Day trading guide for today: 6 stocks to buy or sell on Monday — 14th November | Mint – Mint

Day trading guide for today: On account of strong global cues, positive quarterly numbers from the companies and FIIs turning net buyers, Indian stock market ended in positive territory last week. Nifty 50 index shot up 1.28 per cent and closed at 18,349 whereas Nifty Bank index finished 2.13 per cent higher at 42,137 levels. In the week gone by, FII turned net buyers by 6,330.17 crore whereas DIIs turned net sellers by 2,255.91 crore. 

Indian National Rupee (INR) surged 1.80 per cent against the US dollar and ended at 80.79 levels on Friday last week. IT sector rallied higher on positive cues from the Nasdaq Index while the HDFC twins later took the leadership followed by some positivity in heavyweight Reliance Industries Limited or RIL.

According to stock market experts, a long bull candle was formed on the daily chart with huge unfilled opening upside gap. Nifty has decisively closed above the key hurdle of 18,150 levels and also placed at the edge of moving above another resistance of 18,350 levels (top of 18th Jan 22). This is the positive indication and one may expect further upside in the near term.

Day trading strategy for Monday

Unveiling intraday trading tips for stock market today, Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, “Nifty on the weekly chart formed a reasonable bull candle with long lower shadow. The Nifty decisively crossed above the important resistance of previous top at 18,150 levels as per weekly timeframe chart. Hence, further upside is likely from here and one may expect new all time high above 18,600 levels in the near term. Immediate support for NSE Nifty is placed at 18,150 levels.”

“The equity markets rallied on the inflation data of US which were lower than expectations. This data led to a sharp fall in the Bond Yields and the Dollar Index which resulted to a sharp upside move in the global equities. The global factors provided impetus and the way charts are shaped up, our markets seem to be gearing towards all-time high soon,” said Ruchit Jain, Lead Research at 5paisa.com.

On intraday strategy for Monday, Ruchit Jain of 5paisa.com said,, “The heavyweights have taken the leadership while the Nifty Mid-cap and Small-cap index are still trading below their swing highs. Hence, instead of anticipating reversals in the underperformers, traders should look to ride the trend with the heavyweights or sectors which are participating in this upside move.”

Nifty call put option data

“Nifty weekly expiry option chain witnesses PE writers actively adding their positions of more than a lakh contracts at 18000PE – over a lakh contracts, with CE writers exposure lies at 19000CE – more than a lakh contracts, followed by 18700CE. PCR_OI at 18000 is comfortably above 1, is the cushion for the BULLs going ahead,” said Shilpa Rout, Derivative Lead Analyst at Prabhudas Lilladher.

Bank Nifty call put option data

“Bank Nifty option chain on weekly basis, reflects on PE writers standing tall at 41500 strike, with CE writers adding exposure at 42000/43000/44000 strikes- more than 40 thousand contracts each, which reflects on the limited downside and huge upside for the index,” Shilpa Rout said.

Day trading stocks to buy today

On intraday stocks for today, share market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Rajesh Bhosale, Technical Analyst at Angel One — recommended 6 stocks to buy today.

Sumeet Bagadia’s intraday stocks for today

1] Infosys or INFY: Buy at CMP, target 1610 and 1630, stop loss 1540

2] Reliance Industries Ltd or RIL: Buy at CMP, target 2680 to 2700, stop loss 2590

Anuj Gupta’s stocks to buy today

3] ITC: Buy at CMP, target 375, stop loss 344

4] Wipro: Buy at CMP, target 420, stop loss 384

Rajesh Bhosale’s shares to buy today

5] PVR: Buy at 1145, target 1204, stop loss 1115

6] Manappuram Finance: Buy at CMP, target 117, stop loss 104.70.

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

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