Day trading guide for today: 6 stocks to buy or sell on Friday — 18th November | Mint – Mint

Day trading guide for today: After logging gains on two straight sessions, key benchmark indices of the Indian stock market finished lower on Thursday session. NSE Nifty ended 65 points lower at 18,343, BSE Sensex shed 230 points and closed at 61,750 whereas Nifty Bank finished 77 points down at 42,458 levels. Market observers believe that weak global cues were the major reason for Dalal Street snapping its two days winning streak.

According to stock market experts, a small negative candle was formed on the daily chart with a long upper shadow. Technically, this pattern indicates an emergence of minor weakness from the highs amidst a narrow-range movement. Nifty is now placed at the lower end of the range of the last four sessions.

Day trading guide for stock market today

On intraday trading tips, Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, “Positive chart patterns like higher tops and bottoms continued on the daily chart and further consolidation or weakness from here is likely to be a higher bottom of the sequence. At the lows, the Nifty is likely to find support at the 10-day EMA around 18,250 levels and we expect the market to show an upside bounce from the lows in the short term.”

“The consolidation continues for our markets as the index has not been witnessing broader markets support in upside move. The midcap index is trading well below the previous highs while the market breadth is not strong enough to lead any broad market momentum. Although, certain large cap stocks have been leading the indices and hence this recent consolidation in last few days should just be seen as a time-wise correction within an uptrend,” said Ruchit Jain, Lead Research at 5paisa.com.

Unveiling intraday trading strategy for today, Ruchit Jain of 5paisa.com said, “Traders are advised to continue to trade with a positive bias, but be very selective in picking stock specific opportunities and avoid bottom fishing in the underperforming names.”

Nifty call put option data

On Nifty call put ratio, Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, “Nifty series expiry option chain witnesses PE writers actively adding their positions at 18000PE – over 50 lakh shares OI, followed by 18300PE – overall 49 lakh shares. CE writers exposure lies at 19000CE – more than 90 lakhs shares OI, followed by 19500CE. PCR_OI at 18300 is comfortably above 1, is the crucial immediate support zones for the index.” The Prabhudas Lilladher said that market attempts to defend the upside momentum looks promising, though some sideways consolidation may be witnessed over some sessions to come.

Bank Nifty call put option data

“Bank Nifty option chain on weekly basis, reflects on PE writers standing tall at 42000 strike – overall 17 lakh shares OI and fresh exposure of 6 lakh shares OI. CE writers congestion lies at 42500 and 43000 strikes- more than 17 lakh shares each as well, which reflects on a tight range in between 42000-43000 zones on immediate basis,” Shilpa Rout said.

Day trading stocks to buy today

Sharing intraday stocks for today, share market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Manoj Dalmia, Founder & Director at Proficient Equities — recommended six shares to buy today.

Sumeet Bagadia’s intraday stocks for today

1] Tata Consumer Products: Buy at CMP, target 800 and 810, stop loss 772

2] ICICI Bank: Momentum buy at CMP, target 940 to 950, stop loss 900

Anuj Gupta’s day trading stocks

3] Medanta: Buy at CMP, target 480, stop loss 385

4] Bikaji Foods: Buy at CMP, target 365, stop loss 305

Manoj Dalmia’s stocks to buy today

5] Tata Steel: Buy at 106.75, target 107.80, stop loss 106.55

6] Adani Ports: Buy at 897, target 906, stop loss 892.85.

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

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