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Day trading guide for Thursday: After showing weakness from the highs on Tuesday, Nifty slipped into declines amidst a range movement on Wednesday and closed in negative territory. NSE Nifty lost 97 points and closed at 17,718 levels whereas BSE Sensex finished 262 points lower at 59,456. Nifty Bank index ended 264 points south at 41,203 mark.

According to stock market experts, a small negative candle was formed on the daily chart with minor upper and lower shadow. Technically, this pattern indicates a consolidation movement in the market. After a sharp weakness on 15th and 16th September, the market showing small range weakness could signal broader range movement. The market breadth was negative on Wednesday and minor weakness was seen in broad market indices like NSE midcap and small cap segments.

Stock market today: Technical outlook of Nifty, Bank Nifty

"The short term trend of Nifty continues to be choppy. The market is stuck within a broader high low range of 18100-17500 levels and the movement within the said range is expected for the next few sessions. Any decisive move beyond this range could bring acceleration in the momentum on either side," said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

"Bank Nifty is hovering near the 41,000 and 41,700 zone finding resistance near the peak zone and would need a decisive breakout above this crucial levels for further continuation of the trend. At the same time, 40,300 to 40,400 zone is the crucial support zone breaking which can witness further slide on the downside to weaken the near term bias," said Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher.

Nifty call put option data

Speaking on Nifty call put ratio, Shilpa Rout – Derivatives Lead Analyst at Prabhudas Lilladher said, "Nifty Option chain for the weekly expiry reflects on participants divided completely. PE writers adding highest exposure at 17500PE - overall more than a lakh contracts, with PE OI unwinding also seen across all immediate strikes and few OTM strikes as well. CE writers also adding positions aggressively at 18100CE /18200 CE - over 1.3 and 1.4 lakh contracts respectively. PCR_OI at 17700 being nearly 1.5, is crucial to keep on radar for the direction ahead."

Bank Nifty call put option data

"Bank Nifty Future Option chain reflects on PE writers being active at 40000/41000 strikes - overall above 80 thousand contracts each, with PE OI unwinding at many ITM strikes. CE writers continue to be active at 42000/43000 strikes - above a lakh contract each, with definitely hint on more upside movement likely to resume soon," said Shilpa Rout.

Day trading stocks

Unveiling stocks to buy today, stock market experts — Mehul Kothari, AVP — Technical Research at Anand Rathi; Ravi Singh, Vice President & Head of Research at Share India and Anuj Gupta, Vice President — Research at IIFL Securities — listed out 5 intraday stocks for today.

Mehul Kothari's stock of the day

1] Axis Bank: Buy at 807, target 840, stop loss 780

Ravi Singh's shares to buy today

2] Jyothy Labs: Buy at 184, target 192, stop loss 181

3] Hindustan Zinc: Buy at 281, target 288, stop loss 278

Anuj Gupta's stock picks for today

4] Indian Hotels: Buy at CMP, target 345, stop loss 305

5] Renuka Sugar: Buy at CMP, target 70, stop loss 44.

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

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