Day trading guide for today: Despite strong global cues, Indian stock market fell for third straight session on Thursday. Nifty 50 index lost 71 points and closed at 18,127 while BSE Sensex shed 241 points and closed at 60,826 levels. Bank Nifty index went off 209 points and closed at42,408 levels. Broad market indices once again fell more than the Nifty even as advance decline ratio remained low at 0.23:1.
According to stock market experts, Nifty is currently placed at the cluster supports of around 18100 levels, which are ascending trend line and the area of previous swing highs as per the concept of change in polarity, according to weekly timeframe chart. Though Nifty placed at the supports, there is no indication of any sustained buying emerging from the support.
Day trading strategy for Friday
Speaking on intraday trading tips, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term trend of Nifty remains weak. Any slow down in the downside momentum around the support of 18100-18000 levels in the next 1-2 sessions could result in a sharp upside bounce from the lows. There is no sign of any bottom reversal forming around the supports so far. Immediate resistance for NSE Nifty is placed at 18,240 levels.
“The momentum readings on the lower time frame charts have entered the oversold zone and hence a pullback move could be seen in the near term. However, looking at the overall structure the upside could be limited and it could just be a retracement of the recent corrective phase,” said Ruchit Jain, Lead Research at 5paisa.com.
Nifty call put option data
On Nifty call put ratio, Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, “Nifty monthly expiry option chain witnesses PE writers adding their positions of over 50 lakh shares OI at 18000PE, followed by various strikes adding above 45 lakh shares OI from 17000PE till 18200PE strikes. CE writers maximum exposures lies at 19000 strike- each with over 80 lakh shares OI overall, followed by 18500CE – overall 67 lakh shares OI. PCR_OI at 18100 is nearly 3 and 18200 just below 1, which should be monitored for the direction access going ahead.”
Bank Nifty call put option data
“Bank Nifty option chain on weekly basis reflects 42000PE holding the most exposure of 12 lakh shares OI, followed by 42500PE – over 11 lakh shares. CE writers active at 43000 strikes – over 20 lakh shares OI each, which shows the tight trading range for the INDEX going ahead,” said Rout.
Day trading stocks to buy today
Sharing intraday stocks for today, share 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 — recommended 6 stocks to buy today.
Sumeet Bagadia’s intraday stocks for today
1] ICICI Lombard: Buy at CMP, target ₹1275 to ₹1290, stop loss ₹1215
2] Shree Cement: Buy at CMP, target ₹24200 to ₹24500, stop loss ₹23400
Anuj Gupta’s stocks to buy today
3] Axis Bank: Buy at CMP, target ₹965, stop loss ₹888
4] ITC: Buy at CMP, target ₹342, stop loss ₹324
Ganesh Dongre’s shares to buy today
5] HCL Tech: Buy at ₹1040, target ₹1080, stop loss ₹1010
6] ICICI Bank: Buy at ₹892, target ₹915, stop loss ₹875.
Disclaimer: .he 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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