Day trading guide for stock market today: Six stocks to buy or sell on Monday — 6th November
- Day trading stocks: Market experts have recommended six stocks to buy today — Birlasoft, HAL, RBL Bank, HDFC Life, IITL and Shriram Properties
Day trading guide for stock market today: Despite trading range-bound, Indian stock market ended higher on Friday. Nifty 50 index gained 97 points and ended at 19,230 levels, BSE Sensex shot up 282 points and finished at 64,363 mark while Bank Nifty index went up 301 points and closed at 43,318 levels. In broad market, small-cap index gained 0.94 per cent whereas mid-cap index went up 0.71 per cent.
Day trading guide for stock market today
On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short-term trend of Nifty remains positive, having showed range bound movement near the crucial hurdles, there is a possibility of further consolidation or minor weakness in the short term before surging through the hurdle. Immediate support for Nifty 50 index is placed at 19,150 levels."
On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty formed doji candle for the third consecutive day, indicating indecision looming large over the Index. Both call-and-put writers fought it out at 43,300 Strike throughout the day, keeping the Index sideways. The level of 43,000 on the downside and 43,500 on the upside will be the key levels for Bank Nifty in the coming week. A decisive breakout on either side of the range can provide cues about Bank Nifty’s future direction. Bank Nifty closed 301 points higher at 43,318."
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 19300, 19400 and 19500 strikes with total open interest of 142664, 114414 and 119234 contracts respectively. Major Call open interest addition was seen at 19300 and 19400 strikes which added 74022 and 49402 contracts in open interest respectively," adding, "Major total Put open interest was seen at 19200 and 19100 strikes with total open interest of 108952 and 77604 contracts respectively. Major Put open interest addition was seen at 19200 strike which added 74944 contracts in open interest."
Bank Nifty Call Put Option data
On Nifty Call Put Option data, Chinmay Barve of Profitmart Securities said, "Major total Call open interest was seen at 43400, 43500 and 44000 strikes with total open interest of 114910, 158160 and 157738 contracts respectively. Major Call open interest addition was seen at 43400 and 43800 strikes which added 57287 and 40178 contracts in open interest respectively," adding, "Major total Put open interest was seen at 43300 and 43000 strikes with total open interest of 138478 and 156294 contracts respectively. Major Put open interest addition was seen at 43300 and 43200 strikes which added 112991 and 54242 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] Birlasoft: Buy at ₹587, target ₹608, stop loss ₹579.
Birlasoft share is currently trading at ₹587. After a consolidation phase at the resistance level, the stock broke out of the ₹560 level and formed a hammer candlestick pattern on the daily chart, accompanied by significant trading volume. Additionally, Birlasoft share price is currently trading above critical Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs, highlighting its bullish momentum and suggesting the potential for further upward price movement.
2] Hindustan Aeronautics Ltd or HAL: Buy at ₹1901.75, target ₹2050, stop loss ₹1820.
HAL share price currently stands at ₹1901.75. Following a corrective phase, the stock has displayed a reversal pattern, establishing new higher lows on its daily chart. This reversal is underpinned by substantial trading volume. Immediate support levels for HAL can be found at ₹1820 and ₹1765, with resistance levels at ₹2000 and ₹2050.
Ganesh Dongre's stocks to buy today
3] RBL Bank: Buy at ₹229, target ₹240, stop loss ₹224.
In the short-term trend, the RBL Bank share price has a bullish reversal pattern, technically retrenchment could be possible till ₹240. So, holding the support level of ₹225 this stock can bounce toward the ₹240 level in the short term. Hence, the trader can go long with a stop loss of ₹225 for the target price of ₹240.
4] HDFC Life: Buy at ₹622, target ₹632, stop loss ₹614.
On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of ₹614. This stock can bounce toward the ₹632 level in the short term, so the trader can go long with a stop loss of ₹614 for the target price of ₹632.
Kunal Kamble's buy or sell stocks
5] IITL: Buy at ₹176 to ₹177.20, target ₹233, stop loss ₹149.
On a Daily time, frame IITL has given a breakout of Cup and Handle Pattern on the upside, indicating a positive trend in the stock. Price trading above both the EMA indicates strength on the upside. Momentum Indicator RSI is havering towards the overbought zone which is showing strong buying interest in the script. Based on above technical setup a long position can be created in IITL for a TP of ₹233 with a SL of ₹149.
6] Shriram Properties: Buy at ₹101.50 to ₹102.50, target ₹114, stop loss ₹94.
Shriram Properties share price has given a breakout of symmetric pattern indicating a positive trend. The security has taken support of the Fast (18) and Slow (45) EMA which will act as support, whereas price trading above the EMA’s is indicating upward trend. RSI is supporting the price action with trading at higher zone which indicates bullishness. Hence based on above Technical setup a long position can be created in Shriram Properties share price for an upside target of ₹114 with a SL of ₹94.
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.
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