Stocks to buy or sell today: SBI, Havells among top 7 trading ideas for 19 November 2024

Synopsis

The Indian market is expected to trade higher on 19 November 2024, driven by positive global cues, though caution persists with the India VIX above 15. Options data suggests resistance near 24,000 and support near 23,000. Experts have recommended several stocks for short-term trading, including buys on SBI, Havells, Piramal Enterprises, and Dabur, and sells on BPCL and Siemens.

The Indian market is likely to trade higher on Tuesday, following positive global cues.

India VIX trades above 15, indicating caution. The Nifty50 closed 78 points lower at 23,453 on Monday.

Options data continues to signal bearish undertones, with robust call-writing activity suggesting resistance at higher levels.

The 24,000-strike call saw the highest open interest (88.91 lakh contracts), followed by the 23,000-strike put (63.52 lakh contracts).

“The concentration of active positions in the 23,500–23,900 call zone and the 23,100–23,400 put range reinforces resistance at 24,000 and support near 23,000,” said Dhupesh Dhameja, Derivatives Analyst at SAMCO Securities.

“Rising call-writing across the 23,500–24,000 range underscores seller dominance, while diminishing put-writing activity reflects cautious sentiment,” he added.

The put-call ratio (PCR) dipped slightly to 0.71 from 0.73.

“On the technical front, a rebound above 23,650 could signal a potential fake-out, offering a temporary respite. Given the prevailing conditions, a 'sell on the rise' strategy is advisable,” Dhameja recommended.

“If the index struggles to surpass immediate resistance at 24,000, a sustained move above this level would be required to alter the current bearish outlook,” he said.

We have compiled a list of stocks from the F&O basket, along with cash market stocks, from various experts for traders with a short-term trading horizon:

Expert: Ajit Mishra, SVP - Technical Research, Religare Broking Ltd, told ETBureau

Piramal Enterprises: Buy | Target Rs 1,190 | Stop Loss Rs 965

BPCL: Sell | Target Rs 272 | Stop Loss Rs 302

Siemens: Sell | Target Rs 6,250 | Stop Loss Rs 6,870

Expert: Nooresh Merani, independent technical analyst, told ETNow

SBI: Buy | Target Rs 850 | Stop Loss Rs 795

Dabur India: Buy | Target Rs 540 | Stop Loss Rs 495

(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own and do not represent the views of The Economic Times.)

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