Day trading guide for today: 5 stocks to buy or sell on Monday — 6th March
3 min read 06 Mar 2023, 05:58 AM ISTDay trading guide: Immediate support for NSE Nifty is placed at 17,450 levels, say experts
PremiumDay trading guide for today: On account of strong global sentiments and bulk deal in Adani group stocks fueling buying interest among FPIs, Indian stock market finished higher on Friday. NSE Nifty surged 272 points and closed at 17,594, BSE Sensex shot up 899 points and ended at 59,808 whereas Bank Nifty index 861 points and finished at 41,251 levels. Broad market indices rose less than the Nifty even as advance decline ratio remained positive at 2.09:1.
According to stock market experts, a long bull candle was formed on the daily chart, which is indicating an upside breakout of the consolidation movement of last few sessions. Friday's upside move seems to have confirmed the lower bottom reversal at 17,255, of the larger negative pattern of lower tops and bottoms. Presently, Nifty is in an attempt of staging upside breakout of the initial hurdle at 17,600 levels and a move above this area could open the next upside resistance of around 17,800 levels in the near term.
Day trading guide for Monday
Speaking on outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "Nifty on the weekly chart formed a reasonable bullish candle with minor lower shadow. Formation of such pattern after the sharp weakness of previous week signal chances of upside bounce for the market ahead. Immediate support for NSE Nifty is placed at 17,450 levels."
Expecting the uptrend to continue on Monday, Ruchit Jain, Lead Research at 5paisa.com said, "Apart from key benchmark indices, the Nifty Midcap100 and the Small cap index have interestingly formed a support base around the previous swing lows and have resumed their positive momentum. All the above factors hints that the price wise corrective phase may be over and the markets has likely started the next leg of upside move."
Nifty call put option data
Speaking on Nifty call put ratio, Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, "Nifty weekly expiry option chain data reflects maximum additions at 17500PE of over 1.79 lakh OI contracts followed by 17400PE/17000PE each adding over 1.4 lakh and 1.37 lakh OI contracts respectively. CE writers stands at 18000CE with over 1.5 lakh OI contracts and then again 17900CE with 1.29 lakh OI contracts. Call unwinding and aggressive PE additions seen at 17500PE/17600CE, PCR_OI at 17500 is 2.47 which stands as a prominent support for the index on immediate basis."
Bank Nifty call put option data
"Bank Nifty weekly expiry option chain witnesses maximum participation at 41000PE of over 1.2 lakh OI contracts followed by 40000PE/40500PE - each with over 90 thousand OI contracts. CE writers are exposure lies at 42000CE of over 90 thousand OI contracts respectively. Bank Nifty's sustained rise above the 40500 level brings conviction for an upside move for the index," said Rout.
"A prudent way to play this Index would be to buy the Bank Nifty futures along with some ITM PE's, such as 41500 PE. Once markets show a bounce of about 200 more points or half a percent in Bank Nifty, look to sell some far OTM calls for this month’s expiry to protect your downside," said Rahul Ghose, Founder & CEO at Hedged.
Day trading stocks to buy today
On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi — recommended 5 stocks to buy today.
Sumeet Bagadia's stocks to buy today
1] Titan Company: Buy at CMP, target ₹2430 to ₹2450, stop loss ₹2360
2] Bharti Airtel: Buy at CMP, target ₹790 to ₹800, stop loss ₹745
Anuj Gupta's stock picks for Monday
3] Tata Motors: Buy at CMP, target ₹440, stop loss ₹414
4] ICICI Bank: Buy at CMP, target ₹990, stop loss ₹953
Ganesh Dongre's stock of the day
5] PI Industries: Buy at ₹3103, target ₹3210, stop loss ₹3040.
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.
