Day trading guide for Friday: After showing sharp upside move on the previous session, Indian stocks slipped in the weak zone on Thursday following weak global cues. Nifty 50 index lost 216 points and closed at 17,542 levels, BSE Sensex finished 770 points lower at 58,766 whereas Nifty Bank index ended 235 points lower at 39,301 mark. Broad market outperformed as mid-cap and small-cap indices rose 0.57 per cent and 0.48 per cent respectively.
According to stock market experts, after reacting down from the important trend line resistance at 17900 levels in the last month, the Nifty made another attempt towards the hurdle of trend line around 17,800 levels on Tuesday before witnessing another round of selling pressure from the highs on Tuesday.
Day trading guide for stock market today
Speaking on Nifty 50 index outlook, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term trend of Nifty 50 remains range bound with high volatility. There is a possibility of an upside bounce from near the lower support of 17,350 to 17,300 levels in the short term. Immediate resistance for Nifty 50 index is placed at 17,650 levels.”
On Nifty call put data, Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, “Market definitely is on the secret mission to support the BULLs, as it’s getting on a buy on dips way. NIFTY Option chain for the weekly expiry reflects on CE writers aggressively adding over 70 thousand contracts at 18000CE, followed by highest fresh contracts at 18500CE – more than 40 thousand additions. PE writers making their way at 17000PE – with more than 60 thousand contracts overall, hints on the range in between 17000-19000 going forward. PCR OI at 17500 being nearly 2, is creating a fresh support base for the INDEX now.”
“Bank Nifty Future Option chain on PE writers being active at 38000PE – with more than 40 thousand contracts, and CE writers adding their positions all the way up till 42000 strike – with fresh additions of over 25 thousand contracts each, is definitely hinting on the strength to continue now,” Shilpa Rout said.
Day trading stocks
Unveiling intraday stocks for today, stock market experts — Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher and Anuj Gupta, Vice President — Research at IIFL Securities — recommended 4 stocks to buy today.
Vaishali Parekh’s intraday stocks for today
1] Cummins India: Buy around ₹1222, target ₹1255, stop loss ₹1205
2] Gujarat Alkalies: Buy around ₹902, target ₹955, stop loss ₹882
Anuj Gupta’s stock picks for today
3] Federal Bank: Buy at CMP, target ₹132, stop loss ₹108
4] State Bank of India or SBI: Momentum buy at CMP, target ₹565, stop loss ₹505.went off 0.18 per cent, Hong Kong’s Hang Seng crashed 1.79 per cent whereas Chinese Shanghai was trading flat around its Thursday close.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
Download The Mint News App to get Daily Market Updates.