Intraday Trading Radar: Stock Picks for 13 March, 2024

The previous session witnessed a dynamic trading environment, mirroring the market's inherent volatility. The session commenced with a neutral opening, marking a steady start. However, the market soon experienced an abrupt upward surge, propelling the Nifty index beyond the 22400 mark.

Despite this initial momentum, profit-taking emerged swiftly, reversing the Nifty's gains and pulling it below the 22300 level. Throughout the remainder of the session, the Nifty oscillated within a narrow range between 22300 and 22400, ultimately settling with a negligible fluctuation of 0.01 percent.

In contrast to the Nifty 50 index, the Nifty Midcap 100 index exhibited a weaker trend, concluding the session with a significant decline of 1.41 percent.

Sectoral analysis revealed contrasting performances. The IT and Financial Services sectors emerged as beacons of strength, demonstrating resilience and posting notable gains. On the other hand, Realty and PSU Banks encountered headwinds, exhibiting weaker performances throughout the session.

In the options market, the highest open interest for call contracts was observed at the 22500 level, while the put side saw the highest concentration at 22000. The prevailing sentiment, as indicated by the higher put writing compared to call writing, leaned towards a positive outlook.

Technical indicators, such as Volume Weighted Average Price (VWAP), suggest a trading range of 22230 to 22510 for the current session. Max Pain stands at 22400 spot, with a CE/PE Combined Residual Premium/Pain Value of 207.98 Crores.

The cash market witnessed foreign institutional investors (FIIs) assuming a net buying position to the tune of 73.12 crore, while domestic institutional investors (DIIs) also engaged in net buying, totaling 2358.18 crore.

Stocks to Buy Today:

1] BUY MANKIND at ₹2099.15 CMP for intraday timeframe.

2] BUY EPL at ₹189.45 CMP for intraday timeframe.

3] BUY SUNDRMFAST at ₹1047.65 CMP for intraday timeframe.

4] BUY GODREJIND at ₹769.95 CMP for intraday timeframe.

Stocks to Short Today:

1] SELL BSE at ₹2229.95 CMP for intraday timeframe.

2] SELL GLS at ₹743 CMP for intraday timeframe.

3] SELL KNRCON at ₹267 CMP for intraday timeframe.

4] SELL SOBHA at ₹1410.35 CMP for intraday timeframe.

Disclaimer: Remember, the market is a living beast, and even the most informed predictions can be devoured by unforeseen events. While this analysis is based on a thorough rule-based research, the ultimate decision to buy or sell rests with you. Do your own due diligence, consider your risk tolerance, and craft a strategy that aligns with your financial goals. Stratzy provides insights, not guarantees, and cannot be held responsible for any gains or losses incurred in your trading activities. Invest wisely, trade responsibly, and may the market gods favor you!