Day trading guide for today: 6 stocks to buy or sell today — 4th November
3 min read . Updated: 04 Nov 2022, 05:59 AM IST
Premium- Day trading guide: Immediate support for Nifty is placed around 17,950 to 17,900 levels, say experts
Day trading guide for today: Following weak global cues, Indian stock market fell on second straight session on Thursday. NSE Nifty lost 30 points and closed at 18,052 whereas Sensex shed 69 points and closed at 60,836 levels. However, Bank Nifty provided some support and ended 151 points higher at 41,298 mark. Broad market indices i.e. small-cap and mid-cap ended marginally in the positive even as the advance decline ratio ended at 0.94:1.
According to stock market experts, a small positive candle was formed on the daily chart with minor upper shadow. Technically, this pattern indicates a 'buy on dips' opportunity in the market at the highs. Though, Nifty placed at the crucial overhead resistance of 18,200 levels, the significant reversal pattern or any sharp weakness is missing at the highs. This could be a display of resilience of the market near the overhead resistance.
Day trading strategies for stock market today
On intraday trading tips, Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, "The positive sequence like minor degree higher tops and bottoms continued in the market and Nifty is currently in an attempt of forming higher bottom at the lows. We expect choppy movement to continue in the next 1 or 2 sessions before showing upside bounce from the lows. Immediate support for Nifty 50 index is placed around 17,950 to 17,900 levels."
Unveiling intraday trading strategies for Friday session, Ruchit Jain, Lead Research at 5paisa.com said, "The short term trend for our markets is still intact as of now, but if take a glance at the US markets, then it seems that the Nasdaq Index has resumed its downtrend post a pullback move and it could even breach the recent swing lows going ahead. If such scenario happen, the the global equities too could then react negatively and hence, short term traders should be vigilant on the global cues going ahead," adding, "Traders are advised to trade with a stock specific approach and lighten up longs if the key indices break the above mentioned crucial supports."
Nifty call put option data
On Nifty call put option ratio, Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, "Nifty weekly expiry option chain witnesses PE writers actively adding their positions of more than a lakh contracts at 18000PE - over 80 thousand contracts and fresh additions of more than 60 thousand contracts as well, which has now formed a super strong support for the Index. CE writers exposure lies at 19000 zones, with PCR_OI at 18000 now being well above 1, is the much needed cushion now."
Bank Nifty call put data
"Bank Nifty option chain on weekly basis, reflects on PE writers building positions of more than 40 thousand contracts at various strikes from 40000PE, with CE writers adding exposure at 41500/42000 strikes- more than 60 thousand and 50 thousand contracts respectively, which reflects on the immediate resistance at 42000 zones for the Index," Shilpa Rout said.
Day trading stocks to buy today
On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Mehul Kothari, AVP — Technical Research at Anand Rathi; 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 stocks to buy today
1] Federal Bank: Buy at CMP, target ₹145, stop loss ₹132
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2] UPL: Buy at CMP, target ₹745 to ₹750, stop loss ₹710
Mehul Kothari's shares to buy today
3] Mahindra Holidays and Resorts or MHRIL: Buy at ₹278, target ₹295, stop loss ₹269
4] Birlasoft: Buy at ₹279, target ₹289, stop loss ₹273
Anuj Gupta's stock of the day
5] State Bank of India or SBI: Buy at CMP, target ₹610, stop loss ₹565
Ravi Singh's stock pick for today
6] Aurobindo Pharma: Buy at ₹558, target ₹580, stop loss ₹554.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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