Day trading guide for Thursday: 6 stocks to buy or sell today — 8th September
Day trading guide for Thursday: The short term trend of Nifty continues to be range bound at 17,750 to 17,400 levels, believe stock market experts
PremiumDay trading guide for Thursday: Amid range-bound and high volatile trend, Indian stock market finished in red zone on second successive session on Wednesday. Nifty 50 index went down 31 points and closed at 17,624 levels whereas BSE Sensex corrected 168 points to 59,028 mark. Nifty Bank index ended 210 points lower at 39,455 levels. Broader market outperformed Nifty as Mid-cap index rising 0.46 per cent and Small-cap index rising 0.79 per cent on Wednesday.
According to stock market experts, Nifty is placed just below the crucial overhead resistance of significant down trend line around 17,800 levels. The repeated hitting of the said hurdle was seen in the last few weeks. This indicates strength of underlying Nifty at the highs.
Day trading guide for stock market today
Speaking on Nifty technical outlook, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty continues to be range bound at 17,750 to 17,400 levels. Having moved up from near the lower range on Wednesday, there is a possibility of Nifty making an attempt towards upper range and also crucial resistance around 17,800 levels in the coming sessions."
Unveiling day trading strategy, Ruchit Jain, Lead Research at 5paisa.com said, "The stock market breadth has been positive but inspite of that, the Nifty 50 index has been restricted to move higher. This is primarily because of factors such as the Rising Dollar Index, short formations by FIIs in the index futures segment and weak global markets. The index is now trading within the range of 17800-17400 and a breakout beyond the same is required for a directional move. Hence, until we see a breakout on either side, traders are advised to be stock specific and avoid index directional trades. The intraday supports for Nifty for the coming session are placed around 17520 and 17420 while resistances are seen around 17690 and 17760."
Nifty Call Put ratio
On Nifty call put data, Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, "Markets favours the Bulls all the way now, with series likely to see levels 18000 again. Nifty Option chain for the weekly expiry reflects on CE and PE writers aggressively adding over 2 lakhs contracts at 18000CE and 17000PE, with immediate range in between 17500PE -17800CE. CE OI unwinding also seen at various immediate strikes hinting bullish view for the session. PCR OI at 17600 being well nearly 2, continues to show the support for the upside momentum to continue."
"Bank Nifty Future Option chain on PE writers being active at 39000PE/39500PE - with close to a lakh contracts each overall and CE writers adding exposure of over a lakh contracts at various strikes - all the way till 41500CE," Shilpa Rout said.
Day trading stocks
Sharing intraday stocks for today, share market analysts — Sumeet Bagadia, Executive Director at Choice Broking; Mehul Kothari, AVP — Technical Research at Anand Rathi and Rajesh Bhosale, Technical Analyst at Angel One — 6 stocks to buy today.
Sumeet Bagadia's intraday stocks for today
1] Adani Ports: Buy at CMP, target ₹900, stop loss ₹850
2] Sun Pharma: Buy at CMP, target ₹910 to ₹925, stop loss ₹810
Mehul Kothari's stocks to buy today
3] Torrent Power: Buy at 580, target ₹600, stop loss ₹568
4] Computer Age Management Services or CAMS: Buy at ₹2305, target ₹2400, stop loss ₹2250
Rajesh Bhosale's stock picks for Thursday
5] Sumitomo Chemical India: Buy at 497.5, target ₹523, stop loss ₹488
6] Ramco Cements: Buy at ₹772, target ₹804, stop loss ₹753.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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