Day Trading Guide for Monday: Following strong global cues, Dalal Street A sharp jump was witnessed and ended with strong weekly gains. The NSE Nifty closed at 17,314 with a weekly gain of 1.29 per cent while the BSE Sensex closed at 58,191 with a weekly gain of 1.33 per cent. The Bank Nifty index posted a weekly gain of 1.41 per cent after ending at 39,178 levels. In global markets, Wall Street fell sharply on Friday after solid US job data for September 2022 increased speculation about a US Fed interest rate hike.
According to Share Market According to experts, a small positive candle with upper and lower shadows was formed on the daily chart. Technically, this pattern indicates the formation of a higher wave type candlestick pattern. After declining from the resistance level of 17425 on Thursday, Nifty formed such high wave pattern, indicating minimal downside impact on the market after weakness from the hurdle. Therefore, it is also indicating that the market may retest the above resistance in the near term and eventually break above the resistance.
Today’s Trading Strategies for the Stock Market
Speaking on Nifty technical outlook, Nagraj Shetty, Technical Research Analyst, HDFC Securities said, “The underlying uptrend of Nifty remains intact. The consolidation movement is likely to extend in the early part of next week and the market may eventually see a sharp bounce back from the lows. By next week. A decisive upside breakout from the 17,450 barrier is likely to pull Nifty towards another key resistance of 18,000 to 18,100. Immediate support for NSE Nifty has been placed at 17,200 levels.
“Our markets have seen a pullback move from the ‘200 DEMA’ support and the recent corrective move back 50 per cent from 18100 to 17750. Similarly, the Bank Nifty index also posted its 50 per cent retracement around Thursday’s highs. Now, it will be interesting to see if the index continues to move upwards from the current levels or takes a break. In our sense, the data does not support any significant rally in the near term,” Ruchit Jain , Lead Research said at 5paisa.com.
Ruchit Jain further said that the Nifty 50 index has mainly corrected from the high of 18,100 when the INR (Indian National Rupee) gave a breakout from the resistance of 80 and depreciated sharply. Now though the dollar index has cooled slightly from the highs, the INR has declined further and has crossed well above 82. Also, if we look at the US bond yield and dollar index, a correction from the higher does not give a signal. A trend reversal is yet to come and therefore, one should keep a close eye on these factors.
On Bank Nifty outlook for today, Mehul Kothari, AVP – Technical Research at Anand Rathi said, “Bank Nifty has pulled back exactly 50% of the decline and has an evening star pattern as well. Going forward; a below 38,800 Daily close could pull the index back towards 37,500 mark. On the upside, resistance is placed at 39,600 and above 40,200 level. Nifty Bank index may beat the benchmark in case of further downside or fresh decline.”
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“Nifty Weekly Expiry Options Series reflect on PE writers adding more than 80 thousand contracts at 17000/16500 strike, CE writers exposure is in 17500/18000 sectors – also more than one lakh contracts each. PCR_OI at 17300 just 1, which are again critical areas for decisive action,” said Shilpa Raut, derivatives lead analyst at Prabhudas Lilladher.
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Prabhudas Lilladher Expert further added, “Bank Nifty weekly expiry options series shows PE writers active at 39000 strike – 70 thousand contracts overall, followed by several other strikes at 60 thousand contracts. CE writer 40000/41000 strike resistance – with each holding over 75,000 contracts in total, which again indicates a strong move for the index.”
day trading stocks to buy today
Sharing the intraday stocks for today, stock market expert – Anuj Gupta, Vice President – Research at IIFL Securities; Manoj Dalmiya, Founder & Director, Proficient Equities and Ravi Singh, Vice President and Head of Research at Share India – listed 5 stocks to buy or sell today.
Buying today in Anuj Gupta’s shares
1]Tata Steel: Buy here 100, target 111, stop loss 95
2]Titan Company: Buy Here from 2700 2710, Target 2790, stop loss 2675
Manoj Dalmiya stock today
3]Adani Enterprises: Sell On 3210, target 3188, stop loss 3225
Will buy shares of Ravi Singh today
4]Canara Bank: Buy Here 228, target 236, stop loss 225
5]Buy at: Tata Chemicals 1180, target 1220, stop loss 1160.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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