Day trading guide for today: In this truncated trade week, Dalal Street is going to re-open after a one day gap of stock market holiday. On Tuesday, Indian indices snapped seven days winning streak and ended in red territory. NSE Nifty lost 74 points and closed at 17,656, BSE Sensex shed 287 points and ended at 59,543 while Nifty Bank finished 182 points lower at 41,122 levels. Mid-cap index outperformed key benchmark indices after logging 0.45 per cent rise even as the advance decline ratio came in at 0.61:1.
According to stock market experts, Nifty looks set to move higher towards the previous intermediate highs of 18,096 but the index could witness a mild correction in the very near term. It is important that the Nifty can hold above the immediate supports of 17,607 to 17,503 for the uptrend to continue.
Day trading strategies for stock market today
“While the Nifty remains in a short term uptrend and looks set to move higher towards the previous intermediate highs of 18096, it is important that on any mild corrections the index holds above the immediate supports of 17607-17503 for the uptrend to continue,” said Subash Gangadharan, Senior Technical and Derivative Analyst at HDFC Securities.
The HDFC Securities experts went on to add that the Nifty nevertheless remains in a short term uptrend as it has moved above the previous swing highs of 17429 and made higher bottoms over the last few weeks. The Nifty has also closed above a downward sloping trend line that has held down the highs of 2021 and 2022.
Nifty call put option data
Speaking on Nifty call put option ratio, Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, “Nifty weekly expiry option chain witnesses PE writers actively adding their positions at various strikes till 17000/17500 strikes – overall a lakh contracts each and CE writers standing tall at 18000CE levels – over 2 lakh contracts, with high additions of over 30 thousand contracts at various immediate strikes as well. PE OI unwinding seen across immediate strikes and PCR_OI at 17700 being 0.35, is posing a strong resistance now for the index.”
Bank Nifty call put option data
“Bank Nifty option chain on weekly basis, reflects on PE writers building positions at 40000 strike – overall more than a lakh contract, with CE writers adding up equal and fair exposures at 41500-42000 strikes -over a lakh contracts each as well, which reflects on the broad range in between 40000-42000 zones for the Index,” said Shilpa Rout.
Day trading stocks to buy today
Speaking on intraday trading tips, share market experts — Sumeet Bagadia, Executive Director at Choice Broking, Anuj Gupta, Vice President — Research at IIFL Securities and Manoj Dalmia, Founder & Director at Proficient Equities — recommended 5 stocks to buy today.
Sumeet Bagadia’s shares to buy today
1] NTPC: Buy at CMP, target ₹175 to ₹178, stop loss ₹164
2] JSW Steel: Buy at CMP, target ₹660 to ₹680, stop loss ₹620
Anuj Gupta’s stock picks for Thursday
3] ICICI Bank: Buy at CMP, target ₹960, stop loss ₹888
4] MCX: Buy at CMP, target ₹1550, stop loss ₹1455
Manoj Dalmia’s stock of the day
5] IndusInd Bank: Buy at ₹1153, target ₹1164, stop loss ₹1147.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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