Day trading guide for today: After a muted session on Friday, both Sensex and Nifty ended with slight gains whereas Bank Nifty index lost 91 points and closed below 43,000 levels. 50-stock index Nifty added 28 points and closed at 18,512 while 30-stock index Sensex ended 20 points higher at 62,293 levels.
According to stock market experts, Nifty on the weekly chart formed a long bull candle with lower shadow. After surpassing the hurdle of 18,100 levels few weeks back, the market has witnessed a decisive upside breakout of another resistance of 18,400 levels in this week and closed higher.
Day trading strategy for stock market today
Speaking on intraday trading strategy, Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, “The underlying trend of Nifty continues to be positive. Having surpassed the crucial upper resistance last week, Nifty is expected to move into new all-time highs (above 18,606 levels) in this week. A sustainable move above 18,600 levels is likely to pull Nifty towards the new milestone of 18,950 levels in the near term (which is 0.786% Fibonacci extension taken from the June 22 bottom, Sept 22 top and Sept 22 higher bottom, as per weekly chart).”
“The large cap stocks from the Banking, IT and the PSU space has contributed largely to this upside move in the last few weeks. The midcap space has seen a relative underperformance of late as the index is still consolidating, but we witnessed a buying interest in the broader markets too towards the end of the week which could be initial signs of a broad market participation,” said Ruchit Jain, Lead Research at 5paisa.com. Jain said that F&O rollover data has been robust with Nifty rollovers at 82 percent while that in Bank Nifty at 88 per cent. The FII’s have rolled most of the long positions as they have started the December series with ‘Long Short Ratio’ at 76 per cent.
Unveiling day trading strategy for Monday session, Ruchit Jain of 5paisa.com said, “Technically, the ‘Higher Top Higher Bottom’ structure continues for the index and until we see the index breaching any important supports, the trend remains intact and hence ‘Buy-on-dip’ approach should be continued.”
Nifty call put option data
“Nifty series expiry option chain witnesses PE writers actively adding their positions at 18400PE/18500PE – over 60 lakh shares OI each, with highest fresh additions of more than 20 lakh shares OI at 18500PE. CE writers exposure lies at 19000CE – more than 70 lakhs shares OI, with also max fresh exposure of over 40 lakhs shares. PCR_OI at 18500 is hovering around 1, which looks interesting to the BULLs, providing comfort for their stay now,” said Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher.
Bank Nifty call put option data
“Bank Nifty option chain on weekly basis, reflects on 43000 straddle being too aggressive – more than 40 lakhs shares on CE side and 30 lakh shares with PE slate. Thus the data built-up reflects on a make or break for the index now, wherein the targets aims at 45000 levels otherwise the fresh buying opportunity comes in at 42000 zones,” Shilpa Rout said.
Day trading stocks to buy today
On intraday stocks for today, share market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Rajesh Bhosale, Technical Analyst at Angel One — recommended 6 stocks to buy today.
Sumeet Bagadia’s intraday stocks for today
1] Divi’s Lab: Buy at CMP, target ₹3450, stop loss ₹3270
2] Eicher Motor: Buy at CMP, target ₹3500 to ₹3550, stop loss ₹3350
Anuj Gupta’s stocks to buy today
3] Wipro: Buy at CMP, target ₹425, stop loss ₹388
4] Punjab National Bank or PNB: Buy at CMP, target ₹63, stop loss ₹47
Rajesh Bhosale’s shares to buy today
5] Birlasoft: Buy around 294, target ₹309, stop loss ₹284
6] Samvardhana Motherson International or MOTHERSON: Buy around ₹73.50, target ₹78, stop loss ₹71.60.
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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