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Day trading guide for today: 6 stocks to buy or sell today — 30 September

Day trading strategies: Further weakness in Nifty below 16,800 levels, the market could slide down to the next key support around 16,650 levels, believe stock market experts. (MINT)Premium
Day trading strategies: Further weakness in Nifty below 16,800 levels, the market could slide down to the next key support around 16,650 levels, believe stock market experts. (MINT)

  • Day trading stocks: SBI, Tata Motors, Tata Chemicals, Adanin Enterprises, ONGC and Canara Bank are among the intraday stocks that some experts have chosen for Friday session

Day trading guide for today: Following concern about inflation and the risk of global recession, Indian stock market ended lower on seventh straight session on Thursday. Nifty 50 lost 40 points and closed at 16,818, BSE Sensex went off 188 points and closed at 56,409 whereas Bank Nifty index finished 12 points lower at 37,647 levels. Mid-cap and Small-cap indices outperformed key indices and surged 0.31 per cent and 0.63 per cent respectively with advance-decline ratio ending at a positive 1.37:1.

According to stock market experts, risk-off sentiment returned to global equity and bond markets on Thursday as concern about inflation and the risk of global recession overshadowed the Bank of England’s move to support the gilts market. They said that a long bear candle was formed on the daily chart, that has been placed at the edge of important support at 16,800 levels. The market has been repeatedly testing the lower support of 16,800 levels but was not gaining momentum on the upside. This is not a good sign, and this reflects that the said support could be broken on the downside soon.

Day trading strategies for stock market today

Speaking on technical chart in regard to Nifty today, Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, "Further weakness in Nifty below 16,800 levels, the market could slide down to the next key support around 16,650 levels, which is a 50 per cent Fibonacci retracement taken from the June bottom to September top. Any upside movement from current levels could encounter strong resistance around 17,030 levels."

"Our markets shrugged off the positive cues from the global markets and continued to correct with higher intraday volatility on the monthly expiry day. The short term trend continues to be negative as the index continues its downside move, however, the momentum readings on the lower time frame charts have approached their oversold territory which indicates a possibility of a pullback move within this downtrend. There have been instances where the market has continued the downtrend even in oversold set ups, but the market sentiment now seems to have reached some extreme pessimism which usually triggers a contra move," said Ruchit Jain, Lead Research at 5paisa.com. He went on to add that the Bank Nifty index, which has corrected sharply in last few sessions too has oversold momentum setups on the hourly charts.

On day trading strategies that traders can follow on Friday, Ruchit Jain said, "The US Bond yields and the Dollar Index have cooled off on Wednesday’s session, which led to a relief rally in the global equity markets. However, it is too early to call it a top and it seems to be just a correction within an uptrend which could provide much required pullback move in equities. So until we get a confirmation on reversal, equity markets would continue to see a ‘Sell on Rise’ approach and once the oversold setups are relieved, they would resume the downtrend again."

Nifty call put option data

Asked about 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 all the way down till 15000 strike - overall more than 60 thousand contracts and also being the most active one. CE writers standing tall at 17000CE - with 77 thousand contracts overall and fresh additions of nearly 59 thousand contracts seen as well. PCR_OI at 16800 being above 1, is crucial to watch for the direction ahead."

Bank Nifty call put option data

"Bank Nifty Future Option chain on weekly basis, reflects on PE writers building positions aggressively at 36000 strike - overall more than 40 thousand contracts and fresh additions of nearly 30 thousand. CE writers showing resistance at 39000 strike - overall more than 50 thousand contracts, which also hints on the immediate upside bring capped for the index," said Rout.

Day trading stocks to buy today

On buy or sell stocks for today, share market experts — Anuj Gupta, Vice President — Research at IIFL Securities; Ravi Singh, Vice President & Head of Research at Share India and Manoj Dalmia, Founder & Director at Proficient Equities — recommended 6 shares to buy or sell today.

Anuj Gupta's stocks to buy today

1] Tata Motors: Buy at CMP, target 445, stop loss 380

2] Stata Bank of India or SBI: Buy at CMP, target 580, stop loss 498

Ravi Singh's shares to buy today

3] Tata Chemicals: Buy at 1100, target 1180, stop loss 1080

4] ONGC: Buy at 125, target 132, stop loss 122

Manoj Dalmia's buy or sell stocks for today

5] Adanin Enterprises: Sell at 3388, target 3373, stop loss 3410

6] Canara Bank: Buy at 216.55, target 219, stop loss 214.55.

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

ABOUT THE AUTHOR

Asit Manohar

Chief Content Producer at Live Mint Digital Team
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