Intraday Insights: Stocks to Watch Today - 18 June, 2024

The previous session witnessed a dynamic market trajectory, initially buoyed by positive sentiment. However, selling pressure emerged, causing Nifty to dip below 23350. Nonetheless, robust buying pressure at lower levels propelled an impressive recovery. Throughout the remainder of the session, Nifty exhibited a bullish bias, ultimately closing with a commendable gain of 0.29 percent.

Among the broader indices, Nifty Midcap 100 outperformed the Nifty 50, closing with a significant gain of 1.05 percent. The sectoral landscape presented a mixed picture, with Auto and Consumer Durables emerging as the most resilient, reflecting market strength. Conversely, IT and Media encountered setbacks and exhibited weaker performance during the session.

Options market analysis indicates a notable concentration of open interest at the 24000 Call and 23400 Put. Further examination reveals an elevated volume of put writing relative to call writing, suggesting market optimism.

Technical indicators, including Volume Weighted Average Price (VWAP), suggest a potential trading range for today's session between 23285 and 23540. The Max Pain is identified at 23400 spot, with a significant CE/PE Combined Residual Premium/Pain Value of 458.39 Crores.

Investor sentiment remained positive, as Foreign Institutional Investors (FIIs) emerged as net buyers with an activity totaling 2175.86 crore. Similarly, Domestic Institutional Investors (DIIs) exhibited net buying activity to the tune of 655.76 crore, further reinforcing the optimistic outlook.

Top Stocks to Buy Today:

1) HDFCAMC

Buy HDFCAMC shares in intraday timeframe at CMP Rs. 3929.85

2) DIVISLAB

Buy DIVISLAB shares in intraday timeframe at CMP Rs. 4558.45

3) HOMEFIRST

Buy HOMEFIRST shares in intraday timeframe at CMP Rs. 1067.95

4) LODHA

Buy LODHA shares in intraday timeframe at CMP Rs. 1614.1

Top Stocks to Short Today:

1) APLLTD

Sell APLLTD shares in intraday timeframe at CMP Rs. 895.7

2) CGCL

Sell CGCL shares in intraday timeframe at CMP Rs. 230.83

3) FINPIPE

Sell FINPIPE shares in intraday timeframe at CMP Rs. 330.05

4) RBA

Sell RBA shares in intraday timeframe at CMP Rs. 111.5

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!