Day trading is a popular and exciting way of making money in the stock market. It involves buying and selling stocks within the same trading day, taking advantage of price fluctuations and market movements. Day traders aim to make quick profits by capitalizing on the opportunities that arise in the market.
However, day trading is not for everyone. It requires a lot of discipline, patience, risk management, and market knowledge. It also involves a lot of research and analysis, as well as keeping track of the latest news and trends. Day traders need to be alert and agile, as the market can change rapidly and unpredictably.
To help you with your day trading journey, we have compiled a list of nine stocks that you can buy or sell today, based on market experts’ recommendations, stock market updates, and stock market news. These stocks have been selected based on their technical indicators, fundamentals, and recent performance. We have also provided the target price and stop-loss for each stock, as well as the rationale behind the recommendation.
Please note that this is not a definitive or comprehensive list, and you should do your own research and analysis before making any investment decision. Also, remember that day trading is a risky and volatile activity, and you should only invest what you can afford to lose.
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Day trading: Nine stocks to buy or sell today
JSW Steel
Recommendation: Buy
Target price: ₹ 1,050
Stop loss: ₹ 980
Rationale: JSW Steel is one of the leading steel producers in India, with a diversified product portfolio and a strong presence in the domestic and export markets. The company has been benefiting from the recovery in steel demand and prices, as well as its cost reduction and efficiency improvement initiatives.
The company has also been expanding its capacity and product range, as well as investing in new technologies and innovation. The company reported a robust performance in the third quarter of FY 2024, with a 25% year-on-year growth in revenue and a 40% year-on-year growth in net profit. The company also declared an interim dividend of ₹ 6.5 per share. The stock has been in an uptrend since the beginning of the year and has recently broken out of a consolidation phase. The technical indicators suggest that the stock has strong momentum and can continue to rally further.
IndiaMart
Recommendation: Sell
Target price: ₹ 6,500
Stop loss: ₹ 7,200
Rationale: IndiaMart is the largest online B2B marketplace in India, connecting buyers and sellers across various industries and segments. The company has a dominant position in the online B2B space, with a large and diversified customer base, a wide network of suppliers, and a strong brand recall. The company has also been investing in enhancing its platform, technology, and user experience, as well as expanding its offerings and services. However, the company faces stiff competition from other players in the online B2B space, such as Udaan, TradeIndia, and Alibaba.
The company also faces regulatory and legal uncertainties, as well as operational and financial risks. The company reported a mixed performance in the third quarter of FY 2024, with a 15% year-on-year growth in revenue but a 10% year-on-year decline in net profit. The stock has been in a downtrend since the end of January and has recently broken below a support level. The technical indicators suggest that the stock has weak momentum and can continue to fall further.
HDFC Life
Recommendation: Buy
Target price: ₹ 850
Stop loss: ₹ 780
Rationale: HDFC Life is one of the leading life insurance companies in India, with a diversified product portfolio, a strong distribution network, and a loyal customer base. The company has been delivering consistent and profitable growth, driven by its focus on innovation, digitalization, and customer centricity. The company has also been expanding its presence in the underpenetrated segments, such as protection, annuity, and pension.
The company reported a solid performance in the third quarter of FY 2024, with a 20% year-on-year growth in revenue and a 30% year-on-year growth in net profit. The company also declared an interim dividend of ₹ 2.5 per share. The stock has been in an uptrend since the beginning of the year and has recently crossed a resistance level. The technical indicators suggest that the stock has strong momentum and can continue to rise further.
McDowell-N
Recommendation: Sell
Target price: ₹ 500
Stop loss: ₹ 560
Rationale: McDowell-N is the flagship brand of United Spirits, the largest alcoholic beverage company in India. The brand offers a range of premium and popular whisky products, catering to various tastes and preferences. The company has been facing challenges due to the impact of the COVID-19 pandemic, the lockdowns, the restrictions on liquor sales, and the increase in taxes and duties.
The company reported a weak performance in the third quarter of FY 2024, with a 10% year-on-year decline in revenue and a 15% year-on-year decline in net profit. The stock has been in a downtrend since the end of January and has recently broken below a support level. The technical indicators suggest that the stock has weak momentum and can continue to drop further.
Likhitha Infrastructure
Recommendation: Buy
Target price: ₹ 300
Stop loss: ₹ 260
Rationale: Likhitha Infrastructure is a leading oil and gas pipeline infrastructure company in India with a proven track record of executing complex and challenging projects. The company has a strong order book and a diversified client base, including public sector undertakings, private sector companies, and state governments.
