Day trading guide for today: Six stocks to buy or sell on Tuesday — October 17

Day trading guide for today: Following weak global market cues on Middle East tension, Indian stock market ended lower for third straight session on Monday. Nifty 50 index ended 19 points lower at 19,731 levels, BSE Sensex finished 115 points southward at 66,166 mark while Bank Nifty index corrected 62 points and closed at 44,225 levels. In broad market, mid-cap and small-cap stocks managed to buck the trend and witnessed some bargain hunting ahead of festival driven demand.

Day trading guide for stock market today

On outlook for Nifty 50 today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty remains choppy. The range bound movement is expected to continue for the next session. Immediate resistance die Nifty 50 index is placed around 19,800 to 19,850 levels and any weakness could find support at 19,650 to 19,600 levels."

Speaking on outlook for Bank Nifty, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, "Bank Nifty witnessed resistance near the 44,300 zone during the Monday session. As said earlier too, the levels near 44,700 zone is acting as a strong resistance barrier for the index where the important 50EMA lies and only a decisive breach above that zone can establish some conviction thereafter to anticipate for further rise."

Nifty Call Put Option data

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 19800, 19900 and 20000 strikes with total open interest of 174446, 116069 and 147791 contracts respectively. Major Call open interest addition was seen at 19800 and 20000 strikes which added 48623 and 43523 contracts respectively," adding, "Major total Put open interest was seen at 19700 and 19600 strikes with total open interest of 170280 and 124033 contracts respectively. Major Put open interest addition was seen at 19700 strike which added 41093 contracts in open interest."

Bank Nifty Call Put Option data

Asked about Bank Nifty Call Put Option data, Chinmay Barve of Profitmart Securities said, "Major total Call open interest was seen at 44300, 44500, 44600 and 45000 strikes with total open interest of 170761, 185209, 150874 and 202429 contracts respectively. Major Call open interest addition was seen at 44300, 44400 and 44500 strikes which added 80753, 42676 and 32653 contracts in open interest respectively," adding, "Major total Put open interest was seen at 44200, 44000 and 43700 strikes with total open interest of 158875, 174357 and 108920 contracts respectively. Major Put open interest addition was seen at 44200, 44000 and 43500 strikes which added 69648, 72537 and 54629 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 Kunal Kamble, Sr.Technical Analyst at Bonanza Portfolio — recommended six stocks to buy or sell today.

Sumeet Bagadia's intraday stocks for today

1] Hero MotoCorp: Buy at ₹3161, target ₹3440, stop loss ₹3020.

Hero MotoCorp share is currently trading at ₹3161. On the daily chart, the price has formed a rounding bottom chart pattern breakout with good volume, and the overall Nifty Auto sector is also outperforming the Nifty, providing support for this stock. If the price manages to sustain itself above the ₹3200 level, it has the potential to target levels of ₹3440. Conversely, ₹3020 serves as a crucial support level.

Furthermore, Hero MotoCorp 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.

2] MCX: Buy at ₹2197, target ₹2275, stop loss ₹2150.

Based on a comprehensive technical analysis of MCX, it appears to present a compelling buying opportunity at its current level of ₹2197. The stock has recently demonstrated a significant breakout in the daily timeframe, substantiated by a robust support level at the established trendline. Additionally, MCX has exhibited a noteworthy emergence from a falling wedge pattern, indicating positive momentum. Notably, the stock has closed above its key short, mid, and long-term moving averages (20, 50, 100, and 200 EMA), suggesting a strong bullish trend.

The Relative Strength Index (RSI) is currently positioned at 66, demonstrating an upward trajectory, indicative of increasing buying pressure. Furthermore, the Average Directional Index (ADX) stands at an impressive 42, underscoring a robust and sustained trend strength. To mitigate risk, a prudent stop loss can be implemented at ₹2150, safeguarding against potential downside movements.

Ganesh Dongre's stocks to buy today

3] Zomato: Buy at ₹111, target ₹118, stop loss ₹107.

In the short-term trend, Zomato share has a bullish reversal pattern, technically retrenchment could be possible till ₹118. So, holding the support level of ₹107 Zinato share price can bounce toward the ₹118 level in the short term. Hence, the trader can go long with a stop loss of ₹107 for the target price of ₹118.

4] Sundram Fasteners: Buy at ₹1292, target ₹1350, stop loss ₹1260.

On the short-term chart, the stock has shown a bullish reversal pattern. so, holding the support level of ₹1260. This stock can bounce toward the ₹1350 level in the short term, so the trader can go long with a stop loss of ₹1260 for the target price of ₹1360.

Kunal Kamble's buy or sell stocks

5] Sreeleathers: Buy at ₹286.80 to ₹284.50, target ₹358, stop loss ₹250.

On the weekly time frame, Sreeleathers share price has exhibited a breakout from an ascending triangle pattern. There has been a consistent rise in trading volume, which signifies growing interest from buyers. Additionally, the price is currently trading above the 18-period Exponential Moving Average (EMA), and the EMA itself is trending upward, indicating a potential upward trajectory for the stock. Based on above technical setup one can initiate a long position in SREEL with an SL of ₹250 with a target price of ₹358.

6] Star Cement: Buy at ₹176.40 to ₹175, target ₹204, stop loss ₹161.

After trading in a range for weeks Star cement share price has given a breakout on the upside indicating a positive trend. The volume during the breakout is significant indicating buyers are keen to buy the security. On the EMA front the stock is trading above Slow (18) EMA and Fast (21) EMA indicating positive trend. Hence based on the above technical setup a lone position can be initiated in STAR CEMENT for a TP of ₹204 with an SL of ₹161.

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.