Day trading guide for Friday: 6 stocks to buy or sell today — 26th August
Premium- Day trading guide: One may expect broader range movement for the Nifty around 17,700 to 17,800 on the upside and 17,300 to 17,200 levels on the downside, say experts
Day trading stocks: After showing a sustainable upside movement in last two sessions, Indian stock market slipped into sharp intraday weakness on Thursday amidst high volatility and closed in negative territory. NSE 50 index ended 82 points lower at 17,522 mark whereas BSE Sensex went down 310 points and closed at 58,774 levels. Nifty Bank index finished 87 points lower at 38,950 mark. Among sectors, realty and consumer durables were the main gainers while IT was the main loser.
According to stock market experts, a long bear candle was formed on the daily chart and the market reacted down from the hurdle of 17,700 levels. Though, Nifty declined from the highs on Thursday, the overall market breadth was positive and the broad market indices like mid-cap and small-cap were showing resilience.
Day trading guide for stock market today
Speaking on Nifty technical outlook, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The sharp intraday weakness of Thursday could be a worrying factor for the bulls to sustain the highs. As long as Nifty sustains above the supports of 17300-17200 levels, there is a possibility of an upside bounce from the lower levels. One may expect broader range movement for the Nifty around 17,700 to 17,800 on the upside and 17,300 to 17,200 levels on the downside for the near term."
"Nifty Bank technically likely to face resistance at 39,473, above which 39,827 likely to be seen. However failing to sustain the resistance will see the next technical target till 38,687," said Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher.
Nifty Call Put ratio
Speaking on Nifty call put data, Shilpa Rout of Prabhudas Lilladher said, "The series ends with an indecisive note, however the BEARs getting back into the game is no good news for the BULLs out there. NIFTY Option chain for the weekly expiry suggests data being aggressively scattered all over again, with 17700CE/18500CE holding overall maximum exposure of more than a lakh contracts each, with 17000PE being the most aggressive one showing immediate support. PCR OI at 17500 is nearly 2, which if sustains will show some upside momentum."
Bank Nifty Put Call ratio
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"BANK NIFTY FUT Option chain on PE writers being active at 39000PE - with more than 40 thousand contracts, followed by 38500PE/38000PE. CE writers adding their positions at 39500- with overall 70 thousand contracts, hints on a very narrow trading range for the INDEX," Shilpa Rout said.
Day trading stocks
Sharing intraday stocks for today, stock market experts — Anuj Gupta, Vice President — Research at IIFL Securities; Mehul Kothari, AVP — Technical Research at Anand Rathi and Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher — recommended 6 stocks to buy or sell today.
Anuj Gupta's intraday stocks for today
1] RBL Bank: Buy at CMP, target ₹145, stop loss ₹114
2] Shree Renuka Sugars: Buy at CMP, target ₹55, stop loss ₹40
Mehul Kothari's stocks to buy today
3] Pidilite Industries: Buy at ₹2,665, target ₹2,800, stop loss ₹2,630
4] Rain Industries: Buy around ₹200, target ₹210, stop loss ₹194
Vaishali Parekh's stock picks for Friday
5] Axis Bank: Sell around ₹743.35, target ₹700, stop loss ₹760
6] Dabur: Sell around ₹579.70, target ₹550, stop loss ₹592.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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