BackDay trading guide for today: 6 stocks to buy or sell today — 14th October
Day trading guide: The underlying trend of Nifty remains choppy and the market is not showing any strength to sustain the highs, believe stock market experts
PremiumDay trading guide for today: On account of weak global cues, the Dalal Street finished lower on Thursday session. Nifty 50 index ended 109 points lower but finished above 17,000 levels. BSE Sensex shed 390 points and closed at 57,235 whereas Nifty Bank index lost 494 points and ended at 38,624 levels. Small-cap index outperformed key indices even as the advance decline ratio fell to 0.51:1.
According to stock market experts, the Indian equity market is repeatedly testing the support of 200 day EMA around 16,900 levels and failed to show any sustainable upside move from near the support. At the lower levels 16,800 is acting as a strong supports, which coincides with value area and also support of ascending intermediate trend line. Hence, any downward correction could be a buy on dips opportunity.
Intraday trading strategies for stock market today
Speaking on technical outlook for NSE Nifty, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The underlying trend of Nifty remains choppy and the market is not showing any strength to sustain the highs. There is a possibility of one more dip down to 16,800 to 16,750 levels in the next few sessions before showing any meaningful upside bounce from the lows. Immediate resistance for NSE Nifty is placed at 17,150 levels."
"The range of 17000-16900, followed by the swing low of 16750 will be seen as crucial support for Nifty in the short term. Till these supports are intact, we expect a pullback move in Nifty and in case of any such pullback 17260 followed by 17425 will be the initial levels to expect," said Ruchit Jain, Lead Research at 5paisa.com.
Nifty call put option data
"Nifty weekly expiry option chain witnesses PE writers actively adding their positions at 17000PE- overall nearly 90 thousand contracts and fresh additions of over 60 thousand contracts. CE writers standing tall at 17000CE levels as well, followed by 17700/17800 strikes - more than 55 thousand contracts each. PCR_OI at 17000 being well above 1, is still a very positive sign for the BULLs, which if sustains then reversal of trend will be seen for higher targets," said Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher.
Bank Nifty call put option data
"Nifty Bank option chain on weekly basis, reflects on PE writers building positions at 37500 strikes - overall more than 40 thousand contracts and fresh additions of 30 thousand contracts. CE writers adding up exposures of over a 50 thousand contracts at various strikes from 39000-42000 zones, thereby hinting on the on a very broad range for the index," Shilpa Rout added.
Day trading stocks to buy today
On intraday trading tips, share market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Ravi Singh, Vice President & Head of Research at Share India — recommended 6 stocks to buy today.
Sumeet Bagadia's stocks to buy today
1] Grasim Industries: Buy at CMP, target ₹1710 to ₹1720, stop loss ₹1650
2] Tata Motors: Buy at CMP, target ₹410 to ₹415, stop loss ₹390
Anuj Gupta's intraday stocks for today
3] Coal India Ltd: Buy at CMP, target ₹250, stop loss ₹224
4] Vedanta: Buy at CMP, target ₹304, stop loss ₹284
Ravi Singh's shares to buy today
5] Eicher Motors: Buy at ₹3470, target ₹3550, stop loss ₹3455
6] Adani Enterprises: Buy at ₹3225, target ₹3300, stop loss ₹3200.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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