Day trading guide for today: Following weak global cues on the Silicon Valley Bank (SVB) crisis and other banking concerns in the US, the Indian stock market failed to hold on to its early gains and finally closed for the third straight session on Monday. The NSE Nifty closed at 17,154, down 258 points, while the BSE Sensex closed at 58,237, down 897 points. The Nifty Bank index closed at 39,564, down 920 points. Broader market indices fell more than Nifty as investors offloaded small and midcap stocks fearing longer duration of fall.
According to stock market experts, a long bear candle with long upper shadow was formed on the daily chart. This indicates a sharp bearish performance in the market. The March 10 opening downside gap has acted as a strong overhead resistance for the Nifty around the 17,530 level. The said downside gap is partially filled.
Day trading guide for stock market today
speaking on the outlook for smelly TODAY, Nagraj Shetty, Technical Research Analyst HDFC “Nifty is witnessing a sharp decline and negative chart patterns like lower tops and bottoms are in store. The current weakness seems to be in line with lower bottom formation, but there is no confirmation of any lower bottom reversal pattern,” said Securities. Still on the low side. The next downside level on Nifty can be seen around 17,000 to 16,800 in the near term. Any upside from here may face strong resistance near 17,300 to 17,350 levels.
nifty call put option data
Speaking on the Nifty Call Put Ratio, Rahul Ghosh, Founder & CEO, Hedged said, “Nifty formed a huge bearish candle on its daily chart today, witnessing selling after breaking its support at 17250. The Nifty index gained Rs. Tried its best around 1 PM. Take support at this level but it quickly dropped. Heavy shorting of calls seen at 17300, 17400 and 17500 levels with highest OI at 17300 CE level. Calls actually sold The total OI is more than double that of put options currently sold. However, it is not advised to immediately initiate vanilla short positions on the index as the risk-reward is not in favor.”
The hedged experts further said that if one still wants to play to the downside, they should initiate a cross-calendar spread on the upside in Nifty with strikes of 17000 and 16900 for April-end and April 6, 2023 respectively .
day trading stocks to buy today
On intraday stocks for today, Stock Market Experts – Sumeet Bagadia, Executive Director, Choice Broking; Anuj Gupta, Vice President – Research at IIFL Securities And Ganesh Dongre, Senior Manager – Technical Research at Anand Rathi – recommends 6 stocks to buy today.
Sumit Bagadia’s shares will be bought today
1]ONGC: Buy at CMP, target from 160 162, Stop Loss 150
2]McDowell: Buy on CMP, Target since 775 780, stop loss 740
Anuj Gupta intraday stock today
3]Federal Bank: Buy on CMP, target 136, stop loss 122
4] Bye Steel: Buy on CMP, Target 115, Stop Loss 102
Ganesh Dongre stocks selected for the day
5]Colgate-Palmolive: Buy on 1505, target 1540 stop loss 1480
6] havells India: buy on 1205, target 1240 stop loss 1180.
Disclaimer: The views and recommendations given 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 Decision.
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