Home / Markets / Stock Markets /  Day trading guide for today: 6 stocks to buy or sell today — 29 September

Day trading guide for today: Following weak global market sentiments and Indian National Rupee (INR), Indian stock market ended in red territory on sixth straight session on Wednesday. Nifty 50 index finished 148 points lower at 16,858, BSE Sensex lost 509 points and closed at 56,598 whereas Nifty Bank index ended 599 points lower at 37,759 mark. The broad market outperformed with the Mid-cap and Small-cap indices falling 0.43 per cent and 0.47 per cent respectively and the advance-decline ratio improved over the previous day to 0.49:1, though still being in the negative.

According to stock market experts, a small negative candle was formed on the daily chart with a long upper shadow. This market action signals the formation of a high wave or Doji-type candle pattern. Normally, such formation after a reasonable weakness calls for a pullback rally from the lows. But the overall market trend is still weak and there is no confirmation of any buying emerging from the lows.

Nifty, Bank Nifty guide for stock market today

Speaking on Nifty technical outlook, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "Nifty is now placed at the crucial support of 16,800 levels as per the concept of change in polarity. The said level has been a crucial value area in the past and has witnessed significant moves from its supports and its resistances in the past. Having declined down to the support, there is a possibility of a minor pullback rally in the market from near 16,800 to 16,750 levels in the next 1-2 sessions. Immediate resistance for NSE Nifty is placed at 17,000 levels."

On Nifty Bank outlook, Mehul Kothari, AVP — Technical Research at Anand Rathi said, "Bank Nifty has support placed around 37,300 to 37,400 levels whereas it is facing hurdle at 38,200 to 38,300 levels. This means Bank Nifty is expected to trade today in a broader range of 37,300 to 38,300 levels."

Day trading strategies

Advising 'sell on rise' strategy for traders, Ruchit Jain, Lead Research at 5paisa.com said, "The intraday pullback moves are getting sold into which is usually seen in a phase of downtrend. The momentum readings on the intraday charts are into oversold zone (but not in daily time frame yet) and hence, such in-between pullback moves cannot be ruled out to relieve the oversold set ups. However, the down move seems an impulsive one which does not seem to be completed yet. Hence, any pullback moves would just retrace some of the correction and the index would see selling pressure on such a rise. So traders should keep a ‘sell on rise’ approach and stay cautious on the market from a near term perspective."

Nifty call put option data

Asked about Nifty call put option ratio, Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, "Nifty Option chain for the monthly expiry reflects on PE writers active at 16000PE/16500PE/17000PE - more than a lakh contracts each, with aggressive PE OI unwinding seen across immediate ITM strikes. 16600PE/16700PE/16800PE each adds fresh more than 25 thousand contracts as well. CE writers active at 17000 strike, with highest fresh additions of over a lakh contracts, thereby hinting on the immediate strong resistance bulit up and a weak expiry likely."

Nifty Bank call put option data

"Option chain reflects on PE writers being active at 36000 strike - overall above 80 thousand contracts and over 25 thousand fresh contracts. CE writers continue to be active aggressively at 39000 strike - more than a lakh contracts, followed by 38000/38500 - each above 90 thousand contracts," Shilpa Rout of Prabhudas Lilladher said.

Day trading stocks for today

Unveiling day trading stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Mehul Kothari of Anand Rathi and Manoj Dalmia, Founder & Director at Proficient Equities — recommended 6 stocks to buy or sell today.

Sumeet Bagadia's stocks to buy today

1] Britannia Industries: Buy at CMP, target 3950 to 4000, stop loss 3775

2] Dr. Reddy's Lab: Buy at CMP, target 4380 to 4400, stop loss 4180

Mehul Kothari's day trading stocks

3] Torrent Pharma: Buy at 1495, target 1550, stop loss 1475

4] Lupin: Buy at 670, target 692, stop loss 658.

Manoj Dalmia's buy or stocks for today

5] Reliance Industries Limited or RIL: Sell at 2313, target 2293, stop loss 2326

6] Kotak Mahindra Bank: Buy at 1808, target 1817, stop loss 1801.

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


Asit Manohar

Chief Content Producer at Live Mint Digital Team
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