Day trading guide for today: 6 stocks to buy or sell on Thursday — 11th November
- Day trading guide: Immediate support for NSE Nifty is placed at 17950 levels, believe experts
Day trading guide for today: On account of weak global cues, Indian stock market ended in negative territory on second straight session on Thursday. NSE Nifty lost 128 points and closed at 18,028 while BSE Sensex went down 419 points and closed at 60,613 levels. Bank Nifty went off 179 points and closed at 41,603 mark. Broad market indices fell more than the Nifty even as the advance decline ratio fell to 0.44:1.
According to stock market experts, a small negative candle was formed on the daily chart with upper and lower shadow. Technically this pattern is considered as a high wave type formation. Normally, a high wave candle formations after a reasonable weakness calls for upside bounce from the lows post confirmation.
Day trading strategy for stock market today
Sharing intraday trading tips for Friday session, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The positive chart pattern like higher tops and bottoms continued on the daily chart and Thursday's swing low could be considered as a new higher bottom of the sequence. A sustainable move above 18100 levels could confirm higher bottom reversal and that could open another round of upside bounce. Immediate support for NSE Nifty is placed at 17,950 levels."
"Bank Nifty has continued to witness strength and it would be the key sector to lead the near term momentum. A close below 17,950 could then lead to a profit booking and retracement of the recent upside move and hence, traders should keep stop losses accordingly on the long positions," said Ruchit Jain, Lead Research at 5paisa.com.
Nifty call put option data
On Nifty call put option ratio, Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, "Nifty weekly expiry option chain witnesses PE writers actively adding their positions of more than a lakh contracts at 18000PE - over a lakh contracts, with CE writers exposure lies at 19000CE - more than a lakh contracts, followed by 18700CE. PCR_OI at 18000 is comfortably above 1, is the cushion for the BULLs going ahead."
Bank Nifty call put option data
"Bank Nifty option chain on weekly basis, reflects on PE writers standing tall at 41500 strike, with CE writers adding exposure at 42000/43000/44000 strikes- more than 40 thousand contracts each, which reflects on the limited downside and huge upside for the index."
Day trading stocks
Unveiling intraday stocks for today, share market experts — Anuj Gupta, Vice President — Research at IIFL Securities; 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.
Anuj Gupta's intraday stocks for today
1] Wipro: Buy at CMP, target ₹405, stop loss ₹375
2] NTPC: Buy at CMP, target ₹190, stop loss ₹164
Manoj Dalmia's stocks to buy or sell today
3] Kotak Mahindra Bank: Buy at ₹1920, target ₹1932, stop loss ₹1914
4] Tata Steel: Sell at ₹104, target ₹103, stop loss ₹104.50
Ravi Singh's stocks to buy today
5] Jyothy Labs: Buy at ₹195, target ₹202, stop loss ₹192
6] Petronet LNG: Buy at ₹212, target ₹222, stop loss ₹208.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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