Day trading guide for today: 6 stocks to buy or sell on Wednesday — 10th Nov | Mint – Mint

Day trading guide for today: On account of global stocks pausing its rally as investors awaited the results of the closely watched US midterm elections, Indian stock market snapped its three days rally and finished in negative territory on Wednesday session. NSE Nifty fell 45 points and closed at 18,157 whereas BSE Sensex lost 151 points and ended at 61,033 levels. However, Bank Nifty added 96 points and finished at 41,783 levels. Broad market indices fell more than the Nifty even as the advance-decline ratio ended at 0.89:1.

According to stock market experts, a long bear candle was formed on the daily chart at the swing high of 18,296 levels, which indicates an inability of bulls to sustain the highs. After sustaining above the hurdle of around 18,175 levels on Monday, the market failed to sustain above this hurdle on Wednesday and closed below it towards the end.

Stock market today: Day trading strategies for Thursday

On intraday trading tips, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The positive chart pattern like higher tops and bottoms continued on the daily timeframe chart and Wednesday’s swing high of 18,296 could be considered as a new higher top of the sequence. Hence, there is a possibility of further consolidation or minor downward correction in the next 1-2 sessions before showing upside bounce again from the lows. Immediate support for NSE Nifty is placed at 17,950 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 41,500 whereas 41,370 is working as strong support for the banking index. Likewise, it is facing immediate hurdle at 42,000 while 42,130 is strong resistance zone for the index. Intraday traders can assume broader range of Bank Nifty in between 41,370 to 42,130 levels.”

Nifty call put option data

On Nifty call put option ratio, Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, “Markets paused for the session after testing the resistance zones on both the Indices, though Bank Nifty still looks poised for a strong uptrend. Nifty weekly expiry option chain witnesses PE writers actively adding their positions of more than a lakh contracts at 18000PE/18100PE – over a lakh contracts, with CE writers exposure of over 2 lakhs contracts at various immediate strikes. Aggressive fresh additions of more than 90 thousand contracts as well at 18200/18300 strikes. PCR_OI at 18100 still being well above 1, is comfort to the BULLs.”

Bank Nifty call put option data

“Bank Nifty option chain on weekly basis, reflects on PE writers building max fresh positions of more than 60 thousand contracts at 41800PE, with CE writers adding exposure at 42000/42500 strikes- more than a lakh contracts each, which reflects on the potential strength for the Index to see more upside,” said Shilpa Rout.

Day trading stocks to buy today

Unveiling intraday stocks for today, share market experts — Mehul Kothari, AVP — Technical Research at Anand Rathi; Manoj Dalmia, Founder & Director at Proficient Equities and Pravesh Gour, Senior Technical Analyst at Swastika Investmart — recommended 6 stocks to buy today.

Mehul Kothari’s intraday stocks for today

1] Escorts: Buy at 1985, target 2050, stop loss 1945

2] LIC Housing Finance: Buy at 378, target 400, stop loss 370

Manoj Dalmia’s buy or sell stocks

3] Reliance Industries Ltd or RIL: Sell at 2588, target 2575, stop loss 2598

4] ICICI Bank: Buy at 914, target 922, stop loss 912

Pravesh Gour’s shares to buy today

5] Igarashi Motors India: Buy at 434, target 494, stop loss 400

6] CEAT: Buy at 1706, target 1874, stop loss 1590.

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

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