Intraday Trading: Top Stocks Today - 23 May, 2024
Lets delve into the hottest stocks for today with potential buying opportunities, along with those that might be primed for shorting based on technical analysis. Here are the best intraday stocks today on 23 May, 2024
The market sprung into action during the previous session, with the Nifty opening on an upbeat note. Throughout most of the trading day, it navigated within a moderate range of 22485 and 22585. As the session drew to a close, a surge of buying momentum propelled the index over the 22600 threshold, leading to a positive settlement near the day's peak, recording a gain of 0.31 percent.
In comparison to the Nifty 50, the Nifty Midcap 100 index exhibited a more subdued performance, although it still managed a modest gain of 0.19 percent.
Among the various sectors, FMCG and Realty emerged as standout performers, showcasing remarkable resilience. However, the Banking and Metals sectors faced headwinds, resulting in weaker performance throughout the session.
The options market provides insights into market sentiment. Currently, the call side's maximum open interest is concentrated at the 23000 level, while the put side is centered around 22500. Analysis of the option chain indicates a higher volume of put writing compared to call writing, suggesting a generally bullish outlook.
The Volume Weighted Average Price (VWAP) suggests a potential trading range of 22500 to 22670 for the upcoming day. The Max Pain is estimated to be at 22550 spot, with the CE/PE Combined Residual Premium/Pain Value standing at 565.25 Crores.
In the cash market, Foreign Institutional Investors (FIIs) engaged in net selling amounting to 686.04 crore, while Domestic Institutional Investors (DIIs) demonstrated net buying activity totaling 961.91 crore.
Top Stocks to Buy Today:
1) GPPL
Buy GPPL shares in intraday timeframe at CMP Rs. 203.3
2) GMMPFAUDLR
Buy GMMPFAUDLR shares in intraday timeframe at CMP Rs. 1366.5
3) HEG
Buy HEG shares in intraday timeframe at CMP Rs. 2503
4) POWERGRID
Buy POWERGRID shares in intraday timeframe at CMP Rs. 310.2
Top Stocks to Short Today:
1) STARHEALTH
Sell STARHEALTH shares in intraday timeframe at CMP Rs. 550.9
2) ROSSARI
Sell ROSSARI shares in intraday timeframe at CMP Rs. 689.8
3) TRITURBINE
Sell TRITURBINE shares in intraday timeframe at CMP Rs. 586.3
4) JUBLINGREA
Sell JUBLINGREA shares in intraday timeframe at CMP Rs. 519.3
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!