Day trading guide for stock market today: Six stocks to buy or sell on Friday — 17th November

Day trading guide for today: Following global market cues, Indian stock market continue to trade higher on Thursday. However, profit booking was witnessed on higher levels ahead of the closing bell. Nifty 50 index ended 89 points higher at 19,765 levels, BSE Sensex finished 306 points up at 65,982 mark. However, Nifty Bank index shed 40 points and closed at 44,161 levels. In broad market, small-cap index climbed to a new peak of 39,563.

"Nifty after opening on a flat note, saw some momentum for major part of the day. However due to mixed global cues index witnessed selling pressure at higher levels and closed with modest gains of 90 points (+0.5%) at 19765 levels. Majority of the sectors ended in green with buying seen in beaten down counter like IT. With the conclusion of earning season, focus has now shifted to global as well as domestic cues," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal.

Day trading guide for stock market today

On outlook for Nifty 50 today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "Positive chart pattern like higher tops and bottoms is intact on the daily chart. Having reacted down from the key resistance on Thursday, there is a possibility of some more consolidation or minor weakness for the market in coming sessions. At the lower levels, Nifty is expected to find support around 19,600 to 19,550 levels."

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Speaking on outlook for Bank Nifty today, Om Mehra, Technical Analyst at SAMCO Securities said, "Bank Nifty has remained sideways until dying hours when a sharp selloff pushed the Index to end negatively and below 40 EMA. Crossing the resistance level of 44,600 would be crucial for the next up move. As the Bollinger band is expanding, Index can move with large moves. Fibonacci retrenchment lays next support for Bank Nifty around 43,850 followed by 43,525 levels."

On outlook for stock market today, Siddhartha Khemka of Motilal Oswal said, "We expect positive momentum to continue in the market with sectoral rotation given the healthy macro data and receding global concerns. On economic data points, investors will look for Europe inflation data."

Nifty Call Put Option data

Speaking on Nifty Call Put Option data, Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities said, "Major total Call open interest was seen at 19,900 and 20,000 strikes with total open interest of 1,00,340 and 93,781 contracts respectively. Major Call open interest addition was seen at 19,900 strike which added 73,200 contracts in open interest," adding, "Major total Put open interest was seen at 19,700 and 19,600 strikes with total open interest of 86,553 and 77,526 contracts respectively. Major Put open interest addition was seen at 19,700 strike which added 59,926 contracts in open interest."

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Bank Nifty Call Put Option data

Speaking on Bank Nifty Call Put Option data, Chinmay Barve of Profitmart Securities said, "Major total Call open interest was seen at 44,500 and 44,300 strikes with total open interest of 1,63,077 and 1,38,055 contracts respectively. Major Call open interest addition was seen at 44,400 and 44,300 strikes which added 69,022 and 74,467 contracts in open interest respectively," adding, "Major total Put open interest was seen at 44,000 and 43,700 strikes with total open interest of 1,24,794 and 54,316 contracts respectively. Major Put open interest addition was seen at 44,100 and 43,500 strike which added 33,859 and 39,949 contracts respectively."

Day trading stocks for today

On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Kunal Kamble, Sr. Technical Analyst at Bonanza Portfolio — recommended six stocks to buy or sell today.

Sumeet Bagadia's intraday stocks for today

1] HCL Technologies: Buy at ₹1311, target ₹1410, stop loss ₹1260.

The current trading price of HCL Tech share is ₹1311. The stock has recently broken out of the daily range with a significant increase in trading volume, indicating strong momentum. If the price manages to close above the ₹1324 level, it may have the potential to reach near-term targets of ₹1350 and ₹1410. On the other hand, immediate support levels are situated at ₹1260.

The Relative Strength Index (RSI) currently stands at 66.25 and is trending upward, signaling increasing buying momentum. Furthermore, the Stochastic Relative Strength Index (Stoch RSI) has recently experienced a positive crossover, moving out of the oversold region. These technical indicators, considered together, suggest that HCL Tech share has the potential to reach a target price of ₹1410 in the near future.

2] Escorts: Buy at ₹3186.75, target ₹3340, stop loss ₹3120.

Escorts share price has bounced back from the strong support of ₹3105, which is also close to 50 Day EMA and has given a breakout above a crucial resistance of ₹3175 levels. ESCORTS can climb upwards towards higher levels near to ₹3340 levels as the current breakout is backed by the strong volumes. The fact that the RSI indicator is comfortably trading near 53 levels suggests that the present rebound can continue and that the stock may continue to rise.

With a medium-term goal price of ₹3340 we advise purchasing ESCORTS at the current market price of ₹3186.75. If the price closes below ₹3120, our analysis will be regarded as being invalid.

Ganesh Dongre's stocks to buy today

3] Cyient: Buy at ₹1715, target ₹1755, stop loss ₹1680.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹1755. So, holding the support level of ₹1680 this stock can bounce toward the ₹1755 level in the short term, so the trader can go long with a stop loss of ₹1680 for the target price of ₹1755.

4] Finolex Industries: Buy at ₹203, target ₹210, stop loss ₹197.

On the short-term chart, the stock has shown a bullish reversal pattern. Sso holding the support level of ₹197. This stock can bounce toward the ₹210 level in the short term, so the trader can go long with a stop loss of ₹197 for the target price of ₹210.

Kunal Kamble's buy or sell stocks

5] NTPC: Buy at ₹251 to ₹252.50, target ₹262, stop loss ₹245.

NTPC share price has given a breakout of Rectangle Pattern on a Daily time frame on the upside indicating an uptrend. Price is trading above Slow(50) EMA and Long (100) EMA indicating uptrend. RSI has given a breakout on the upside of falling trend line. DI+ is trading above DI- indicating uptrend and ADX trading above DI- indicates strength in the move. Hence based on above technical setup a long position can be created for a TP of ₹262 with a SL of ₹245.

6] Dabur India: Buy at ₹533 to ₹535, target ₹570, stop loss ₹515.

On a daily time, frame Dabur has taken the support of rising trend line indicating a strong support. The volume during the buy is strong which is indicating that buyers are interested to buy the security at current price.  Price is trading above the Base line and Conversion Line indicating uptrend, whereas RSI is supporting the uptrend. Hence based on above technical setup a long position can be created for a TP of ₹570 with a SL of ₹515.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.