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Business News/ Markets / Stock Markets/  Day trading guide for today: Six stocks to buy or sell on Friday — October 20
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Day trading guide for today: Six stocks to buy or sell on Friday — October 20

Day trading stocks: Experts have recommended six stocks to buy today — Lupin, BSE, Aditya Birla Capital, Paras Defence, Tata Elxsi and Minda Corp

Stock market today: Nifty today has major support placed at 19,480 to 19,450 whereas it has hurdle placed at 19,700 levels, say experts. (AFP)Premium
Stock market today: Nifty today has major support placed at 19,480 to 19,450 whereas it has hurdle placed at 19,700 levels, say experts. (AFP)

Day trading guide for today: Indian stock market ended lower on second day in a row following weak global market sentiments on Israel Palestine conflict. Nifty 50 index went down 46 points and closed at 19,624 levels, BSE Sensex lost 247 points and ended at 65,629 mark whereas Bank Nifty index 134 points and finished at 43,754 levels.

In broad market, small-cap index ended marginally higher while mid-cap index finished marginally lower on Thursday. Global equities slid on Thursday as risk aversion prevailed due to mounting worries over Middle East conflict, while the bond sell-off intensified, taking Treasury yields to fresh 16-year highs ahead of a keenly awaited speech from the US Fed Chairman Jerome Powell.

Day trading guide for stock market today

On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "Further weakness from here, the Nifty finds support around 19,480 to 19,450 levels and any upside bounce from here could encounter resistance around 19,700 levels. A decisive break above this hurdle could pull Nifty towards another hurdle of 19,850 levels."

On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty rose sharply throughout the day before profit booking in the last hour led to Index closing at 43,755, down 134 points. Bank Nifty took support from the 43,600 level today. The Index is at the make-or-break level as breakdown below 43,600 can lead to Bank Nifty moving down by another 300 points until 43,300, while a close above 44,000 can ignite buying interest again."

F&O Ban List: MCX, GNFC, 5 others placed under futures & options ban by NSE for Oct 20

Nifty Call Put Option data

Speaking on Nifty Call Put Option data, Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities said, "Major total Call open interest was seen at 19700 and 19800 strikes with total open interest of 114418 and 145333 contracts respectively. Major Call open interest addition was seen at 19750 and 19950 strikes which added 59952 and 46134 contracts in open interest," adding, "Major total Put open interest was seen at 19600 and 19500 strikes with total open interest of 112889 and 149476 contracts respectively. Major Put open interest addition was seen at 19600 and 19500 strikes which added 42695 and 43654 contracts in open interest."

Bank Nifty Call Put Option data

"Major total Call open interest was seen at 44000, 44300 and 44500 strikes with total open interest of 160747, 75276 and 175876 contracts respectively. Major Call open interest addition was seen at 44000 strike which added 52176 contracts in open interest," said Chinmay Barve adding, "Major total Put open interest was seen at 43700 and 43500 strikes with total open interest of 89566 and 114263 contracts respectively. Major Put open interest addition was seen at 43700 and 43600 strikes which added 61361 and 55865 contracts respectively."

Day trading stocks for today

On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Ashish Katwa, Technical Analyst at Bonanza Portfolio — recommended six stocks to buy today.

Sumeet Bagadia's intraday stocks for today

1] Lupin: Buy at 1200, target 1254, stop loss 1175.

Lupin share price exhibits strong indications of a bullish trend. The stock recently experienced a breakout at 1180, subsequently retesting this level and confirming it as a new support. Furthermore, Lupin has demonstrated remarkable resilience by closing above its short, mid, and long-term moving averages, including the 20, 50, 100, and 200-day Exponential Moving Averages (EMA). This affirms a robust underlying strength in the stock's price action.

2] BSE: Buy at 1537.60, target 1697, stop loss 1465.

BSE share price has broken out of the range between 1521 and 1442 levels, closing at 1537.6. If the price can maintain itself above the 1540 level, there is potential for it to target levels of 1630 and 1697. Conversely, 1465 serves as a crucial support level.

Furthermore, BSE is currently trading above critical Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs, reinforcing its bullish momentum and indicating the possibility of further upward price movement.

Ganesh Dongre's stocks to buy today

3] Aditya Birla Capital: Buy at 183, target 189, stop loss 178.

In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till 189. So, holding the support level of 178 this stock can bounce toward the 189 level in the short term, so the trader can go long with a stop loss of 178 for the target price of 189.

4] Paras Defence: Buy at 742, target 760, stop loss 730.

On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of 730. This stock can bounce toward the 760 level in the short term, so the trader can go long with a stop loss of 730 for the target price of 760.

Ashish Katwa's buy or sell stocks

5] Tata Elxsi: Buy at 7704 to 7682, target 8012, stop loss 7550.

On a Daily time frame TataElxsi has given a breakout of the downward trading channel on the upside, indicating a positive trend in the stock. Buyers have to look more attractive to buy the security above 7700 levels. ADX line is trading above DI+ and DI- which is showing strength in the security. Momentum Indicator RSI trading near the overbought region which confirms the bullishness in the script.

6] Minda Corp: Buy at 363.65 to 362, target 387, stop loss 352.

On the daily chart, the stock has given a breakout of Triangle with bullish candlestick. The Stock is trading above its 21-38 day’s exponential moving averages on the daily time frames, which is positive for the prices in the short to medium term. The Technical indicator Ichimoku cloud suggests that the price is trading above the conversion and base line, which points out positive trend. The Daily strength indicator RSI (14) is in bullish mode and trading above the 60 level. Hence based on the above Technical Setup a Long position can be created in Mindacorp shares with an SL of 352 for an Upside target of 387.

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. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
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Published: 20 Oct 2023, 07:41 AM IST
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