of 107093 and 135476 contracts respectively in open interest. The strike price of 47500 and 48000 saw some of the major addition of 56176 and 57384 contracts respectively in open interest,” adding, “One of the major total Put open interest was seen at 47000 strikes with a total open interest of 144885 contracts. One of the major Put open interest additions was seen at 47000 strikes which added 115788 contracts in open interest.”

Day trading stocks for today
On stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi; Shiju Koothupalakkal, Technical Analyst at Prabhudas Lilladher; and Virat Jagad, Technical Analyst at Bonanza Portfolio — recommended nine buy or sell stocks during the special trading session on 2nd March 2024.

Sumeet Bagadia stock recommendations
1] ACE: Buy at ₹1418.50, target ₹1480, stop loss ₹1374.

ACE share price is exhibiting strong bullish momentum, currently trading at an all-time high of ₹1478 levels. The recent breakout above the crucial resistance at ₹1288 levels is a significant technical development, supported by robust trading volumes, reinforcing the strength in the stock. The breakthrough suggests a potential continuation of the upward trend, offering an optimistic outlook for investors.

2] Suven Pharmaceuticals: Buy at ₹686, target ₹738, stop loss ₹665.

Suven Pharmaceuticals share price is currently trading at ₹686.1 levels. Currently stock is trading above all the important moving averages. On daily charts, the stock has formed a strong green candle which indicates bullishness in the stock. Now any dip in the stock around 677 levels will be a buying opportunity. A small resistance can be witnessed near ₹706 levels, and once stock crosses the mentioned level Suven Pharmaceuticals shares can now further move towards ₹738 levels and higher.

Ganesh Dongre’s day trading stocks
3] HDFC Bank: Buy at ₹1430, target ₹1470, stop loss ₹1410.

In the short-term trend, HDFC Bank share price has a bullish reversal pattern, technically retrenchment could be possible till ₹1470. So, holding the support level of ₹1410 this stock can bounce toward the ₹1470 level in the short term. Hence, the trader can go long with a stop loss of ₹1410 for the target price of ₹1470.

6] REC: Buy at ₹459.65, target ₹484, stop loss ₹446.

The stock has witnessed a short period of correction to take support near the ₹424 zone and showing signs of bottoming out has recovered significantly to move past the important 50EMA level of ₹446 to improve the bias. The chart looks attractive, with the RSI also indicating a trend reversal to signal a buy and has scope for further upward in the coming days. We suggest buying the stock for an initial target of ₹484 keeping the stop loss of ₹446 level.

7] JSW Steel: Buy at ₹836.20, target ₹870, stop loss ₹818.

The stock after taking the support near the important 200 period MA of 790 levels, the stock has witnessed a decent pullback with a positive candle formation on the daily chart to improve the bias. We anticipate further rise to carry on with the positive move with the RSI also indicating strength and anticipating further upward move. We suggest buying the stock for an initial target of ₹870 levels keeping the stop loss of ₹818.

Virat Jagad’s buy or sell stocks
8] TVS Motor Company: Buy at ₹2240 to ₹2245, target ₹2375, stop loss ₹2175.

The Rising Parallel Channel forming in TVS Motor Company Ltd shows a potential for a breakout on the upside. The price has found support near the 21-day Exponential Moving Average (EMA), suggesting a strong support level. Additionally, the momentum indicator RSI is in a higher range, signaling an uptrend in security. Moreover, the positive directional indicator (DI+) is trading above the negative directional indicator (DI-), indicating an uptrend, and the Average Directional Index (ADX) trading above DI- suggests strength in the current upward movement.

9] IndusInd Bank: Buy at ₹1525 to ₹1530, target ₹1675, stop loss ₹1450.

IndusInd Bank Ltd has recently broken out of a descending triangle pattern on the daily chart, suggesting a potential upward move. This breakout is accompanied by a steady increase in trading volume, indicating a rising interest from buyers. The closing price is near the high, forming a bullish candlestick pattern. Furthermore, the prices are currently trading above both the Fast (21) and Slow (50) EMAs pointing towards a positive trend in the market. Additionally, the Momentum Indicator, RSI has crossed above the middle line, providing further support to the ongoing uptrend.

By Admin

Related Post