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Business News/ Markets / Stock Markets/  Day trading guide for today: 6 stocks to buy or sell on Thursday — 15th December
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Day trading guide for today: 6 stocks to buy or sell on Thursday — 15th December

Day trading guide: Nifty is now placed at crucial resistance of 18,650 and is not showing any strength to surpass the hurdle decisively, say experts

Day trading guide: Immediate support for NSE Nifty is placed at 18,490 levels, believe experts. (AP)Premium
Day trading guide: Immediate support for NSE Nifty is placed at 18,490 levels, believe experts. (AP)

Day trading guide for today: Following strong strong global cues on sharp fall in WPI inflation for the month of November 2022, Indian stock market finished on a higher note for second successive session. Nifty 50 index ended 52 points higher at 18,660, BSE Sensex shot up 144 points and closed at 62,677 whereas Nifty Bank index gained 102 points and closed at record high of 44,049 levels. Broader markets outperformed key benchmark indices even as the advance decline ratio was up at 1.35:1.

According to technical experts, Nifty is now placed at the crucial resistance of 18,650 levels and is not showing any strength to surpass the hurdle decisively. A sustainable upside move from here could confirm upside breakout of the resistance and any failure is likely to result in minor downward correction ahead.

Day trading guide for stock market today

Speaking on intraday trading strategy, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty remains positive. A decisive move above 18650-18700 levels could bring bulls back into the market. Any failure to sustain the highs is likely to indicate more consolidation or minor weakness for the short term. Immediate support for NSE Nifty is placed at 18,490 levels."

Nagraj Shetti went on to add that current market pattern indicates a high wave or doji type candle pattern after a rise. Normally, such candle formations after a reasonable rise signal volatility at the highs and some time, it acts as a reversal pattern post confirmation.

Nifty call put option data

Speaking on Nifty call put option ratio, Shilpa Rout, Derivatives Lead Analyst, Prabhudas Lilladher said, "Nifty weekly expiry option chain witnesses PE writers adding their positions at 18600PE over 90 lakhs shares OI, with 18650PE showing highest fresh additions. CE writers maximum exposures lies at 18700/19000 strikes- each with nearly a crore shares overall, with CE unwinding also seen across many immediate strikes. PCR_OI at 18600 is now comfortably over 1, which if sustains will see strong upside move to continue towards 19000 zones."

Prabhudas Lilladher experts went on to add that Nifty continue to stay in the range bound play, however Bank Nifty shows it's relentless pattern of making new highs on continuous basis.

Bank Nifty call put option data

"Bank Nifty option chain on weekly basis reflects 44000 straddle being the most aggressive - each adding over 30 lakh shares OI, with 45000CE as well adding strong additions of over 34 lakh shares OI. Thus the data built-up reflects on the upside momentum to continue for a while now and new highs will keep showing on the index," said Shilpa Rout.

Day trading stocks to buy today

Unveiling intraday stocks for today, share market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Ravi Singh, Vice President & Head of Research at Share India — recommended 6 stocks to buy today.

Sumeet Bagadia's intraday stocks for today

1] Divi's Lab: Buy at CMP, target 3470 to 3500, stop loss 3350

2] Power Grid: Buy at CMP, target 225 to 228, stop loss 215

Anuj Gupta's stock picks for today

3] Vodafone Idea: Buy at CMP, target 10, stop loss 7

4] NCC: Buy at CMP, target 100, stop loss 87

Ravi Singh's shares to buy today

5] DLF: Buy at 407, target 415, stop loss 404

6] Tata Steel: Buy at 113, target 118, stop loss 110.

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
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Published: 15 Dec 2022, 06:04 AM IST
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