Day Trading Guide for Today: After weak global cues, the Indian stock market fell for the second consecutive session on Thursday. NSE Nifty lost 30 points to close at 18,052 while Sensex lost 69 points to close at 60,836. Bank Nifty, however, provided some support and closed 151 points higher at 41,298. The broader market indices i.e. small-cap and mid-cap ended in the positive, while the forward downside ratio ended at 0.94:1.
According to Share Market According to experts, a small positive candle was formed on the daily chart with a small upper shadow. Technically, this pattern indicates an opportunity to ‘buy on dips’ at higher levels in the market. Though Nifty is placed at the crucial overhead resistance of 18,200, significant reversal pattern or any sharp weakness is missing at higher levels. This could be a demonstration of the resilience of the market near upper resistance.
Today’s Trading Strategies for the Stock Market
On Intraday Trading Tips, Nagraj Shetty, Technical Research Analyst, HDFC Securities said, “The market continued with a positive trend like minor degree higher tops and bottoms and Nifty is currently attempting to build higher bottoms at lower levels. We are looking for choppy movement. Expect it to continue in the next 1 or 2 sessions before showing an upward move from the lower levels. Immediate support for the Nifty 50 index is placed at 17,950 to 17,900 levels.”
Unveiling the intraday trading strategies for Friday’s session, Ruchi Jain, Lead Research, 5paisa.com said, “The short-term trend for our markets is still intact, but if take a look at the US markets, it looks like that NASDAQ index has resumed its downtrend after a pullback move and may even break the recent swing low. If such a scenario happens, global equities may also react negatively and hence “Short term traders should remain cautious on the upcoming global cues,” adding, “Traders are advised to trade with a stock specific approach and go long if the major indices break the above important supports.”
nifty call put option data
On Nifty Call Put Option Ratio, Shilpa Raut, Derivatives Lead Analyst at Prabhudas Lilladher said, “Witness PE writers of Nifty weekly expiry option chain are actively adding to their positions of over one lakh contracts at 18000PE – 80 thousand More contracts and new additions of more than 60 thousand contracts also, which has now become a super strong support for the index. CE authors’ exposure is in 19000 sectors, with PCR_OI at 18000 now well above 1, now much needed There’s a cushion.”
bank nifty call put data
“Bank nifty options series on weekly basis shows the position of creation of more than 40 thousand contracts on various strikes from 40000PE on PE writers, 41500/42000 strike with CE writers- 60 thousand and adding exposure on more than 50 thousand contracts which indicates immediate resistance in the 42000 zones for the index,” said Shilpa Raut.
day trading stocks to buy today
On today’s intraday stocks, stock market experts – Sumeet Bagdia, Executive Director, Choice Broking; Mehul Kothari, AVP – Technical Research at Anand Rathi; Anuj Gupta, Vice President – Research at IIFL Securities and Ravi Singh, Vice President and Head of Research, Share India have 6 buy buy advice today.
Will buy shares of Sumeet Bagdia today
1]Federal Bank: Buy on CMP, Target 145, stop loss 132
2]UPL: Buy on CMP, Target 745 to 750, stop loss 710
Will buy shares of Mehul Kothari today
3]Mahindra Holidays & Resorts or MHRIL: Buy Here 278, target 295, stop loss 269
4]Birlasoft: Buy Here 279, target 289, stop loss 273
Anuj Gupta’s stock today
5]State Bank of India or SBI: Buy on CMP, Target 610, stop loss 565
Ravi Singh’s stock pick for today
6]Aurobindo Pharma: Buy Here 558, target 580, stop loss 554.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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