BackDay trading guide for today: 4 stocks to buy or sell today — 17th October
Day trading guide: Bank Nifty is in a tight range of 38,500 to 39,500, say stock market experts
PremiumDay trading guide for today: Following overnight strong sentiments from the US stock market, Dalal Street finished higher on Friday session last week. Nifty 50 index gained 171 points and ended at 17,185, BSE Sensex shot up 684 points and closed at 57,919 levels whereas Nifty Bank surged 681 points and closed at 39,305 mark. Broad market indices underperformed as the focus was on the frontline large-cap stocks. Advance decline ratio however improved to 0.95:1.
According to stock market experts, India's wholesale inflation declined for the fourth consecutive month, aided by softening food and fuel prices. The wholesale price index stood at 10.7 per cent in September 2022 compared to 12.41 per cent in August and 11.80 per cent in September 2021.
Intraday trading strategies for stock market today
On day trading guide for Monday, Deepak Jasani, Head of Retail Research at HDFC Securities said, "Nifty salvaged some of the earlier losses during the week on Friday and closed 0.74% lower. Over a 3 week period, Nifty has formed a higher bottom. Once it breaches 17429, it will also make a higher top. It has remained in the 16748-17429 band for the last three weeks. It has a fair chance to continue with the upward bounce in the coming week. On upside moves 17348-17429 could offer resistance while 17112 and later 16855 could offer support. An upward breach of 17429 could result in broad based and volume led rally in the markets."
On intraday trading tips for Monday, Ruchit Jain, Lead Research at 5paisa.com said, "Nifty defended the ‘200 DEMA’ support and as the US indices were trading around their respective support, market participants were waiting for the global markets' reaction post their inflation data. Nasdaq showed a smart recovery around its 61.8 per cent retracement support of its entire uptrend from the Covid lows to last year’s high. This indicates probability of a pullback move in the near term in the US markets, which could have an impact on global equities as well. The Dollar Index too is showing signs of some consolidation. All these global factors hint at the possibility of a near term bounce in the equity markets and hence, we advise traders to trade with a positive bias till the important supports are intact."
Speaking on Nifty Bank technical outlook, Santosh Meena, Head of Research at Swastika Investmart said, "Bank Nifty is in a tight range of 38500-39500 where it needs to close above 39500 for a major short-covering rally towards 40300. If it slips below the 38500 level, then there will risk of selling pressure toward the 37500-37250 zone."
Nifty call put option data
"Nifty weekly expiry option chain witnesses PE writers actively adding their positions at 17000PE/16000PE- overall 60 thousand contracts each, with 17200PE having maximum fresh additions of over 40 thousand contracts. CE writers standing tall at 17500CE/18000CE levels - overall more than a lakh contracts each, with 17500CE adding highest fresh contracts. PCR_OI at 17200 being just below 1, is crucial now to watch to see if BULLs still are in the game Or it's the BEARs who will take charge yet again," said Shilpa Rout, Derivative Lead Analyst at Prabhudas Lilladher.
Nifty Bank call put option data
Prabhudas Lilladher went on to add, "Bank Nifty option chain on weekly basis, reflects on widely scattered range as PE writers building positions at 37000 strike - overall more than 60 thousand contracts, with CE writers adding up exposures of over a lakh contracts at 42000 strike, thereby hinting on indecisiveness going ahead for the index."
Day trading stocks for today
Speaking on intraday stocks for today, share market experts — Anuj Gupta, Vice President — Research at IIFL Securities and Manoj Dalmia, Founder & Director at Proficient Equities — recommended 4 stocks to buy today.
Anuj Gupta's stocks to buy today
1] Infosys: Buy at CMP, target ₹1510, stop loss ₹1445
2] Sun Pharma: Buy at CMP, target ₹1005, stop loss ₹950
Manoj Dalmia's shares to buy today
3] IndiGo: Buy at ₹1772, target ₹1789, stop loss ₹1763
4] Kotak Mahindra Bank: Buy at ₹1840, target ₹1855, stop loss ₹1834.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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