BackDay trading guide: Reliance, Federal Bank to HDFC Bank — 6 stocks to buy today
Day trading guide: Immediate resistance for Nifty 50 index is placed around 18,500 to 18,550 levels, believe stock market analysts
PremiumDay trading guide for today: Despite weakness in Asian markets, Indian stocks snapped two days losing streak on Monday session. Nifty 50 index gained 151 points and closed at 18,420, BSE Sensex surged 468 points and closed at 61,806 whereas Bank Nifty finished 194 points higher at 43,413 levels. IT stocks continued their downfall for the third consecutive session, while Auto and FMCG stocks attracted buying. Volumes on the NSE were the lowest in almost a month. Broad market indices rose less than the Nifty even as the advance decline ratio improved sharply to 1.51:1.
According to stock market experts, a long positive candle was formed on the daily chart, which signal a pullback rally in the market after a small downward correction. The negative chart pattern like smaller degree lower tops and bottoms continued as per the daily timeframe chart. After the formation of new lower bottom on Monday at 18,244 levels, the odds of some more upside bounces could be in store for the short term.
Intraday trading strategy for Tuesday
"The market seems to have shifted towards a pullback rally after a small downward correction and this upside bounce is likely to continue for the next 1-2 sessions. Immediate resistance for Nifty 50 index is placed around 18500-18550 levels and the next support is placed at 18250 levels," said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
Nifty call put option data
Speaking on Nifty call put ratio, Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, "Nifty weekly option chain reflects the highest PE exposure at 18300 PE with over 80 Lakh OI shares followed by 18000 and 18400 of over 60 lakh OI shares each. Maximum CE exposures now lie at 19000CE of over 90 Lakh OI shares followed by 18600CE and 18700CE with over 70 Lakh OI Shares each. Call unwinding and few put additions at 18400 and 18500 strikes while PCR_OI at 18400 is now 0.9 being neutral indicates further strength in the index." She said that Nifty Put Call Ratio (PCR) is 1.01.
Bank Nifty call put option data
"Bank Nifty weekly option chain data still reflects 43000 strike as support with the highest put writers position of over 24 lakh shares. New contract additions on the above strikes of 43300PE and 43200PE with over 20 lakh OI shares each witnessed. CE writers highest position placement is still at 44000 strike price followed by 43500 strike price with over 30 lakh OI shares each and not much activity in Call Change OI between these levels hints at further upside momentum in Bank Nifty," said 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 Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi — recommended 6 stocks to buy today.
Sumeet Bagadia's intraday stocks for today
1] Reliance Industries Limited or RIL: Buy at CMP, target ₹2650 to ₹2680, stop loss ₹2550
2] Adani Enterprises: Buy at CMP, target ₹4200 to ₹4250, stop loss ₹3980
Anuj Gupta's stocks to buy today
3] Federal Bank: Buy at CMP, target ₹155, stop loss ₹124
4] HDFC Bank: Momentum buy at CMP, target ₹1700, stop loss ₹1584
Ganesh Dongre's stock picks for Tuesday session
5] Delta Corp: Buy at ₹222, target ₹235, stop loss ₹214
6] KPIT Technologies: Buy at ₹711, target ₹740, stop loss ₹695.
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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