Today’s day trading tips: Indices of domestic equity In the previous session, the Sensex and Nifty 50 ended a two-day gaining streak and resumed their downward march amid mixed global signals.
Following mixed global signals, the Nifty 50 ended the day at 19,079.60, down 61 points, or 0.32 percent, while the Sensex down 238 points, or 0.37 percent, to 63,874.93. However, mid and small-caps excelled, with the BSE Midcap index rising 0.29 percent and the Smallcap index rising 0.02 percent.
With today’s fall, the Sensex and Nifty 50 both ended October with a 3% loss, marking its worst month since 2023 as rising US interest rates sparked continuous selling by international investors while rising oil prices due to the Israel-Hamas conflict contributed to the selling pressure.
Today’s stock market trading guidance
”On daily charts, the Nifty has formed a bearish candle signaling additional deterioration from the present levels,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
”We believe that the market will consolidate within the range of 18980 to 19220. ”However, traders may want to exit long positions below 18980,” Chouhan warned.
According to Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, the Bank Nifty index saw a trading session in which it opened and hit its high at the same level, signifying a strong negative influence in the market.
”The index’s proven upside barrier is currently around 43,500, and the general trend remains negative unless there is a close breach beyond this level. On the downside, the index has support at 42,400, and a break below this level may enhance selling pressure, perhaps causing the index to fall into the 41,500-41,000 region,” Shah noted.
Cues from Around the World
The US Federal Reserve officials will gather for the next Federal Open Market Committee (FOMC) meeting on Tuesday, with an interest rate decision expected today. The Fed is largely anticipated to keep rates when it meets after the bell on Wednesday, but Chair Jerome Powell’s remarks will be crucial.
”Recent economic statistics from the United States indicate that the US economy is still expanding. The Purchasing Managers’ Index (PMI) has constantly maintained above the critical 50-point level, retail data has outperformed forecasts by 0.7%, and inflation remains at a healthy 3.7%,” stated Jayden Ong, Senior Market Analyst, APAC at Vantage.
”Labor is in high demand, and both GDP and consumer spending figures show favorable trends. As a result, market belief is that the Federal Reserve will retain its current high-interest rate base point in the immediate future,” the analyst noted.
Today’s stocks to watch
Ambuja Cements, Britannia, Hero MotoCorp, Tata Steel, Indraprastha Gas Limited, Sun Pharmaceuticals, Relaxo, KEC, India Cements, and JK Tyre, among others, will release their fiscal 2023-24 (Q2FY24) July-September quarter results today.
Today’s session will also include Larsen & Toubro (L&T), Reliance Power, Tata Consumer Products, and Bharti Airtel since these businesses announced their Q2FY24 post-market hours on Tuesday.
List of F&O Prohibitions
The National Stock Exchange (NSE) has banned GNFC from trading in the futures and options (F&O) sector on Wednesday, November 1. When the stock exchanges place a stock under the F&O ban period, no new positions are permitted for any of the F&O contracts in that stock.
Today’s stocks to trade
Six stocks to purchase today were advised by stock market analysts Ganesh Dongre, Senior Manager – Technical Research at Anand Rathi, Sumeet Bagadia, Executive Director at Choice Broking, Kunal Kamble, Sr. Technical Analyst, Bonanza Portfolio Ltd.
Today’s intraday stocks for Sumeet Bagadia:
1.Tata Consumer Products: Purchase Tata Consumer Products for 900.50 with a stop loss of 876 and a target price of 945.
Tata Consumer Products’ trading pattern now shows multiple bullish technical signs. The stock’s Relative Strength Index (RSI) of 57 indicates that it is in a balanced situation, neither overbought nor oversold, indicating a consistent trend.
Furthermore, the stock has crossed above and closed above its 20-day Exponential Moving Average (EMA), which is frequently regarded as a positive indication. It is also trading above other important moving averages, adding to the positive attitude.
After a time of squeezing, the Bollinger Bands have just expanded, and the price is trading above the Bollinger Bands’ center line. This indicates higher volatility as well as possible rising momentum.
There is a little resistance level around 910, and if the stock can break over it, it may potentially hit 945 levels and beyond, which is also the company’s all-time high.
With a medium-term target price of 945, we recommend buying Tata Consumer Products at the current market price of 900.50. If the price falls below 876, our analysis will be deemed invalid.
2. Central Depository Services Limited (CDSL): Purchase CDSL at 1,455 with a stop loss at 1,420 and a target price of 1,515.
CDSL (Central Depository Services Limited) looks to be gaining strength. Since April, the stock has continuously shown a positive slope, indicating a continued advance. Notably, it experienced repeated resistance above 1430 but has now convincingly broken out above this level, supported by strong trade volumes.
Furthermore, the stock’s present position above its 20, 50, and 200-day Exponential Moving Averages (EMA) highlights the security’s fundamental strength. This combination of positive signs points to a positive prognosis for CDSL in the short future.
The Relative Strength Index (RSI) is now trading at 67, suggesting that the stock is strong. Furthermore, the Average Directional Index (ADX) is at 29, confirming the strength of the underlying trend. As a result, goals of 1515 can be established, with a stop loss of 1420.
Today’s intraday stocks for Ganesh Dongre:
3. HDFC Life Insurance: Purchase DFC Life Insurance at a price of 618 with a stop loss of 605 and a target price of 632.
The company has a bullish reversal pattern in the short term, technically retrenchment might be possible till 632, thus retaining the support level of 605, this stock can rebound toward the 632 level in the short term, so the trader can go long with a stop loss of 605 for a target price of 632.
4. Manyavar (Vedant Fashions): Purchase Maynavar at $1.290 with a stop loss of $1.260 and a target price of $1.330.
The stock has demonstrated a bullish reversal pattern on the short-term chart, thus it is maintaining the support level of 1260. In the short term, this stock may bounce toward the 1330 level, therefore a trader might go long with a stop loss of 1260 and a target price of 1330.
Support – 18800/18850
Resistance levels: 19200/19250
Today’s intraday stocks for Kunal Kamble:
5.Stel Holdings Inc.: Buying range: 230-234 | Target: 283 | Stop Loss: 208
STEL has broken out of a Pennant Pattern on the daily time frame, signaling a favorable trend in the stock. Price trading above both EMAs implies upward strength. The RSI Momentum Indicator is approaching overbought territory, indicating high purchasing interest in the script. Based on the aforesaid technical situation, a long position in STEL with a TP of 283 and an SL of 208 may be constructed.
Datamatics Global Services: Buying range: 675-678; Target: 740 | Stop Loss: 638
Datamatics Global Services has broken out of a downward trendline, signaling a bullish trend. The security has taken the Fast (21) and Slow (50) EMAs as support, and price trading above the EMAs indicates an upward trend.
The Rsi is backing the price action by trading in the upper zone, indicating bullishness. As a result of the preceding Technical setup, a long position in DATAMATICS may be opened with an upside objective of 740 and a stop loss of 638.
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Disclaimer: The opinions and suggestions expressed in this article are solely those of the individual experts. These are not the opinions of Axpert Media. Before making any financial decisions, we recommend that investors consult with competent specialists.
