Day trading guide for today: Following positive global cues, key benchmark indices on Dalal Street ended in green territory on Thursday session after hitting the historical highs. NSE Nifty finished 216 points higher at all-time closing high whereas BSE Sensex ended 762 points north at 62,272 levels after hitting record high in the intraday session. Nifty Bank gained 346 points and closed at 43,075 mark after climbing to a new peak. Volumes on the NSE were however subdued while advance decline ratio surged to 1.46:1.
According to stock market experts, overnight positive cues from the US led to this bullishness. They went on to add that positive chart pattern like higher tops and bottoms continued on the daily chart and the recent swing low of 18133 could now be considered as a new higher bottom of the sequence. Further upside move from current levels is likely to pull Nifty towards the new higher top.
Stock market today: Intraday trading strategy for Friday
Speaking on intraday trading tips, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “After the choppy movement, the buying has finally emerged in the market at the highs and the immediate resistance of 18,400 has been taken out on the upside. The Nifty is expected to move above another landmark of 18,606 levels (all time high of Oct 21) and to form a new all time highs in the short term. Immediate support for NSE Nifty is placed at 18,400 levels.”
“The drop in the dollar index and US bond yields following some dovish comments in US Fed minutes boosted sentiment across global markets. The sharp drop in crude oil prices, on the other hand, is serving as a cherry on top for Indian equity markets,” said Santosh Meena, Head of Research at Swastika Investmart.
Unveiling day trading strategy for Friday, Ruchit Jain, Lead Research at 5paisa.com said, ” Until we see a breakout in the mid-cap index, one should continue to focus on stock specific moves in the sectors, which are participating along with the uptrend in the index and avoid the underperforming ones.”
Nifty call put option data
On Nifty call put ratio, Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, “Weekly expiry option for Nifty, witnesses PE writers actively adding their positions at 18300PE / 18400PE – over 60 lakh and 40 lakh shares OI respectively, with fresh additions of more than 45 lakh and 30 lakh shares seen respectively as well. CE writers exposure lies at 18500CE and 19000CE – more than 30 lakhs shares OI, with highest fresh additions at 19000CE – more than 20 lakh shares. PCR_OI at 18400 is above 1, which now confirms for more upside for the INDEX now.”
Bank Nifty call put option data
“Bank Nifty option chain reflects on PE writers standing tall at 43000 strike – overall 15 lakh shares OI and fresh exposure of 13 lakh shares OI. CE writers congestion lies at 43500- more than 10 lakh shares OI, buy aggressive fresh exposure at 45000CE, which hints on a potential 4% and more upside for the INDEX from current levels,” Shilpa Rout said.
Day trading stocks to buy today
On intraday stocks for today, share market experts — Sumeet Bagadia, Executive Director at Choice Broking and Anuj Gupta, Vice President — Research at IIFL Securities — recommended 4 stocks to buy today.
Sumeet Bagadia’s intraday stocks for today
1] Maruti Suzuki: Buy at CMP, target ₹9150 to ₹9200, stop loss ₹8800
2] Tech Mahindra: Buy at ₹1100, stop loss ₹1050
Anuj Gupta’s stocks to buy today
3] IOCL or Indian Oil Corporation Ltd: Buy at CMP, target ₹80, stop loss ₹69
4] Union Bank: Buy at CMP, target ₹90, stop loss ₹72.
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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