Day trading guide for today: 6 stocks to buy or sell on Tuesday — 28th February

Day trading guide for today: Following weak sentiments on Wall Street and major Asian markets, Dalal Street ended lower for Seventh straight session on Monday. NSE Nifty lost 73 points and closed at 17,392 whereas BSE Sensex corrected 175 points and finished at 59,288 levels. However, buying in banking stocks provided support to the bear-hit Indian stock market as Bank Nifty index ended 397 points higher at 40,307 mark. Broad market indices fell more than Nifty even as the advance decline ratio fell to 0.30:1.

Day trading guide for stock market today

Speaking on outlook for Nifty today, Deepak Jasani, Head of Retail Research at HDFC Securities said, “Nifty has given the first hint of short term reversal on February 27 and we could see a positive close on February 28, unless US markets continue their downside move. Nifty has also taken support from around its 200 DMA of 17,368 levels. It has also filled the upside gap made on October 18, 2022. A high wave type of candle after a fall suggests that a reversal of the current trend could happen soon. Nifty could stay in the 17,299 to 17,517 band for the near term.”

“The Bank Nifty index witnessed a pullback on Monday to relieve the oversold setups and on the daily chart, and it has managed to defend last Thursday’s low of 39,600 where we witnessed formation of a ‘Doji’ candlestick pattern,” said Ruchit Jain, Lead Research at adding, “Considering the weakness in the broader markets and some sectoral indices, we are likely to see some sector rotation where some of the sector would continue to underperform while certain heavyweights could see an upside move to pull indices out of oversold zone. Hence, traders are advised to look for stock specific opportunities for the short term.”

Nifty call put option data

Speaking on Nifty call put ratio, Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, “Nifty weekly expiry option chain reflects maximum addition at 17000PE of over 1.38 lakh OI contracts followed by 17400PE of over 1.30 lakh OI contracts. CE writers maximum participation lies at 17500CE of over 2.25 lakh OI contracts followed by 18500CE of over 2.2 lakh OI contracts while aggressive fresh additions visible at 17400 of over a lakh contracts. PE unwinding visible across various strikes and PCR_OI at 17400 is 0.85 which reflects a weak setup for the index.”

Bank Nifty call put option data

“Bank Nifty weekly expiry option chain witnesses highest OI PE placement at 40000PE of over 1.52 lakh OI contracts followed by 39000PE/ 37000PE – each adding over 80 thousand OI contracts. CE writers position lies at 41000CE of over a lakh contracts followed by 43000CE of over 98 thousand. Aggressive PE additions and CE unwinding at 40000 strike hints index to hold up the level on immediate basis,” Shilpa Rout said.

Day trading stocks to buy today

Asked about intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Rajesh Bhosale, Technical Analyst at Angel One — recommended 6 stocks to buy today.

Sumeet Bagadia’s intraday stocks for today

1] Federal Bank: Buy at CMP, target 132 to 134, stop loss 125

2] Hindustan Aeronautics Ltd or HAL: Buy at CMP, target 2625 to 2650, stop loss 2525

Ganesh Dongre’s stocks to buy today

3] State Bank of India or SBI: Buy at 526, target 545, stop loss 515

4] ICICI Bank: Buy at 850, target 870, stop loss 832

Rajesh Bhosale’s day trading stocks for today

5] Kotak Mahindra Bank: Buy at 1726, target 1771, target 1699

6] Radico Khaitan: Buy at 1177, target 1240, stop loss 1130.

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 taking any investment decisions.

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