Day trading guide for today: Despite global markets logging modest gains, Indian stock market ended lower on third day in a row. NSE Nifty marginally breached the crucial support of 17,770 and made intraday low of 17,762 but recovered well later and ended 37 points lower at 17,858. 30-stock index BSE Sensex finished 147 points lower at 59,958 whereas Bank Nifty went off 150 points and closed at 42,082 levels. Small-cap index fell less than the Nifty even though the advance decline ratio fell to 0.74:1.
According to stock market experts, the formation of triangle type pattern on the daily chart is intact and Nifty was seen holding on the lower end of triangle at 17,800 levels, with false downside breakout on Thursday. The market is still struggling to sustain the highs and we observe consistent formation of lower swing highs on the daily chart.
Intraday trading strategy for Friday
On intraday trading tips for Friday session, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The upside recovery in the market from the lows could be a cheering factor for bulls to make a comeback. But, Nifty needs to sustain the pull back rally to call this action as a bullish reversal pattern. A sustainable move above 17,950 to 18,000 levels could be a crucial to watch on the higher side. Further weakness below 17,800 to 17,750 is likely to open a possibility of sharp downside breakout in the market.”
Nifty call put option data
On Nifty call put ratio, Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, “Nifty weekly expiry option chain reflects 17900 straddle where PE and CE writers adding their positions of 80 thousand and 95 thousand OI contracts each. PE writers position at 17500 PE with over 50 thousand OI contracts whereas CE writers adding their positions all the way till 19000CE with over 1 lakh OI contracts. PCR_OI at 18000 is 0.28 which is a stiff resistance for index.”
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Bank Nifty call put option data
“Bank Nifty weekly expiry option chain too witnesses aggressive straddle at 42000 each with over 50 thousands OI contracts while PE writers adding their positions down till 41000PE of over 30 thousand OI contracts whereas CE writers position stands still at 42000 followed by 43000CE of nearly 50 thousands OI contracts,” Rout said.
Day trading stocks to buy today
Unveiling intraday stocks for today, share market experts — Sumeet Bagadia, Executive Director at Choice Broking and Ganesh Dongre, Senior Manager – Technical Research at Anand Rathi — recommended 6 stocks to buy today.
Sumeet Bagadia’s stock picks for Friday
1] JK Cement: Buy at CMP, target ₹2975 to ₹3000, stop loss ₹2850
2] MCX: Buy at CMP, target ₹1550 to ₹1575, stop loss ₹1480
Ganesh Dongre’s intraday stocks for today
3] IRCTC: Buy at ₹641, target ₹670, stop loss ₹625
4] Larsen & Toubro or LT: Buy at ₹2161, target ₹2240, stop loss ₹2120.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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