Day Trading Guide for Today: Dalal Street closed with a fall in Thursday’s session on weak global cues. The Nifty 50 index closed above the 17,000 level, down 109 points. BSE Sensex closed 390 points lower at 57,235 while Nifty Bank index lost 494 points to close at 38,624 level. The small-cap index outperformed the major indices, even though the forward decline ratio fell to 0.51:1.
According to Share Market According to experts, the Indian equity market is repeatedly testing the support of the 200-days EMA around the 16,900 level and has failed to show any sustainable upside move near the support. At lower levels, 16,800 is acting as a strong support, coinciding with the price area and also supporting an ascending intermediate trend line. Therefore, any downside could be a buy on a downside opportunity.
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Speaking on the technical outlook for NSE Nifty, Nagraj Shetty, Technical Research Analyst, HDFC Securities said, “The underlying trend of Nifty remains volatile and the market is showing no strength to sustain higher levels. There is a possibility of some meaningful upside bounce before 16,800 to 16,750 levels in the next few sessions. Immediate resistance for NSE Nifty is placed at 17,150 levels.”
“Range of 17000-16900, thereafter low of 16750 will be seen as significant support for Nifty in the short term. As long as these supports remain intact, we expect a pullback move in Nifty and any such In case of a pullback, 17260 is followed. “Will expect opening levels till 17425,” said Ruchit Jain, Lead Research at 5paisa.com.
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“In Nifty Weekly Expiry Options Series PE writers are actively adding their positions at 17000PE – a total of about 90K contracts and new additions of over 60K contracts. CE writers also stand at 17000CE levels, followed by 17700/17800 Strike – every thousand contracts over 55. PCR_OI at 17000, being well above 1, is still a very positive sign for the bulls, which if sustained will see a reversal of the trend for higher targets,” Shilpa Raut, Derivatives Lead Analyst at Prabhudas Lilladher said.
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“Nifty Bank Option Series on Weekly basis shows the position of creation of PE writers at 37500 strike – over 40 thousand contracts in total and new additions of 30 thousand contracts. CE writers on different strikes from 39000 to more than 50 thousand contracts Added exposure to the – 42000 zone, indicating a very broad range for the index,” Shilpa Raut said.
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On intraday trading tips, stock market experts — Sumeet Bagdia, Executive Director, Choice Broking; 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]Grasim Industries: Buy on CMP, Target from 1710 1720, stop loss 1650
2]Tata Motors: Buy on CMP, Target from 410 415, stop loss 390
Today’s Intraday Stock of Anuj Gupta
3]Coal India Limited: Buy on CMP, Target 250, stop loss 224
4]Vedanta: Buy on CMP, Target 304, stop loss 284
Will buy shares of Ravi Singh today
5]Eicher Motors: Buy Here 3470, Target 3550, stop loss 3455
6]Adani Enterprises: Buy Here 3225, target 3300, stop loss 3200.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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