The company has also been exploring new opportunities in the renewable energy and water supply sectors. The company reported a strong performance in the third quarter of FY 2024, with a 40% year-on-year growth in revenue and a 50% year-on-year growth in net profit. The stock has been in an uptrend since its listing in October 2020 and has recently crossed a resistance level. The technical indicators suggest that the stock has strong momentum and can continue to climb further.
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Mrs. Bectors Food
Recommendation: Sell
Target price: ₹ 350
Stop loss: ₹ 400
Rationale: Mrs. Bectors Food is a leading food processing company in India, with a presence in the bakery and dairy segments. The company offers a range of products, such as biscuits, breads, cakes, rusks, cheese, butter, and milk. The company has strong brand equity, a wide distribution network, and a loyal customer base.
The company has also been investing in expanding its capacity, product portfolio, and geographical reach. However, the company faces intense competition from other players in the food industry, such as Britannia, Parle, Amul, and Nestle. The company also faces operational and financial risks, such as rising raw material costs, fluctuating demand, and regulatory uncertainties. The company reported a moderate performance in the third quarter of FY 2024, with a 10% year-on-year growth in revenue but a 5% year-on-year decline in net profit. The stock has been in a downtrend since its listing in December 2020 and has recently broken below a support level. The technical indicators suggest that the stock has weak momentum and can continue to slide further.
NIIT
Recommendation: Buy
Target price: ₹ 250
Stop loss: ₹ 220
Rationale: NIIT is a leading skills and talent development company in India, with a presence in the corporate learning, higher education, and school learning segments. The company offers a range of solutions, such as digital learning, content development, learning delivery, learning technology, and learning analytics.
The company has a global footprint, with operations in over 30 countries.
The company has been benefiting from the increasing demand for online learning, reskilling, and upskilling, especially in the wake of the COVID-19 pandemic. The company reported a stellar performance in the third quarter of FY 2024, with a 50% year-on-year growth in revenue and a 100% year-on-year growth in net profit. The stock has been in an uptrend since the beginning of the year and has recently crossed a resistance level. The technical indicators suggest that the stock has strong momentum and can continue to soar further.
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Chambal Fertilizer
Recommendation: Sell
Target price: ₹ 200
Stop loss: ₹ 230
Rationale: Chambal Fertilizer is one of the largest fertilizer manufacturers in India, with a presence in the urea, di-ammonium phosphate, and complex fertilizer segments. The company also has interests in the agri-inputs, agri-services, and agri-solutions segments.
The company has a strong market position, a large production capacity, and a wide distribution network. However, the company faces challenges due to the volatility in fertilizer prices, the dependence on government subsidies, and environmental and social issues. The company reported a subdued performance in the third quarter of FY 2024, with a 5% year-on-year growth in revenue but a 10% year-on-year decline in net profit. The stock has been in a downtrend since the end of January and has recently broken below a support level. The technical indicators suggest that the stock has weak momentum and can continue to fall further.
CDSL
Recommendation: Buy
Target price: ₹ 700
Stop loss: ₹ 620
Rationale: CDSL is the second largest depository in India, providing services such as dematerialization, rematerialization, settlement, custody, and corporate actions. The company has a dominant position in the e-KYC, e-voting, and e-locker segments.
The company has been witnessing robust growth in its business, driven by the increase in the number of demat accounts, the rise in equity market participation, and the adoption of digital platforms. The company reported an impressive performance in the third quarter of FY 2024, with a 35% year-on-year growth in revenue and a 45% year-on-year growth in net profit. The stock has been in an uptrend since the beginning of the year and has recently crossed a resistance level. The technical indicators suggest that the stock has strong momentum and can continue to surge further.
What is the difference between day trading and long-term investing?
Day trading and long-term investing are two different ways of approaching the financial markets. Day trading involves buying and selling securities within the same day, taking advantage of short-term price movements and market volatility. Long-term investing involves buying and holding securities for months or years, expecting them to appreciate in value over time.
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Some of the main differences between day trading and long-term investing are:
- Time horizon: Day traders close all their positions by the end of the trading day, while long-term investors hold their positions for longer periods, sometimes decades.
- Capital requirement: Day traders need to have a minimum amount of capital in their trading account, depending on the market and the broker they trade with. For example, in the U.S., day traders who trade stocks need to have at least $25,000 in their account. Long-term investors can start with a smaller amount of capital, depending on the securities they invest in.
- Costs: Day traders incur more costs than long-term investors, as they make more transactions and pay more commissions, fees, and taxes. Long-term investors pay fewer costs as they make fewer transactions and benefit from lower tax rates on capital gains.
- Risks and returns: Day trading is a risky and challenging activity, as it requires a lot of discipline, patience, risk management, and market knowledge. Day traders can make or lose a lot of money in a short time, depending on the market conditions and their trading skills. Long-term investing is a less stressful and more passive activity, as it requires less monitoring and more patience. Long-term investors can benefit from the historical growth of the markets and the power of compounding, but they also face the risk of market downturns and inflation.
