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Business News/ Markets / Stock Markets/  Day trading guide for today: 5 stocks to buy or sell today — 3rd October

Day trading guide for today: After losing on seven straight sessions, Indian stocks finally ended in positive zone on Friday. However, this buying on last session of September 2022 couldn't help Dalal Street to pare the losses it incurred in the last three consecutive weeks. For Nifty 50 index, September was the worst month since June 2022. After end of Friday session, NSE Nifty finished 276 points higher at 17,094 while BSE Sensex surged over 1,000 points and closed at 57,426 levels. Bank Nifty index shot up 984 points and ended at 38,631 levels.

According to stock market experts, a long bull candle was formed on the daily chart, which indicates a formation bullish engulfing pattern. Formation of such pattern after a decent weakness from the highs of 18,000 mark signal a possibility of an important bottom reversal for Nifty around 16,800 levels.

Day trading strategies

Speaking on trade setup for Monday, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty has turned positive. The placement of important support and the overall chart pattern of daily and weekly signal a crucial bottom reversal at 16,747 levels. One may expect follow-through upside move in this week. The next overhead resistances to be watched around 17,200 to 17,300 levels. A sustainable move above this hurdle is likely to open doors for 18,100 mark in the near term."

On Nifty technical outlook, Ruchit Jain, Lead Research at said, "With Friday’s upside move, the Nifty index has formed a ‘Bullish Engulfing’ pattern on the daily charts around its ‘200 EMA’. However, FII’s have turned sellers again in the cash segment and have rolled over their short positions in the index futures segment too which indicates their bearish stance for the October series. Also, as per the Elliott Wave Analysis, this seems to be an impulsive down move which hasn’t completed its five waves yet. Hence, as of now we are readings Friday’s upside move as just a pullback move within a short term downtrend."

The Elliott Wave analyst went on to add, "Our markets are not out of the woods yet and hence could continue to see higher volatility and witness selling pressure at higher levels. The immediate resistances for NSE Nifty will be seen around 17,200 and 17,330-17,380 range, where traders should look to lighten up longs in this upside move. On the other hand, the immediate support for Nifty are placed around 167,50 and 16,500 levels."

Day trading stocks

Sharing intraday stocks for today, stock market experts — Mehul Kothari, AVP — Technical Research at Anand Rathi; Manoj Dalmia, Founder & Director at Proficient Equities and Ravi Singh, Vice President & Head of Research at Share India — recommended 6 stocks to buy or sell today.

Mehul Kothari's stocks to buy today

1] Muthoot Finance: Buy at 1040, target 1080, stop loss 1020

2] BSE: Buy at 605, target 630, stop loss 595

Manoj Dalmia's stock of the day

3] Asian Paints: Buy at 3409, target 3480, stop loss 3392

Ravi Singh's shares to buy today

4] Vedanta: Buy at 270, target 280, stop loss 265

5] HDFC Bank: Buy at 1420, target 1470, stop loss 1400.

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

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Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Updated: 03 Oct 2022, 05:59 AM IST
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