It is fairly difficult to ascertain which Indian stocks to focus on today since these stocks ended the trading session on Tuesday in a negative. This was due to the increase in the dollar index and consistent sell-off by foreign institutional investors (FIIs). NSE Nifty dropped by 157 points closing at 16,058 points.
On the other hand, BSE Nifty lost a huge 508 points and ceased the trading session at the 53,886 mark. Further, the Nifty Bank Index dipped 337 points closing at 35,132 points. The Volatility Index India (VIX) gained by 1% closing at 18.55 points. Also, the performance of the Indian stock market today is confusing. However, experts in the domain have talked about some of the best Indian stocks to focus on for day trading today and also commented on the forthcoming performance of Indian stock market indices.
Chinmay Barve, the Head of Technical and Derivatives Research at Profitmart Securities, commented on the slumping indices, especially, NSE Nifty, and said that:
The aforementioned quote indicates that the Nifty indices are unlikely to surge in the coming days and the risks of it declining are also high. Therefore, there are very few chances of gaining from this kind of stock market performance. This is why curated suggestions from experts quoted by LiveMint, Anuj Gupta, the Vice President of Research at IIFL Securities, and Avinash Gorakshkar, the Head of Research at Profitmart Securities, are presented here.
4 Indian Stocks To Focus Today
According to the aforementioned experts, the Indian stocks to buy today are listed below.
1. Ashok Leyland
Ashok Leyland Limited (NSE: ASHOKLEY), an Indian automotive manufacturer, has its stock listed first according to expert ratings. It is advised to invest in it at the market price and set a target of Rs. 155. However, one should also have an exit plan for it and schedule the stop loss at Rs. 128.
However, the stock did not have a great start in the trading session on Wednesday. The ASHOKLEY stock was down by 0.17% and traded at Rs. 143.15 (losing 0.25 points) at the time of writing. The value of the stock traded for the day was Rs. 29.20 crores. The trade volume of shares stood at 20,30,981.
2. State Bank of India or SBI
The State Bank of India (SBI) (NSE: SBIN), the dominant public sector bank in India, is also topping the list of Indian stocks to focus on intraday trading. It is recommended to invest in it at the market price and set a target of Rs. 520. Further, make sure to have an exit plan for it and schedule the stop loss at Rs. 455.
The stock was in the ‘green’ today, in line with experts’ hopes. The SBIN stock was up by 0.86% and traded at Rs. 489.10 (gaining 4.15 points) at the time of reporting. The total traded value of the stock was Rs. 199.46 crores. The trade volume of shares stood at 40,71,763.
3. Tata Power
The Indian electric provider company, Tata Power (NSE: TATAPOWER), saw its stock dropping today. However, experts still advise buying it at the market price and target at Rs. 233. Also, make sure to devise an exit plan for it and schedule the stop loss at Rs. 216 for the day. The TATAPOWER stock was down by 0.23% and traded at Rs. 221.00 (losing 0.50 points) at the time of writing. The total value traded of the stock was Rs. 114.46 crores. The trade volume of shares stood at 51,56,735.
Last but not least, Havells India Limited (NSE: HAVELLS), made it to the list of Indian stocks to watch today. Experts recommend buying it at the market price and target at Rs. 1,270. Also, make sure to formulate an exit plan for it and schedule the stop loss at Rs. 1,190 for the day.
Today, the HAVELLS stock was the best performer on the list provided to you. It was up by 1.04% and traded at Rs. 1,233.60 (rising by 12.70 points) at the time of writing. The total value traded of the stock was Rs. 114.46 crores. The trade volume of shares stood at 51,56,735.
Check the statistics of the constituents of the list of Indian stocks to focus on intraday trading and try your luck. However, be extremely cautious as the prevalent market conditions are not favourable enough.