Day Trading Guide for Wednesday: Bulls continued to beat the bears for the fourth consecutive session on Tuesday on strong global cues. The NSE Nifty closed 133 points higher at 18,070 while the BSE Sensex closed 455 points higher at 60,571. The Nifty Bank index ended 299 points higher at 40,873. Among sectors, metal, bank, capital goods and FMCG indices were the biggest gainers, while oil & gas and realty indices were the biggest losers. The broader market underperformed with mid-cap and small-cap indices rising 0.24 per cent and 0.32 per cent respectively.
According to Share Market According to experts, the market is moving slowly after crossing the resistance of the important down trend line at the level of 17,900. But, the strength of the upside momentum, which is needed for a decisive upside breakout, is missing.
day trading guide for stock market today
Speaking on Nifty Technical Outlook, Nagraj Shetty, Technical Research Analyst, HDFC Securities said, “Short term trend of Nifty remains positive amid range movement. Lack of strength following significant resistance from down trend line. 17,900. The level could be a cause for concern. The next two overhead resistances are to be seen at 18,115 and 18,350 levels. Immediate support for Nifty 50 index has been placed at 17,950 levels.”
“Nifty finally crossed the 18000 mark barrier to register a higher high on the daily chart and continue the momentum. Banking index also continued its bullish momentum and tested around 41000 mark today. However, for several days Broader markets showed signs after. Some profit booking and hence, midcap and small cap stocks underperformed relatively and posted modest gains. Oscillator still indicating positive momentum but readings on lower time frame chart Nifty both in the overbought zone as well,” said Ruchi Jain, Lead Research at 5paisa.com.
nifty call put option data
Speaking on Nifty Call Put Ratio, Shilpa Raut, Derivatives Lead Analyst at Prabhudas Lilladher said, “The Nifty Option Chain CE writers for the week ending reflect on adding more than one lakh contracts at 18500 strike, plus immediate strike as well. Showing unwinding. PE Writers building overall support at 18000PE with over a million contracts and PCR OI around 2 at 18000, playing the bullish sentiment more confidently.”
nifty bank call put option data
“Option chain on PE writers activated at various levels between 40000PE -40800PE, with maximum fresh exposure at 40800PE – over 50 thousand contracts. CE writers added exposure of over a million at 41000 CE, followed by 70 thousand Contracts over 42000CE / 43000CE, thereby indicating strong upside above 41200 zone,” concludes Shilpa Raut.
day trading stocks
While sharing the intraday stocks for today, stock market experts – Sumeet Bagdia, Executive Director, Choice Broking and Mehul Kothari, AVP – Technical Research at Anand Rathi – recommended 4 stocks to buy today.
Sumeet Bagadiya’s stock picks for Wednesday
1]Britannia Industries: Buy on CMP, Target 3850, stop loss 3670
2]HDFC Bank: Buy on CMP, Target from 1535 1550, stop loss 1490
Today’s Intraday Stock of Mehul Kothari
3]Tata Steel: Buy Here 108, target 112, stop loss 105
4]PVR: Buy Here 1910, Target 1970, stop loss 1870.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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