Day trading guide for today: Six stocks to buy or sell on Tuesday — May 30

Day trading guide for today: On account of strong global market sentiments after expectations of rise in US debt ceiling, Indian stock market finsihed higher on Monday. 50-stock index Nifty gained 99 points and closed at 18,598 levels, 30-stock index BSE Sensex surged 344 points and ended at 62,846 mark whereas Bank Nifty climbed to a new peak of 44,483 levels during Monday deals. In broad markets, small-cap index went up 0.30 per cent while mid-cap index added 0.41 per cent during Monday deals.

Day trading guide for stock market today

On outlook for stock Nifty today, Siddhartha Khemka, Head - Retail Research at Motilal Oswal said, "Indian markets are seeing strong momentum driven by banking and other heavyweight stocks. We expect the uptrend in Nifty to continue and expect it to head toward its life-high levels on the back of positive global cues, consistent FIIs buying, and healthy corporate earnings."

Expecting bull trend to continue in Indian stock market today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "The overall sentiment is bullish with both the FII’s and DII’s, being net buyers in the cash segment for all five trading sessions in the previous week. The FPI Long-Short Ratio, a sentiment indicator, has risen from 49.12 to 61.64% in the previous two sessions, indicating that the FPIs now hold more long positions relative to short positions. Both the Indices (Nifty and Bank Nifty) are also trading above the key moving averages of 20, 50, 100 & 200 EMA."

Stocks to watch for today

As company results season is nearing its end, a good number of listed entities are going to declare its Q4 results today. Some major companies that are going to announce its fourth quarter results for the financial year 2022-23 are Adani Ports, Apollo Hospital, Brightcom Group, EID Parry, Indiabulls Real Estate, Liberty Shoes, Mankind Pharma, Mazagon Dock, MMTC, Patanjali Foods, PC Jeweller, Rajesh Exports, Suzlon Energy, V-Guard Industries, Vadilal Dairy and Vipul Organics.

Apart from Q4 results, some dividend stocks will be in focus today as they are going to trade ex-dividend today. Some prominent dividend stocks to watch today are Vedanta, ITC and Rallis India. However, some stocks will be in focus as they are expected to announced interim or final dividend today. Such stocks include Dollar Industries, Unflex, Graphite India and Fiem Industries.

Intraday trading idea for Tuesday

Unveiling day trading strategy for stock market today, Sandeep Gupta, Senior Grp. VP & Head of Dealing & Advisory - Broking & Distribution at Motilal Oswal said, "Bank Nifty has been the biggest outperformer in recent months as good buying interest is seen across financial stocks. The Index made a new all-time high of 44483 mark today, compared to its previous high of 44,151 made in December 2022. Earning momentum continued for Banking stocks as most Banks reported strong results. Apart from further expansion in margins, asset quality too continued to improve. Loan book growth has been healthy across segments."

Motilal Oswal expert went on to add that Bank Nifty is witnessing a strong breakout and could see further momentum from hereon and the Index can now head towards 45000 to 46000 zones in coming sessions.

"Apart from BFSI stocks the investors at large are getting more active on Mid and Small caps where there has been a good momentum built in last few weeks. We are also seeing some buying happening on mid cap IT stocks lately after Nasdaq showed strong recovery in last few months and moving near to its 52 week high levels. Overall the participation on the retail investors are seeing good traction post momentum in broader markets," Sandeep Gupta concluded.

Stock to buy today for short term

“Jindal Steel & Power had seen a strong short build-up in previous 2 week with price decrease of 11.5% and OI increase of 30%. However, the price gained by more than 2% each during last 2 trading sessions but shorts have not covered their positions. The stock closed at 531, above its 200-DEMA (526). As the broader Metals and Mining sector sees buying, Jindal Steel could witness a breakout above the ₹540-545 zone. The immediate target would be ₹590, followed by 52-week high of ₹622,” said Emkay Global.

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 intraday stocks for today

1] Lupin: In the daily chart stock is forming a cup with a handle pattern indicates bullishness in the price action. Once it sustains above ₹808-810 there is decent head for upside movement as well. Stock is trading higher than 20 and 50 daily moving averages. The price is trading above the middle Bollinger band and positive crossover is indicated in RSI and MACD.

Hence, based on the above technical structure one can initiate a long position at CMP ₹805.7 for the target price of ₹848. SL can be kept as ₹778.

2] Blue Star: Buy BLUESTARCO in Cash @ 1471.25 SL 1425 TGT 1560.

BLUESTARCO is been in a strong Up-Trend for the past 4 days has been forming Higher High –Higher Low Formation. Also, we had witnessed stock has made a base near 50 Day EMA on the daily chart, and from that, we had seen a strong bounce back in the stock. Stock is currently trading above all important moving averages. As far as RSI indicator is concerned on a daily chart, it had always given a sharp bounce back from 40 levels and currently trading near 57, with a slope of upside which confirms to the momentum in the script.

Anuj Gupta's buy or sell stocks for today

3] Tata Steel: Buy at CMP, target ₹117, stop loss ₹103

Stock has given trend breakout. After consolidation, demand of steel is expected to increase that may enable fresh breakout.

4] State Bank of India (SBI): Buy at CMP, target ₹630, stop loss ₹570

Stock is looking positive on chart and its is trading above 20 DEMA and has formed higher top higher bottom on chart that signals further upside in the scrip.

Ganesh Dongre's day trading stocks

5] Tata Motors: Buy at ₹522, target ₹535, stop loss ₹512

Tata Motors share is making bullish reversal pattern, RSI and stochastic turning up on daily chart.

6] Biocon: Buy at ₹242, target ₹252, stop loss ₹234

On chart pattern, Biocon shares have made bullish reversal pattern, gap up filled, still Stockestic and ADX on buy side.

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.