Day trading guide for Thursday: 6 stocks to buy or sell today — 13th October | Mint – Mint

Day trading guide for Thursday: Despite weak global cues and Asian stocks hitting two-year lows, Dalal Street snapped three days losing streak and finished in positive territory on Wednesday. NSE Nifty shot up 140 points and ended at 17,123 whereas BSE Sensex gained 478 points and closed at 57,625 levels. Bank Nifty index surged 406 points and finished at 39,118 levels. However, volumes on the NSE were very subdued compared to the recent average. Broad market indices lagged the Nifty even as the advance decline ratio came in at 0.95:1.

According to stock market experts, a reasonable positive candle was formed on the daily chart, that has placed beside the long bear candle of Tuesday. Technically, this pattern indicates a comeback of bulls from the support of 200day EMA around 16,900 levels. This is a positive indication and a sustainable move above the hurdle of 17,250 levels could be considered as a confirmation of upside reversal.

Day trading strategies for stock market today

Speaking on technical outlook of Nifty, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short-term trend of Nifty is range bound with positive bias. The market is now making an attempt to form a short-term higher bottom formation around 16,950 levels. A sustainable move above the hurdle of 17,260 levels could confirm more upside for the near term. Immediate support for NSE Nifty is placed at 16,950 levels.”

On pivot levels in regard to Bank Nifty index, Rajesh Bhosale, Technical Analyst at Angel One said, “Immediate support for Bank Nifty is placed at 38,780 whereas major support for the index lies at 38,500 levels. The banking index is facing immediate hurdle at 39,670 while it major resistance for Nifty Bank is now placed at 40,000 mark. So, broader range of Bank Nifty index lies in between 38,500 to 40,000 levels.”

Nifty call put option data

“Nifty weekly expiry option chain witnesses PE writers actively adding their positions at 17000PE- overall nearly 1.8 lakh contracts, with CE writers standing tall at 17200CE and above strikes – more than a lakh contracts. CE OI unwinding seen across many strikes and PCR_OI at 17000 being nearly 2, is very positive for the bulls, which if sustains then can do 17400 zones again,” said Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher.

Bank Nifty call put option data

Shilpa Rout went on to add, “Bank Nifty option chain on weekly basis, reflects on PE writers building positions aggressively at 38000/38600 strikes – overall more than a lakh contracts each. CE writers adding up exposures at40000 strike – over a lakh contracts as well, which hints on the on the immediate trading range in between 38500-39800 zones.”

Day trading stocks in Indian stock market today

Speaking on intraday trading tips, share market experts — Sumeet Bagadia, Executive Director at Choice Broking; Rajesh Bhosale of Angel One and Anuj Gupta, Vice President — Research at IIFL Securities — listed out 6 shares to buy today.

Sumeet Bagadia’s stocks to buy today

1] Coal India Limited: Buy at CMP, target 240 to 245, stop loss 224

2] State Bank of India or SBI: Buy at CMP, target 545 to 550, stop loss 525

Rajesh Bhosale’s shares to buy today

3] Tata Motors: Buy at 396.50, target 409, stop loss 390

4] Piramal Enterprises Ltd or PEL: Buy at 826, target 875, stop loss 799

Anuj Gupta’s intraday stocks for today

5] Tata Steel: Buy at CMP, target 105, stop loss 97

6] Titan Company: Buy at CMP, target 2670, stop loss 2575.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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