Conclusion
These are the nine stocks that you can buy or sell today, based on market experts’ recommendations, stock market updates, and stock market news. We hope that this day trading guide helps you make informed and profitable decisions in the stock market today. However, please remember that day trading is a risky and volatile activity, and you should do your own research and analysis before making any investment decision. Also, please follow the target price, stop losses for each stock, and exit the trade at the right time.
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FAQs
Q. What is day trading?
Ans. Day trading is a form of trading where you buy and sell stocks within the same day, taking advantage of price fluctuations and market movements. Day traders aim to make quick profits by capitalizing on the opportunities that arise in the market.
Q. What are the benefits of day trading?
Ans. Here’s a rephrased version: “Several advantages accompany day trading, including:”
- You can make money in both rising and falling markets, as you can buy low and sell high, or sell high and buy low.
- You can leverage your capital and use margin to trade with more money than you have in your account and increase your potential returns.
- You can diversify your portfolio and trade in different markets, such as stocks, forex, commodities, or cryptocurrencies.
- You can have more flexibility and control over your trading schedule, as you can trade anytime during the market hours and close all your positions by the end of the day.
Q. What are the risks of day trading?
Ans. Some of the risks of day trading are:
- You can lose money quickly, as the market can change rapidly and unpredictably, and you may face price gaps, slippage, or liquidity issues.
- You can face higher costs as you make more transactions and pay more commissions, fees, and taxes.
- You can face more stress and pressure as you need to monitor the market constantly and make fast and accurate decisions.
- You can face legal and regulatory issues, as you need to comply with the rules and regulations of the market and the broker you trade with, such as the minimum capital requirement, the pattern day trader rule, or the wash sale rule.
Q. How do I start day trading?
Ans. To start day trading, you need to:
- Choose a market and a broker that suit your trading style, goals, and risk appetite.
- Open a trading account and fund it with enough capital to meet the minimum requirement and margin calls.
- Develop a trading plan and a strategy that define your entry and exit points, risk-reward ratio, position size, and stop-loss and take-profit levels.
- Use a trading platform and tools that provide you with real-time data, charts, indicators, and signals to analyze the market and execute your trades.
- Practice and test your trading skills and strategy on a demo account or a simulator before trading with real money.
- Keep a trading journal and record your trades, results, and emotions, and review them regularly to learn from your mistakes and improve your performance.
Q. How do I choose the best stocks for day trading?
Ans. To choose the best stocks for day trading, you need to look for stocks that have:
- High liquidity, which means that they have a high trading volume and a narrow bid-ask spread and allow you to enter and exit your trades easily and quickly.
- High volatility, which means that they have a high price range and movement and offer you more opportunities to make profits.
- Strong trends, which means that they have a clear direction and momentum and follow a consistent pattern or behavior.
- Relevant news means that they are affected by events, announcements, or reports that can create price spikes or breakouts.
Some examples of stocks that meet these criteria are:
- JSW Steel, which is one of the leading steel producers in India, has been benefiting from the recovery in steel demand and prices, as well as its cost reduction and efficiency improvement initiatives.
- IndiaMart, which is the largest online B2B marketplace in India, faces stiff competition from other players in the online B2B space, such as Udaan, TradeIndia, and Alibaba.
- HDFC Life, which is one of the leading life insurance companies in India, has been delivering consistent and profitable growth, driven by its focus on innovation, digitalization, and customer centricity.
- McDowell-N, which is the flagship brand of United Spirits, the largest alcoholic beverage company in India, faces challenges due to the impact of the COVID-19 pandemic, the lockdowns, the restrictions on liquor sales, and the increase in taxes and duties.
- Likhitha Infrastructure, which is a leading oil and gas pipeline infrastructure company in India, has a strong order book and a diversified client base, including public sector undertakings, private sector companies, and state governments.
- Mrs. Bectors Food, which is a leading food processing company in India, faces intense competition from other players in the food industry, such as Britannia, Parle, Amul, and Nestle.
- NIIT, which is a leading skills and talent development company in India, has been benefiting from the increasing demand for online learning, reskilling, and upskilling, especially in the wake of the COVID-19 pandemic.
- Chambal Fertilizer, which is one of the largest fertilizer manufacturers in India, faces challenges due to the volatility in fertilizer prices, the dependence on government subsidies, and environmental and social issues.
- CDSL, which is the second largest depository in India, has been witnessing robust growth in its business, driven by the increase in the number of demat accounts, the rise in equity market participation, and the adoption of digital platforms.
