Day Trading Guide for Today: The Indian stock market closed in a positive zone on Tuesday following strong global cues. The NSE Nifty recorded its best day in the last 5 weeks after closing at 17,274 points, up 386 points from Monday’s close. The BSE Sensex closed 1276 points higher at 58,065 while the Nifty Bank index closed 1080 points higher at 39,110. The forward decline ratio was sharply positive at 4.28:1.
According to Share Market According to experts, as per the concept of change in polarity, Nifty has now respected the crucial lower support of 16,800. As has happened in the past, the current upside bounce from this support (16,800) could indicate the possibility of a permanent upward move in the near term.
Today’s Trading Strategies for the Stock Market
Speaking today on the technical outlook with respect to Nifty, Nagraj Shetty, Technical Research Analyst, HDFC Securities said, “The short-term trend of Nifty has turned bullish after a wide range of movement over the past few sessions. A decisive move above the 17,300 level. In near future Nifty is likely to pull towards the next important resistance level 17,600 and next 18,000 levels. Immediate support for NSE Nifty is placed at 17,150 level.
Unveiling the day trading strategy for the stock market today, Ruchit Jain, Lead Research, 5paisa.com said, “If we look at the international markets, bond yields have cooled and dollar index has moved higher. Pullback occurred. A lot of short positions remained in the system, some of which came to cover. In the near term, our markets are likely to take signals from the international markets.
nifty call put option data
On Nifty Call Put Ratios, Shilpa Raut, Derivatives Lead Analyst at Prabhudas Lilladher said, “Weekly Expiry Options Series Witness PE writers are actively adding their positions at 17000/17200 strikes – over one lakh contracts each in total, 17200PE is the most active strike. Also. CE authors now stand at 17500 CE – again over a million contracts, with PCR_OI being up from 2 in 17200, certainly now a cushion for bulls.”
bank nifty call put option data
Speaking on Bank Nifty Call Put Ratio, Shilpa Raut said, “Bank Nifty option series on a weekly basis shows PE writers aggressively building positions at 39,000 strike – a total of around one lakh contracts and CE writers also 40000 /41000 strikes – in total there are also over a million contracts each. Thus the index for TGT now looks strong, which will hit new highs soon.”
day trading stocks for today
Sharing the intraday stocks for today, stock market experts – Sumeet Bagdia, Executive Director, Choice Broking; Anuj Gupta, Vice President – Research at IIFL Securities and Mehul Kothari, AVP – Technical Research at Anand Rathi – have 6 buy recommendations for today.
Will buy shares of Sumeet Bagdia today
1]Hero MotoCorp: Buy on CMP, Target from 2750 2800, stop loss 2530
2]JSW Steel: Buy on CMP, Target 655 to S660, stop loss 630
Will buy shares of Anuj Gupta today
3]ICICI Bank: Buy on CMP, Target 910, stop loss 838
4]Tata Motors: Buy on CMP, Target 4440, stop loss 377
Mehul Kothari’s stock picks for Wednesday
5]Aarti Industries: Buy On 774, target 815, stop loss 754
6]Buy at: Dhampur Chini 217, target 225, stop loss 210.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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