Day trading guide for today: Indian stock market managed to finish higher on Monday after witnessing high volatility throughout the day. NSE Nifty ended 44 points higher at 17,648 whereas BSE Sensex surged 169 points and closed at 59,500 levels. Bank Nifty index added 42 points and finished at 40,378 mark. Broad market indices ended in the negative even as the advance decline ratio ended at 0.74:1.
Most Asian stock markets fell on Monday as caution kicked in ahead of a Federal Reserve meeting and key economic data this week, while Chinese shares rose sharply as they resumed trade after a week-long holiday. European stocks slipped on Monday with central banks on either side of the Atlantic poised to lift interest rates to their highest levels since the global financial crisis.
Day trading guide for stock market today
Speaking on day trading strategy for Tuesday, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “Occurrence of high volatility in the market (formation of doji) at the lows, placement of crucial support and not showing any sharp weakness post downside breakout of range movement are all pointing towards possible comeback of bulls from the lows. A sustainable move above 17,800 is expected to confirm the trend reversal on the upside. The important event of Union Budget of 1st February is going to set fresh direction for the market in the short term.”
Nagaraj Shetti of HDFC Securities went on to add that Nifty has sustained above the important support of 200day EMA at 17,550 levels in the last two sessions, after violating below it. The said moving average has offered important supports and resistances in the past and that has resulted in a substantial movement on either side.
Expecting a comeback of market bulls, Nagraj Shetti said, “After showing decisive downside breakout of broader range movement of 18200-17800 levels on Friday, the Nifty not showing any sharp follow-through weakness on Monday could be a positive sign for the bulls to make a comeback from the lows.”
Nifty call put option data
Speaking on Nifty call put ratio, Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, “Nifty weekly option chain reflects highest PE writers exposure at 17000PE of over 97 thousand OI contracts followed by 16500PE of over 85 thousand OI contracts. CE writers maximum participation lies at 18000/18200CE each with over 1.8 lakh and 1.2 lakh OI contracts. PCR_OI at 17500 is 2.33 which is an immediate support for the index.”
Bank Nifty call put option data
“weekly expiry option chain witnesses PE writers position at 36500PE with over 63 thousand OI contracts and at 38000/39500PE each with over 50 thousand OI contracts while CE writers positions stands at 42000CE with over 1.4 lakh OI contracts,” said Rout.
Day trading stocks to buy today
Unveiling intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Ganesh Dongre, Senior Manager – Technical Research at Anand Rathi — listed out 6 shares to buy on Tuesday.
Sumeet Bagadia’s stocks to buy today
1] HCL Technologies: Buy at CMP, target ₹1170 and ₹1190, stop loss ₹1105
2] Grasim Industries: Buy at CMP, target ₹1640 and ₹1660, stop loss ₹1560
Anuj Gupta’s intraday stocks for today
3] NTPC: Initiate momentum buy at CMP, target ₹180, stop loss ₹159
4] SBI Cards and Payment Services: Buy at CMP, target ₹760, stop loss ₹688
Ganesh Dongre’s stock picks for Tuesday
5] Indus Towers: Buy at ₹148, target ₹160, stop loss ₹142
6] Oil India Limited or OIL: Buy at ₹238, target ₹245, stop loss ₹232.
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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