Day trading guide for today: Six buy sell stocks for Monday — May 29

Day trading guide for today: On account of strong buying by FIIs, Indian stock market finished higher on second day in a row on Friday last week. 50-stock index Nifty climbed to five moth high and ended at 18,499 levels whereas 30-stock index BSE Sensex finished 629 points higher at 62,501 levels. Bank Nifty index regained 44,000 levels after logging intraday gain of 336 points on the weekend session. In broad market, small-cap index surged to the tune of 0.49 per cent whereas mid-cap index gained 0.82 per cent.

On outlook for Nifty today, Siddhartha Khemka, Head - Retail Research at Motilal Oswal said, "After consolidating for the last few days, Nifty has managed to surpass the resistance of 18,450 zones. We expect this momentum to continue and Nifty to touch its previous lifetime high in the coming weeks. The index is now just 380 points or 2 per cent away from its lifetime high. With result season nearing its end, the focus will now shift to macro data, US debt negotiations and upcoming central bank policy meetings."

On Nifty put call ratio, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "The Put-Call Ratio (PCR), known as the momentum indicator decreased to 0.97 from 1.22, during the May expiry, indicating call writers’ strength. Traders are advised to be cautious as we head to the June expiry series. 18,200 will continue to act as strong support for Nifty. On the higher side, 18,400 will act as a resistance."

Speaking on outlook for Bank Nifty today, Ashwin Ramani of SAMCO Securities said, "Bank Nifty broke the key level of 43,500 and made an Intraday low of 43,490 before recovering and closing at 43,681. It has formed a hammer candle on the daily chart, indicating buyers’ strength. The resistance for Bank Nifty is placed at 44,000."

What to watch for today

As company results season is nearing its end, a good number of listed companies are going to announce its Q4 results today, which includes Asit C Mehta, BAG Films, Best Agrolife, Choksi Labs, Emami Realty, Exxaro Tiles, Goodyear, Gravity India, Hikal, IRCTC, IPCA Labs, Jamna Auto, Jaypee Infra, KNR Constructions, MTNL, Natco Pharma, NBCC (India), NFL, NHPC, NOCIL, Rail Vikas Nigam Limited or RVNL, Sai Industries, SobhaSurya India and Torrent Power.

Ex-dividend stocks today

Apart from Q4 results today, Dalal Street will keep a focus on three stocks that are going to trade ex-dividend today. Those three dividend stocks are Anand Rathi, MM Forgings and IRB Infra.

Day trading stocks for today

Asked about 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] Pidilite Industries: Shares of the company have been steadily trending upwards, finding strong support at the 200-day moving average around 2500 levels. The upward movement is backed by high trading volumes and a positive crossover in the Relative Strength Index indicating growing buying interest and positive momentum. The stock is now approaching a potential breakout of a falling trendline on the daily chart, further enhancing its bullish prospects. Additionally, the stochastic oscillator has displayed a positive crossover as well.

Based on technical parameters, one can initiate long position at CMP 2586 for the targets price of 2720 with SL of 2520.

2] Reliance Industries Ltd or RIL: Since last 5 days stock was consolidating in a tight range of 2420-2470. The stock has a strong support 2450 levels. We can also witness small resistance near 2510 levels. Once stock maintains a higher level than 2510, it may advance upward and approach the 2600 levels. The RSI indicator is comfortably trading at 65 levels which indicate that the stock has potential to move upwards. On weekly charts the stock has managed to cross prior week’s open levels which makes the stock form a Bullish engulfing pattern on weekly charts indicating strength for further up-move.

Based on the above technical analysis We recommend buying RELIANCE at CMP of 2506.50 with a stop loss of 2450 for targets of 2610.

Anuj Gupta's stocks to buy today

3] State Bank of India or SBI: Initiate momentum by at CMP, target ₹630, stop loss ₹558.

Robust results, profit rose by 83.18% to 16694.51 crore. Technically looking strong on the technical charts, higher top higher bottom formation, breakout seen on the weekly Chart.

4] TVS Motors: Buy around ₹1240 to ₹1250 , SL ₹1195 , Target ₹1350.

Company reported a rise of 49% in profit to 410.27 crore for the quarter ended March 2023. Technically strong stocks with substantial volumes. Trading on life time high levels. Technical chart indicating further strength as Trend is positive.

Ganesh Dongre's stocks to buy today

5] IGL: Buy at ₹480, target ₹495, stop loss ₹470.

The stock has formed bullish candle stick pattern on chart whereas it has formed higher top higher bottom closing on daily chart pattern, which signals strong upside movement in upcoming session.

6] Sun Pharma: Buy at ₹970, target ₹990, stop loss ₹950.

Stock is trading in oversold zone and strong rebound in expected in the scrip.

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.