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Day trading guide for today: On account of strong global cues and encouraging PMI manufacturing number for November (55.7), Indian stocks ended in green territory for eighth day in a row. NSE Nifty surged 54 points and closed at 18,812 while BSE Sensex shot up 184 points and closed at 63,284 levels. Bank Nifty added 29 points and finished at 43,260 mark. However, broad market indices outperformed key benchmark indices as mid-cap index surged 0.62 per cent while Small-cap index went up 0.63 per cent on Thursday session.

According to stock market experts, a small negative candle was formed at the highs, technically this pattern indicates tiredness in the market at the highs. Though Nifty slowed down its momentum at the new highs, there is no confirmation of any negative reversal pattern unfolding at the highs. Hence, the short-term uptrend remains intact.

Day trading guide for stock market today

Speaking on intraday trading strategies, Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, "The positive chart pattern like higher tops and bottoms is intact on the daily chart and still there is no indication of any higher top reversal pattern forming at the highs. Nifty as per weekly chart has witnessed a sharp upside breakout of crucial resistance at the highs so far. The next upside levels to be watched around 19,000 in the short term and immediate support for NSE Nifty is placed at 18,720 levels."

"Nifty is just a distance away from testing the 19000 mark which would be another milestone to achieve in this rally. However, from a short term perspective, the momentum readings on the lower time frame chart have reached the overbought zone which needs to cool-off. Such overbought situations generally lead to either a time-wise correction or a price-wise corrective phase in the short term. Hence, the risk reward to chase the index at current levels is not very favorable. But the broader markets have recently witnessed buying interest and are now showing some catch up move. Hence, at the current juncture it is better to book profits in the index long positions and focus on stock specific approach where one could get better returns in the near term. The immediate supports for Nifty are placed around 18730 and 18630 while resistance will be seen in the range of 19000-19100," said Ruchit Jain, Lead Research at 5paisa.com.

Nifty call put option data

"Nifty weekly expiry option chain witnesses PE writers actively adding their positions at 18800PE - over 38 lakh shares OI, with fresh additions of more than 30 lakhs shares. CE writers exposure lies at 19000CE - more than 50 lakhs shares OI each and fresh exposure of over 40 lakh shares. PCR_OI at 18800 is close to 1, which is the likely immediate support base for the index," said Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher.

Bank Nifty call put option data

"Bank Nifty option chain on weekly basis, reflects on 43000PE holding above 12 lakh shares OI, with 43500CE adding highest exposure of more than 17 lakh shares OI, followed by 44000CE - over 13 lakh shares OI as well. Thus the data built-up reflects on a tight range in between 42900-43600 zones for the index," Rout said.

Day trading stocks to buy today

On intraday stocks for today, share market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Ravi Singhal, CEO at GCL Securities — recommended 5 stocks to buy or sell today.

Sumeet Bagadia's intraday stocks for today

1] Larsen & Toubro: Buy at CMP, target 2130 to 2150, stop loss 2070

2] Tata Steel: Buy at CMP, target 114 to 116, stop loss 107

Anuj Gupta's stocks to buy today

3] MCX: Buy at CMP, target 1620, stop loss 1555

4] State Bank of India or SBI: Buy at CMP, target 630, stop loss 594

Ravi Singh's stock of the day

5] ICICI Bank: Sell at 940, target 900, stop loss 950.

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 decisions.

ABOUT THE AUTHOR

Asit Manohar

Chief Content Producer at Live Mint Digital Team
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