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Day trading guide for today: After showing a steep weakness on Friday, Indian stocks witnessed a sustainable upside bounce on Monday and snapped its four days losing streak. Nifty 50 index regained 18,000 levels and finished 207 points higher from its Friday close. 30-stock index BSE Sensex shot up 721 points and closed at 60,566 whereas Bank Nifty ended 962 points higher at 42,630.

Holidays in most global equity markets gave a chance to traders to ramp up stock values in India amidst low volumes. Broad market indices rose more than the Nifty while the advance-decline ratio jumped to 5.43:1. Defensive stocks underperformed while cyclicals bounced up smartly.

Speaking on reasons for trend reversal on Dalal Street, Deepak Jasani, Head of Retail Research at HDFC Securities said, "Bank of Japan Governor Haruhiko Kuroda indicated in a widely watched speech on Monday that the Japanese Central Bank does not intend to alter its longstanding policy of monetary easing to cope with pressures from inflation on the world’s third-largest economy. This soothed sentiments to an extent."

Day trading guide for Tuesday

"Nifty has reclaimed its 100-day moving average (DMA), but 18088, 18133, and 18200 are multiple hurdles on an immediate basis. Nifty has to cross its 50-DMA of 18200 to gain any meaningful strength, while 17850 will act as an immediate hurdle," said Parth Nyati, Founder at Tradingo.

Parth Nyati went on to add that there is a tussle between bulls and bears around the 18,000 mark; therefore, it will be important to see today's price action, and if Nifty manages to trade above 18,000 levels, then there is a good chance of a move towards the 18,200 level.

Nifty call put option data

"Nifty monthly expiry option chain witnesses PE writers adding their positions of over 60 lakh shares OI at 17800PE/18000PE, with CE writers maximum exposures lies at 18200/19000 strikes - each with over 80 lakh shares OI overall. Various immediate strikes witnessing CE OI unwinding as well and PCR_OI at 18000 is close to 1, which hints on immediate support base close by and upside pull back show to continue," Shilpa Rout, Derivatives Lead Analyst, Prabhudas Lilladher.

Bank Nifty call put option data

Shilpa Rout went on to add, "Bank Nifty option chain on weekly basis reflects 42000PE holding the most exposure of 30 lakh shares OI, with CE writers adding positions of more than 20 lakh shares OI at multiple strikes up till 44000 zones."

Day trading stocks for today

Unveiling intraday stocks to buy today, share market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Rajesh Bhosale, Technical Analyst at Angel One — recommended 6 stocks to buy today.

Sumeet Bagadia's intraday stocks for today

1] UltraTech Cement: Buy at CMP, target 7200 to 7300, stop loss 6900

2] Bank of Baroda or BoB: Buy at CMP, target 185 to 190, stop loss 170

Ganesh Dongre's stocks to buy today

3] Kotak Mahindra Bank: Buy at 1812, target 1860, stop loss 1780

4] HCL Technologies: Buy at 1032, target 1090, stop loss 1010

Rajesh Bhosale's stock picks for Tuesday

5] Grasim Industries: Buy at 1729, target 1785, stop loss 1699

6] Pidilite Industries: Buy at 2514, target 2600, stop loss 2460.

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.

ABOUT THE AUTHOR

Asit Manohar

Chief Content Producer at Live Mint Digital Team
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