Buy or sell: Sumeet Bagadia recommends buying three stocks during the special trading session on March 2, 2024 | Top Vip News

Why is the Indian stock market open today?

To strengthen the exchanges in case of any unforeseen incident that may affect their operations, the National Stock Exchange (NSE) will conduct a special live trading session today with an intraday shift to a disaster recovery (DR) site. Therefore, the Indian stock market is expected to remain open on Saturday during the special trading session. However, on Saturday only the stock market will be open. Trading in the raw materials market will remain suspended as usual on weekends.

The session will take place in two phases. The first phase will be a 45-minute session starting at 9:15 a.m. The second special live trading session will begin at 11:30 a.m. and conclude at 12:30 p.m.

Intraday trading tips for a special trading session

Revealing intraday trading tips for the NSE special trading session on March 2, 2024, Sumeet Bagadia, CEO of Choice Broking, said the Nifty 50 index crossed the 22,200 mark and rose to a new peak on Friday . The 50-share index rose to a new high after breaking above this psychological level and managed to close on a higher note on Friday. Choice Broking expert said that Nifty today may try to climb towards 22,500 level. Bagadia added that the 50-share index could try to rally towards 22,800 level in the near term.

Stocks to buy today

When asked about intraday stocks for a special session on March 2, 2024, Sumeet Bagadia recommended three stocks to buy or sell for Saturday: JSW Steel, Tata Motors and ONGC.

1) JSW Steel: Buy in $836.20, target $895, stop loss $790.

JSW Steel shares, which are currently trading on $836.20 levels, are showing signs of a positive technical outlook. The stock has recently recovered from support levels around $790, which is also close to the 200-day EMA levels, demonstrating its ability to maintain price stability. Notably, the stock has successfully crossed a minor resistance level in $820, which is close to the 20-day and 50-day exponential moving averages (EMA). This is a positive development as it means a potential change in the trend of the stock.

There is another level of resistance in the vicinity of $845. If the stock manages to maintain a position above this mentioned resistance, it may pave the way for an upward move towards the target level of $895 and beyond. The Relative Strength Index (RSI), a momentum indicator, is currently trading at 57.22 levels. This RSI reading suggests a moderate level of strength for the stock, without being in overbought territory. It implies that there is room for the stock to potentially gain further momentum.

Based on the above analysis, JSW Steel shares can be bought on the CMP of $836.20, You can also add up to $820 for the target $895 levels with an SL of $790.

2) Tata Engines: Buy in $978, target $1060, stop loss $943.

Tata Motors shares are currently trading at an all-time high of $978, showing a consistent pattern of forming new highs and higher lows. This uptrend is supported by significant trading volume, indicating the potential for further bullish movement. The planned price targets are set at $1060, with substantial support seen nearby $943 down.

Furthermore, Tata Motors stock is currently trading above the key exponential moving averages (EMAs), including the 20-day, 50-day, 100-day and 200-day EMAs. This suggests strong bullish momentum, implying the likelihood of sustained bullish price action. The Relative Strength Index (RSI) stands at 73.7, indicating an upward trajectory and confirming an increase in buying momentum.

To manage risk effectively, it is recommended to set a stop-loss (SL) on $943 to protect the investment in the event of an unexpected market reversal. A prudent strategy involves considering buying opportunities on market declines at levels around $959.

In summary, based on technical analysis and prevailing market conditions, Tata Motors stock seems to present a promising buying opportunity for those targeting a $1060 price target. This recommendation is dependent on the implementation of prudent risk management measures.

3) ONGC: Buy in $270.55, target $282, stop loss $261.

ONGC share price, which is currently listed on $270.55 levels, shows a resilient technical stance with a significant rebound from the solid support at $261, closely aligned with its 20-day exponential moving average (EMA). ONGC stock price maintains a positive positioning above its short-term (20-day), medium-term (50-day) and long-term (200-day) EMAs, emphasizing its sustained bullish trend.

The momentum indicator, currently at 59.69 levels, has recovered, indicating renewed strength in ONGC. This favorable technical setup is further corroborated by the stock trading above all crucial moving averages.

Looking ahead, lower resistance is expected near the $275 level. By breaking this level, ONGC is preparing for an upward trajectory, targeting the target price of $282 and beyond. This analysis suggests a positive outlook for ONGC, backed by strong support levels, moving average alignment and momentum indicators, indicating potential bullish momentum in the coming sessions. Investors and traders can consider these technical aspects to make informed decisions.

Based on the above analysis, ONGC shares can be bought on the CMP of $270.55, You can also add up to $266 for the purpose of $282 levels with an SL of $261.

Disclaimer: The opinions and recommendations above are those of individual analysts, experts and brokerage firms, not those of Mint. We advise investors to consult certified experts before making any investment decisions.

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Posted: Mar 2, 2024, 07:04 am IST