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Business News/ Markets / Stock Markets/  Day trading guide for today: Six stocks to buy or sell on Wednesday — October 11
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Day trading guide for today: Six stocks to buy or sell on Wednesday — October 11

Day trading stocks: Market experts have recommended six stocks to buy today — JSW Steel, Escorts, IRCTC, Sonata Software, ITC and Bharti Airtel

Stock market today: From today, the Q2 earnings season would start off with TCS declaring its numbers, say experts.Premium
Stock market today: From today, the Q2 earnings season would start off with TCS declaring its numbers, say experts.

Day trading guide for today: On account of strong global market sentiments, Indian stock market ended higher on Tuesday. Nifty 50 index finished 177 points higher at 19,689 levels, BSE Sensex shot up 566 points and closed at 66,079 mark whereas Bank Nifty index ended 473 points north at 44,360 levels. In broad market, small-cap index surged 1.26 per cent while mid-cap index shot up 1.14 per cent.

"Domestic equities witnessed relief rally today after the previous session’s selloff, as the sentiments turn positive globally and the US bond yields cools off by 15bps. The global markets shed the concern over the conflict between Israel-Palestine and witnessed healthy recovery. Nifty opened positive and strengthened throughout the session to end near day’s high at 19690 levels with gains of 178 points (+0.9%). Broader market outshined with Midcap100/Smallcap100 up 1.4%/1.2%. Except Healthcare, all other sectors ended in green with Realty rallying 4% followed by sharp gains in Metals and PSU Banks," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal.

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Day trading guide for stock market today

On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The positive chart pattern like higher tops and bottoms has started to form and Monday's swing low of 19,480 levels could now be considered as a new higher bottom of the sequence. A decisive move above 19,700 levels is likely to bring sharp upmove for the market towards 19,950 to 20,050 levels for the short term. Immediate support for Nifty 50 today is placed at 19,550 levels."

Nifty 50, Sensex on October 11: What to expect in trade today

On outlook for Bank Nifty today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, "Bank Nifty once again indicated a decent pullback from the 43800 zone to produce a significant positive candle on the daily chart to improve the bias and anticipate for further upward move. As mentioned earlier, a decisive move past the 44,700 of the important 50EMA zone is necessary to overall improve the trend."

Q2 results 2023 in focus

"From today, the Q2 earnings season would start off with TCS declaring its numbers. We expect robust 21% earnings growth for Nifty in Q2, which would be driven by domestic cyclicals (BFSI & Auto). So lot of stock specific action would be seen over next 45 days as the earnings get declared. On the index front, Nifty might continue with its consolidation with bouts of volatility as it would track the geo-political development, US bond yields and oil prices amidst result announcements," said Siddhartha Khemka of Motilal Oswal.

Nifty Call Put Option data

Speaking on Nifty Call Put Option data, Chinmay Barve, Head of Technical & Derivatives Research at Profitmart Securities said, "Major total Call open interest was seen at 19800, 19900 and 20000 strikes with total open interest of 135035, 124085 and 172852 contracts respectively. Major Call open interest addition was seen at 19750 and 19850 strikes which added 42535 and 32501 contracts respectively," adding, "Major total Put open interest was seen at 19600 and 19500 strikes with total open interest of 247083 and 180906 contracts respectively. Major Put open interest addition was seen at 19600 strike which added 188022 contracts."

Bank Nifty Call Put Option data

On Bank Nifty Call Put Option data, Chinmay Barve said, "Major total Call open interest was seen at 44500 and 44700 strikes with total open interest of 324147 and 176319 contracts respectively. Major Call open interest addition was seen at 44500 and 44800 strikes which added 123758 and 61088 contracts in open interest respectively," addding, "Major total Put open interest was seen at 44300 and 44200 strikes with total open interest of 207334 and 239410 contracts respectively. Major Put open interest addition was seen at 44200 strike which added 198735 contracts."

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 or sell today.

Buy or sell: Vaishali Parekh recommends three stocks to buy today — October 11

Sumeet Bagadia's intraday stocks for today

1] Escorts: Buy at 3393.45, target 3682, stop loss 3240.

Escorts share price is currently trading at 3393.45. On the daily chart, there is a rectangle pattern breakout with good volume, and if the price sustains above the 3390 level, it could target levels of 3600 and 3682 as immediate resistance. On the flip side, 3240 is an important support level.

Furthermore, Escorts share price is currently trading above critical Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs, which reinforces its bullish momentum and suggests the potential for further upward price movement.

2] JSW Steel: Buy at 772, target 818, stop loss 749.

JSW Steel share is currently trading at 771.9. On the daily chart, after a prolonged correction in metal stocks, there is a reversal from the bottom, and the stock has formed a morning star candlestick pattern. If the price sustains above the 775 to 776 level, it could target levels of 800 and 820 as immediate resistance. On the flip side, 749 is an important support level.

Furthermore, JSWSTEEL is currently trading above critical Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs, which reinforces its bullish momentum and suggests the potential for further upward price movement.

Ganesh Dongre's stocks to buy today

3] IRCTC: Buy at 707, target 725, stop loss 695.

IRCTC share price has a bullish reversal pattern, technically retrenchment could be possible till 725. So, holding the support level of 695 this stock can bounce toward the 725 level in the short term. Hence, the trader can go long with a stop loss of 695 for the target price of 725.

4] Sonata Software: Buy at 1066, target 1095, stop loss 1050.

On the short-term chart, the stock has shown a bullish reversal pattern. So, holding the support level of 1050. This stock can bounce toward the 1095 level in the short term. Hence, the trader can go long with a stop loss of 1050 for the target price of 1095.

Ashish Katwa's buy or sell stocks

5] ITC: Buy at 444 to 445, target 452.55, stop loss 440.50.

ITC share price at demand zone after consolidation has given a breakout on the upside. Price is trading above 9 & 18 EMA indicating a positive trend whereas the RSI is trending upward with price supporting the price action. The stock has respected the conversion line of ICHIMOKU CLOUD indicating a strong support. Hence based on above technical parameter a long position can be made in ITC shares with a SL of 440.50 for a TP of 452.55.

6] Bharti Airtel: Buy at 948 to 949, target 968, stop loss 938.

Bharti Airtel share price has given a breakout of a range trade with strong candlestick patterns conforming an upward movement. The price is trading above major EMA’s and above ICHIMOKU CLOUD indicating an upward trend. Hence based on the above technical setup a lone position can be initiated in Bharti Airtel for a TP of 968 with an SL of 938.

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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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. Download The Mint News App to get Daily Market Updates.
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Published: 11 Oct 2023, 07:48 AM IST
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