Day trading guide for stock market today: Five stocks to buy or sell today — 14th March

Stock market today: On account of broad-based selling across segments, the Indian stock market ended lower on Wednesday. The Nifty 50 index witnessed a sharp correction on the previous session and ended 338 points or 1.51 percent lower at 21,997 level. The BSE Sensex crashed 906 points or 1.23 percent and closed at the 72,761 mark while the Bank Nifty index finished 301 points lower at the 46,981 level. However, sharp selling in the broad market continued as the small-cap index tanked 5.11 percent whereas the mid-cap index nosedived 4.20 percent.

Day trading guide for stock market today

On the outlook for the Nifty 50 index, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, "The short-term trend of the Nifty 50 index seems to have reversed down. Follow-through weakness from here is expected to drag the 50-stock index down to 21,500 levels in the near term. Immediate resistance for Nifty today is placed at 22,250 levels."

On the outlook for the Bank Nifty today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, "The Bank Nifty also eroded its gains to slip below the 47,000 with profit booking witnessed, with some of the frontline private banking stocks still looking in the positive bias zone."

Parekh went on to add that the immediate support for the Sensex/ Nifty today is placed at 72100/21800, while the resistance is seen at 73400/22200. The Bank Nifty would have a daily range of 46,500 to 47,500 levels.

Nifty Call Put Option data

Speaking on the Nifty Call Put Option data, Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities said, "The major total Call open interest was seen at 22100, 22200 and 22300 strikes with total open interest of 164688, 178641 and 253451 contracts respectively. Strike price of 22200 Call saw one of the major open interest addition of 164568 contracts," adding, "One of the major total Put open interests was seen at 21800 and 21700 strikes with total open interest of 111267 and 153144 contracts respectively. Strike price of 21700 Put saw one of the major addition in open interest where it added 81424 contracts."

Bank Nifty Call Put Option data

On the Bank Nifty Call Put Option data, Chinmay Barve said, "One of the major todal Call open interest was seen at 47500 and 48000 strikes with total open interest of 72163 and 60361 contracts respectively in open interest. Strike price of 47000 Call saw addition of 68684 contracts in open interest," adding, "One of the major total Put open interest was seen at 47000 and 46500 strike with total open interest of 77237 and 34988 contracts. One of the major Put open interest addition was seen at 47000 strike which added 57304 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; and Drumil Vithlani, Research Analyst at Bonanza Portfolio — recommended five stocks to buy or sell today.

Sumeet Bagadia's stocks to buy today

1] ICICI Bank: Buy at ₹1083.95, target ₹1130, stop loss ₹1060.

ICICI Bank share price has demonstrated noteworthy resilience, staging a rebound from a pivotal support level at ₹1060, in close proximity to its 20-Day Exponential Moving Average (EMA). The stock, currently trading at ₹1083.95, exhibits a positive trajectory, indicative of underlying strength. Significantly, trading above key moving averages reinforces the stock's robust position.

2] Bajaj Finance: Buy at ₹6456, target ₹6770, target ₹6272.

Bajaj Finance share is currently trading at ₹6456 and has recently consolidated at the bottom with good volume, indicating a potential reversal and a strong bullish trend. A breakout above ₹6550 could propel the stock towards the ₹6770 level, with an immediate resistance at ₹6650. On the flip side, ₹6272 serves as a crucial support level.

Furthermore, after a prolonged correction, the stock has reversed from the support level. The Relative Strength Index (RSI) is currently at 40, on an upward trajectory, suggesting growing buying momentum. Collectively, these technical indicators imply that BAJFINANCE has the potential to reach the ₹6770 target in the near term.

Ganesh Dongre's buy or sell stock

3] State Bank of India or SBI: Buy at ₹744, target ₹776, stop loss ₹725.

In the short-term trend, SBI share price has a bullish reversal pattern, technically retrenchment could be possible till ₹776. So, holding the support level of ₹725 this stock can bounce toward the level ₹776 in the short term. Hence, the trader can go long with a stop loss of ₹725 for the target price of ₹776.

Drumil Vithlani's day trading stocks

4] LT March Future: Sell at ₹3550 to ₹3540, target ₹3350, stop loss ₹3650.

On a daily time, frame near Resistance zone selling pressure is witnessed with volume supporting indicating a negative market. The increase in volume is indicating sellers overpowering the buyers. Todays close has a significant selling pressure forming a negative candle. The RSI is supporting the price action. Hence based on above setup a short position can be made.

5] Hindustan Aeronautics Ltd or HAL: Sell 3048 to ₹3045, target ₹2770, stop loss ₹3287.

HAL continued its downward movement, indicating a short term bearish trend, after the formation of a bearish engulfing pattern. The prices fell below the 6th day's closing price, indicating that sellers outweighed buyers in the market. RSI is supporting the price action. Furthermore, the Average Directional Index (ADX) is showing a decrease in strength in the upward movement, which supports the observed price action.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.