Today's stock market day trading guide: Five stocks to buy or sell on March 14

Current state of the stock market: Wednesday's lower closing price for the Indian stock market was caused by widespread selling across many segments. The Nifty 50 index saw a significant fall in the previous session, closing at 21,997, down 338 points, or 1.51 percent. The Bank Nifty index concluded 301 points lower at 46,981 while the BSE Sensex fell 906 points, or 1.23 percent, to settle at 72,761. However, the small-cap index crashed 5.11 percent, while the mid-cap index plummeted 4.20 percent, indicating that strong selling in the overall market persisted.

A guide to day trading on the stock market today

"The short-term trend of the Nifty 50 index seems to have reversed down," stated Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, regarding the index's future prospects. In the short run, it is anticipated that follow-through losses from here will push the 50-stock index down to 21,500 levels. Today's Nifty immediate resistance is situated at 22,250 levels."

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, provided the following analysis on the Bank Nifty's outlook today: "Some of the frontline private banking stocks still appear to be in the positive bias zone, but the Bank Nifty also eroded its gains to slip below the 47,000 mark due to profit booking."

Data for Nifty Call Put Options

Head of Technical and Derivative Research at Profitmart Securities, Chinmay Barve, discussed the Nifty Call Put Option data, saying, "The major total call open interest was found at 22100, 22200, and 22300 strikes with total open interest of 164688, 178641, and 253451 contracts respectively. One of the significant open interest additions at the strike price of the 22200 call was 164568 contracts. "A major total put open interest was observed at the 21800 and 21700 strikes, with total open interest of 111267 and 153144 contracts, respectively," the statement continued. The 21700 Put strike price showed a significant increase in open interest, adding 81424 contracts.”

 Bank Data for Nifty Call Put Options

"One of the major todal Call open interest was seen at 47500 and 48000 strikes with total open interest of 72163 and 60361 contracts respectively in open interest," stated Chinmay Barve in reference to the Bank Nifty Call Put Option data. 68684 contracts were added to the open interest at the 47000 call strike price, the statement continued. "A significant increase in the total put open interest was observed at the 47000 and 46500 strike, with a total of 77237 and 34988 contracts in open interest." A significant increase in put open interest was observed near the 47000 strike, adding 57304 contracts to the open interest."

1] Today's recommended stocks by Sumeet Bagadia

 ICICI Bank: Purchase at ₹1083.95, aim for ₹1130, and halt loss at ₹1060.

The share price of ICICI Bank has exhibited remarkable tenacity, as evidenced by its recovery from a critical support level situated at ₹1060, which is in close proximity to its 20-Day Exponential Moving Average (EMA). With a current price of ₹1083.95, the stock shows an upward trajectory, which suggests underlying strength. Importantly, the stock's strong position is reinforced by trading above important moving averages.

2] Bajaj Finance: Purchase at 6456, aim for 6770, aim for 6272.

The share of Bajaj Finance, which is presently trading at ₹6456, recently consolidated with excellent volume at the bottom, suggesting a possible reversal and a strong bullish trend. The stock might rise to ₹6770 if there is a breakout over ₹6550, with ₹6650 acting as immediate resistance. Conversely, ₹6272 is an important support level.

In addition, the stock has reversed from the support level following a protracted drop. With the Relative Strength Index (RSI) at 40 right now and trending upward, there may be increasing purchasing momentum. When taken as a whole, these technical indicators suggest that BAJFINANCE could soon hit the ₹6770 goal.