Day Trading Guide for Thursday: Despite weak global cues and Asian stocks hitting two-year lows, Dalal Street ended a three-day streak and ended in positive territory on Wednesday. The NSE Nifty climbed 140 points to end at 17,123 while the BSE Sensex closed at 57,625, up 478 points. Bank Nifty index climbed 406 points to end at 39,118. However, the volumes on the NSE were much lower than the recent average. The broader market indices lagged behind the Nifty even though the forward decline ratio came down to 0.95:1.
According to Share Market According to experts, a proper positive candle has formed on the daily chart, which is placed next to the long bear candle on Tuesday. Technically, the pattern is indicating a return of the bulls from the support level of 16,900 on the 200-days EMA. This is a positive sign and a permanent move above the 17,250 level can be considered as confirmation of an upside reversal.
Today’s Trading Strategies for the Stock Market
Speaking on the technical outlook of Nifty, Nagraj Shetty, Technical Research Analyst, HDFC Securities said, “Short-term trend of Nifty is range bound with positive bias. The market is now attempting to form a short-term higher bottom formation at 16,950 levels. A permanent move above the hurdle of 17,260 levels could confirm further upside in the near term. Immediate support for NSE Nifty has been placed at 16,950 levels.”
On key levels with respect to Bank Nifty index, Rajesh Bhosale, Technical Analyst, Angel One, said, “Immediate support for Bank Nifty is placed at 38,780, while key support for the index is at 38,500 level. Banking Index immediate support at 39,670.” Is facing hurdles. While its key resistance for Nifty Bank is now at 40,000 mark. Hence, the broad range of Bank Nifty index is between 38,500 to 40,000 levels.”
nifty call put option data
“In Nifty Weekly Expiry Option Series PE writers actively add their positions at 17000PE – around 1.8 lakh contracts in total, CE writers stand at 17200CE and above strikes – over one lakh contracts. CE OI seen in multiple strikes And the PCR_OI being around 2 at 17000, is very positive for bulls, which, if sustained, could again hit zone 17400,” said Shilpa Raut, Derivatives Lead Analyst at Prabhudas Lilladher.
bank nifty call put option data
Shilpa Raut further added, “Bank Nifty options series on a weekly basis shows aggressive creation of positions by PE writers at 38000/38600 strikes – over one lakh contracts each in total. CE writers adding exposure at 40000 strikes – Well in the form of over a million contracts, indicating an immediate trading range between the 38500-39800 zone.”
Today’s trading shares in Indian stock market
Speaking on Intraday Trading Tips, stock market expert – Sumeet Bagdia, Executive Director, Choice Broking; Rajesh Bhosale of Angel One and Anuj Gupta, Vice President, IIFL Securities listed 6 shares to buy today.
Will buy shares of Sumeet Bagdia today
1]Coal India Limited: Buy on CMP, Target from 240 245, stop loss 224
2]State Bank of India or SBI: Buy on CMP, Target 545 to 550, stop loss 525
Will buy shares of Rajesh Bhosle today
3]Buy at: Tata Motors 396.50, target 409, stop loss 390
4]Piramal Enterprises Limited or PEL: Buy here 826, Target 875, stop loss 799
Today’s Intraday Stock of Anuj Gupta
5]Tata Steel: Buy on CMP, Target 105, stop loss 97
6]Titan Company: Buy on CMP, Target 2670, stop loss 2575
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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