Day Trading Guide for Stock Market Today: Five Stocks to Buy or Sell on Friday — 24th November
Written by Sanjay Kumar
The Indian stock market experienced mixed trading on Thursday (November 23), with selling pressure in IT and pharma stocks hindering bullish attempts. While Nifty 50 and BSE Sensex closed marginally lower, the Nifty Bank index finished in green territory. The 50-stock index closed 9 points lower at 19,802 levels, and the 30-stock index ended 5 points lower at 66,017. The Bank Nifty index closed 127 points higher at 43,577 levels.
Sector Performance:
Majority of sectors closed in green, with Realty, Oil & Gas, and Metals emerging as the top gainers. Oil marketing stocks gained attention due to a fall in Brent crude prices, while sugar stocks saw fresh buying amid improved domestic demand. Two-wheeler stocks such as Hero Motocorp, Bajaj Auto, and TVS Motor remained in focus due to robust festival season sales growth and positive growth forecasts by rating agencies.
Expert Insights:
Siddhartha Khemka, Head of Retail Research at Motilal Oswal, noted, “Overall market is likely to trade sideways in the near term with stock-specific action in the broader space.”
Technical Analysis:
Nifty 50: Nagaraj Shetti, Technical Research Analyst at HDFC Securities, stated, “A decisive move above 19,900 levels could open doors towards new all-time highs.”
Bank Nifty: Om Mehra, Technical Analyst at SAMCO Securities, mentioned, “Bank Nifty demonstrated strength by breaking above the prior resistance level of 43,500, with an expected trading range of 43,200 to 43,900.”
Option Data Analysis:
Nifty Call Put Option Data: Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities, highlighted major Call open interest at 19,900 and 20,000 strikes, with significant additions at the 19,900 strike.
Bank Nifty Call Put Option Data: Barve noted major Call open interest at 44,000 strike, with additions at 43,600 and 44,200 strikes.
Intraday Stock Recommendations:
Sumeet Bagadia’s Picks:
Hindustan Aeronautics Ltd (HAL):
Buy at ₹2146.25
Target: ₹2285
Stop Loss: ₹2085
REC:
Buy at ₹341.25
Target: ₹362
Stop Loss: ₹330
Ganesh Dongre’s Recommendation:
PI Industries:
Buy at ₹3765
Target: ₹3880
Stop Loss: ₹3700
McDowell-N or United Spirits:
Buy at ₹1060
Target: ₹1100
Stop Loss: ₹1040
Mitesh Karwa’s Insight:
Deepak Nitrite:
Buy at ₹2000 to ₹2206
Target: ₹2280
Stop Loss: ₹2170
Investors are advised to conduct thorough research and consider risk factors before making any trading decisions based on the provided recommendations. Market conditions may change rapidly, and it’s crucial to stay informed.
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