Day trading guide for today: 6 stocks to buy or sell on Thursday — 12th January
4 min read . Updated: 12 Jan 2023, 07:04 AM IST
Premium- Day trading guide for today: Immediate resistance for NSE Nifty is placed around 18,000 levels, say experts
Day trading guide for today: Despite positive global cues on optimism over reopening in China, Indian stock market ended lower on second straight session on Wednesday. NSE Nifty closed 18 points lower at 17,895, BSE Sensex shed around 10 points and closed at 60,105 levels whereas Bank Nifty index gained 217 points and ended at 42,232 levels. Volumes on the NSE continued to be on the lower side. Mid-cap index fell more than the 50-stock index Nifty even as advance decline ratio improved to 1.03:1.
According to stock market experts, Nifty has repeatedly been testing the support of 17,800 levels by forming lower highs. The market action of the last 2-3 weeks also signal a formation of triangle type pattern and the Nifty is now placed at the lower end of a triangle.
Day trading strategy for stock market today
Sharing intraday trading tips, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short-term trend of Nifty continues to be negative with choppy movement. Having failed to show any sustainable upside bounce from the lower supports recently, the odds of decisive downside breakout below 17,800 levels is higher in the near term. Immediate resistance for NSE Nifty is placed around 18,000 levels."
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 witnesses PE writers position at 17800 of over 1.5 lakh contracts followed by 17700/17900 PE with over 1 lakh contracts each. CE writers aggressive positions at 18000CE of nearly 3 lakh contracts and with over 2 lakh contracts each at 18100/18200CE while call and put unwinding witnessed as well at these strikes. PCR_OI at 18000 is 0.31 which is a strong resistance while 17800 marks a support for index."
Bank Nifty call put option data
"Bank Nifty weekly expiry option chain reflects highest exposure at 42000PE of over 1.5 lakh contracts and at 41000/41500PE each with nearly 1 lakh contracts. CE writers positions active across various strikes from 42500CE till 44000CE each with over 1 lakh contracts. Call unwinding witnessed at 42000 and below strikes indicates immediate support lies at 42000," Rout said.
Day trading stocks to buy today
Asked about intraday stocks for today, share market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities; Ganesh Dongre, Senior Manager - Technical Research at Anand Rathi and Rajesh Bhosale, Technical Analyst at Angel One — recommended 6 stocks to buy today.
Sumeet Bagadia's intraday stocks for today
1] JSW Steel: Buy at CMP, target ₹775 to ₹790, stop loss ₹735
2] IndiGo: Buy at CMP, target ₹2150 to ₹2175, stop loss ₹2060
Ganesh Dongre's stocks to buy today
3] TCS: .uy at ₹3326, target ₹3390, stop loss ₹3290
4] Aurobindo Pharma: Buy at ₹447, target ₹470, stop loss ₹436
Anuj Gupta's stock of the day
5] HDFC Bank: Buy at CMP, target ₹2660, stop loss ₹2555
Rajesh Bhosale's intraday stock for Thursday
6] IDFC Ltd: Buy around ₹84.50, target ₹88, stop loss ₹82.70.
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.
