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Business News/ Markets / Stock Markets/  Day trading guide for today: 6 stocks to buy or sell on Thursday — 1st December
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Day trading guide for today: 6 stocks to buy or sell on Thursday — 1st December

Day trading guide: Immediate support for Nifty is placed at 18,680 levels and the upside target remains intact around 18950-19000 levels, say experts

Intraday trading strategy: Important support for Bank Nifty is placed around 43,150 levels, believe experts. (MINT_PRINT)Premium
Intraday trading strategy: Important support for Bank Nifty is placed around 43,150 levels, believe experts. (MINT_PRINT)

Day trading guide for today: Following strong cues in Asian markets, Indian stock market finished in green territory on Wednesday session. Nifty made yet another fresh high on November 30, 2022 and ended the month with 4.14 per cent monthly gains. BSE Sensex finished at 63,099 whereas Bank Nifty index closed at 43,231, logging intraday gain of 177 points.

According to stock market experts, a long bull candle was formed on the daily chart with minor upper shadow. Technically, this pattern indicates a continuation of upside momentum in the market. After showing a choppy movement in the last couple of sessions the market displayed a strong upside momentum towards the later part of session. This is positive indication.

Day trading guide for stock market today

Speaking on intraday trading strategies, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The positive chart pattern of higher tops and bottoms continued on the daily chart. Though, Nifty placed near the higher top around 18,800 levels, still there is no indication of reversal pattern forming at the highs. Immediate support for Nifty is placed at 18,680 levels and the upside target remains intact around 18950-19000 levels."

"On the daily chart the Bank Nifty index has formed a Bullish candle with a lower shadow indicating buying at lower levels. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating a short term up trend. The chart pattern suggests that if Bank Nifty crosses and sustains above 43,350 level it would witness buying which would lead the index towards 43,500 to 43,700 levels. Important support for Bank Nifty is placed around 43,150 levels. However if index sustains below 43,150 then it may witness profit booking which would take the index towards 43,000 to 42,800 levels," said Rajesh Palviya, VP - Technical and Derivative Research at Axis Securities.

Nifty call put option data

"Nifty weekly expiry option chain witnesses PE writers actively adding their positions at 18600PE - over a crore shares OI, followed by 18700PE - more than 80 lakhs shares and also being the most active strike. CE writers exposure lies at 18800CE/19000CE - more than 80 lakhs shares OI each, with PCR_OI at 18700 is above 1, which looks extremely comfortable to the Bulls to see the upside rally yet again," said Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher.

Bank Nifty call put option data

Shilpa Rout of Prabhudas Lilladher went on to add, "Bank Nifty option chain on weekly basis, reflects on 43000PE holding above 40 lakh shares OI, with 43200PE adding highest fresh of more than 9 lakh shares. CE writers active at 44000CE - also holding high exposure of more than 45 lakh shares, thus the data built-up reflects on a new round momentum for the INDEX, which can test 44000 zones very likely."

Day trading stocks for today

On intraday stocks for today, share market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Mehul Kothari, AVP — Technical Research at Anand Rathi — recommended 6 stocks to buy today.

Sumeet Bagadia's intraday stocks for today

1] UPL: Buy at CMP, target 810 and 820, stop loss 775

2] Tata Consumer: Buy at CMP, target 835 and 850, stop loss 804

Anuj Gupta's stocks to buy today

3] Suzlon Energy: Buy at CMP, target 12, stop loss 8

4] Dish TV: Buy at CMP, target 24, stop loss 17.50

Mehul Kothari's shares to buy today

5] NTPC: Buy at 172, target 182, stop loss 165

6] Tata Motors: Buy at 440, target 455, stop loss 432.

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.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
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.
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Published: 01 Dec 2022, 05:57 AM IST
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