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

Day trading guide for today: Following strong global cues Indian stock market closed in positive territory on Tuesday. NSE Nifty recorded its best day in last 5 weeks after closing at 17,274 mark, 386 points higher from its Monday close. BSE Sensex shot up 1276 points and closed at 58,065 levels whereas Nifty Bank index finished 1080 points higher at 39,110 mark. Advance decline ratio was sharply positive at 4.28:1.

According to stock market experts, Nifty has now respected the important lower support of 16,800 levels, as per the concept of change in polarity. As happened in the past, the present upside bounce from this support (16,800) could hint at a possibility of sustainable upside move in the near term.

Day trading strategies for stock market today

Speaking on technical outlook in regard to Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty has turned up sharply after a broader range movement of the last few sessions. A decisive move above 17,300 levels is likely to pull Nifty towards the next crucial resistances of around 17,600 and next 18,000 levels in the near term. Immediate support for NSE Nifty is placed at 17,150 levels."

Unveiling day trading strategy for stock market today, Ruchit Jain, Lead Research at 5paisa.com said, "If we look at the international markets, the bond yields have cooled off and the Dollar Index has come off the highs. This led to a pullback move in the equities as a lot of short positions were intact in the system some of which came to cover up. In the near term, our markets are likely to take cues from the international markets move accordingly."

Nifty call put option data

On Nifty call put ratio, Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, "weekly expiry option chain witnesses PE writers actively adding their positions at 17000/17200 strikes - overall more than a lakh contracts each, with 17200PE being the most active strike as well. CE writers standing tall at 17500CE now - again more than a lakh contract, with PCR_OI at 17200 being above 2, is definitely a cushion for the BULLs now."

Bank Nifty call put option data

Speaking on Bank Nifty call put ratio, Shilpa Rout said, "Bank Nifty option chain on weekly basis, reflects on PE writers building positions aggressively at 39,000 strike - overall nearly a lakh contracts and CE writers also adding up at 40000/41000 strikes - overall more than a lakh contracts each as well. Thus the index looks robust now for the TGTs towards new all time highs soon."

Day trading stocks for today

Sharing intraday stocks for today, stock 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 shares to buy today.

Sumeet Bagadia's stocks to buy today

1] Hero Motocorp: Buy at CMP, target 2750 to 2800, stop loss 2530

2] JSW Steel: Buy at CMP, target 655 to s 660, stop loss 630

Anuj Gupta's shares to buy today

3] ICICI Bank: Buy at CMP, target 910, stop loss 838

4] Tata Motors: Buy at CMP, target 4440, stop loss 377

Mehul Kothari's stock picks for Wednesday

5] Aarti Industries: Buy at 774, target 815, stop loss 754

6] Dhampur Sugar: Buy at 217, target 225, stop loss 210.

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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