Home / Markets / Stock Markets /  Day trading guide for today: 6 stocks to buy or sell on Friday — 21st October

Day trading guide for today: On account of last hour recovery, Indian stock market ended in green territory on fifth straight session on Thursday. NSE Nifty gained 51 points and closed at 17,563 whereas BSE Sensex surged 95 points and finished at 59,202 levels. However, Nifty Bank index shed 273 points and closed at 40,099 mark. Broad market indices underperformed even as the advance decline ratio closed at 1:1.

According to stock market experts, Nifty 50 index is near strong resistances, which coincide with a downward sloping trend line that has held down the highs of 2021 and 2022. The index needs to convincingly cross these resistances for the uptrend to continue which could take the Nifty towards the previous intermediate highs of 18,096.

Day trading strategies for stock market today

Speaking on intraday trading tips, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "Technically, while the Nifty has moved up further after bouncing back from supports last week, the index is trading near strong resistances and needs to clear them to move higher. Upside momentum will pick up if the Nifty can cross the immediate resistance of 17,608."

"The currency depreciation is usually considered as negative for the equity markets but even when the INR has surpassed 83 mark, the Nifty has not formed a new low and in fact is trading at much higher levels than the previous swing lows. This is seen as a positive divergence which implies buying interest in the equity segment by market participants. Also, the global markets are expected to either consolidate or see a pullback move in the near term which should support our markets as well. FIIs have covered some of their short positions in last few days which can be seen from their ‘Long Short Ratio’ which has improved from 15 percent to around 30 percent now," said Ruchit Jain, Lead Research at 5paisa.com.

Unveiling intraday trading strategy, Nagraj Shetti of HDFC Securities said, "We recommend a stock specific approach and suggest buying stocks from sectors that are showing relative strength."

Nifty call put option data

"Nifty weekly expiry option chain witnesses PE writers actively adding their positions at various strikes till 17400/17500 strikes - maximum fresh contracts of over 45 thousand each and CE writers standing tall at 18000CE levels - over a lakh contracts, with highest fresh additions of over 30 thousand contracts. PCR_OI at 17500 being just below 1, is crucial to watch to understand the direction going ahead," said Shilpa Rout, Derivative Lead Analyst at Prabhudas Lilladher.

Bank Nifty call put option data

"Bank Nifty option chain on weekly basis, reflects on PE writers building positions at 39000 strike - overall more than 65 thousand contracts, with CE writers adding up equal and fair exposures at 41000-42000 strikes -over 60 thousand contracts each as well, which reflects on the broad range in between 39000-42000 zones for the Index," Shilpa Rout said.

Day trading stocks to buy today

Unveiling intraday stocks for today, share market experts — Sumeet Bagadia, Executive Director at Choice Broking, Anuj Gupta, Vice President — Research at IIFL Securities, Manoj Dalmia, Founder & Director, Proficient Equities and Ravi Singh, Vice President & Head of Research at Share India — recommended 6 stocks to buy today.

Sumeet Bagadia's intraday stocks for today

1] HCL Tech: Buy at CMP, target 1040 to 1050, stop loss 1000

2] Adani Ports: Buy at CMP, target 840 to 850, stop loss 800

Day trading stocks by Anuj Gupta

3] Tracxn Technologies: Buy at CMP, target 105, stop loss 80

4] Suzlon Energy: Buy at CMP, target 13, stop loss 6.50

Manoj Dalmia's share to buy today

5] Tata Steel: Buy at 101.85, target 103.05, stop loss 101.10

Ravi Singh's stock of the day

6] Rain Industries: Buy at 166, target 172, stop loss 163.

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

ABOUT THE AUTHOR

Asit Manohar

Chief Content Producer at Live Mint Digital Team
Know your inner investor Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Take the test
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout