Day trading guide for Thursday: 6 stocks to buy or sell today — 15 September
Premium- Day trading guide: The short-term uptrend status of Nifty is still positive, believe stock market experts
Day trading guide for Thursday: Following weakness in the US markets, Indian stock market witnessed an excellent upside recovery from the lows on Wednesday. Nifty 50 index corrected 66 points and closed at 18,003 levels. BSE Sensex ended 224 points lower at 60,346 whereas Nifty Bank index shot up 532 points and finished at 41,405 mark. Mid-cap and small-cap indices continued to remain subdued and ended marginally in the negative territory.
According to stock market experts, a long bull candle was formed on the daily chart with a minor upper shadow. Technically, this pattern indicates the emergence of sharp buying interest from the lower support. After moving above the important resistance of down sloping trend line at 17900 levels recently, the Nifty witnessed sharp buying from near that trend line support as per the concept of change in polarity. This is a positive indication.
Stock market outlook
Speaking on Nifty 50 index technical outlook, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short-term uptrend status of Nifty is still positive. A sustainable move above the hurdle of 18,100 levels could pull Nifty towards the next overhead resistance of 18,350 in the short term. Any weakness from here could find support around 17,920 levels."
"The momentum readings on the daily chart are still in buy mode but have entered into a corrective mode on the hourly chart. So this should be seen as a correction within a short term uptrend and one should keep a tab on the same to see whether the momentum readings resume its upside move going ahead. For Bank Nifty, 40500 will be seen as the trend reversal level and till that is intact the trend remains firm there too," said Ruchit Jain, Lead Research at 5paisa.com.
Nifty Call Put Option data
On Nifty call put ratio, Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, "Nifty Option chain for the weekly expiry reflects on CE writers adding over a lakh contracts at various immediate strikes, with PE writers also adding overall more than a lakh contracts at various OTM strikes. However PE OI unwinding is seen at immediate levels, which shows the struggle in between the BULLs and BEARs for the expiry tomorrow. PCR OI at 18000 being just over 1, will play the most crucial factor tomorrow to decide on the direction."
Bank Nifty Call Put Option data
"Bank Nifty Future Option chain on PE writers being active at 40500/41000 strikes, with max fresh exposure at 41000PE - more than 70 thousand contracts. CE writers adding exposure of over more than a lakh at 41500CE, followed by 45000CE, thereby also hinting strong upside above 41500 zones again," Shilpa Rout said.
Day trading stocks
On stocks to buy or sell today, stock market experts — Sumeet Bagaria, Executive Director at Choice Broking; Mehul Kothari, AVP — Technical Research at Anand Rathi and Anuj Gupta, Vice President — Research at IIFL Securities — listed out 6 stocks to buy today.
Sumeet Bagadia's stocks to buy today
1] Kotak Mahindra Bank: Buy at CMP, target ₹2000 to ₹2025, stop loss ₹1920
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2] Tata Steel: Buy at CMP, target ₹114 to ₹116, stop loss ₹105
Mehul Kothari's stock picks for Thursday
3] Mahindra Logistics: Buy at ₹547, target ₹590, stop loss ₹520
4] Axis Bank: Buy at ₹804, target ₹825, stop loss ₹790
Anuj Gupta's shares to buy today
5] ICICI Bank: Buy at CMP, target ₹970, stop loss ₹875
6] RBL Bank: Buy at CMP, target ₹145, stop loss ₹122.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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