Day trading guide for today: 6 stocks to buy or sell on Monday — 7th November
3 min read . Updated: 07 Nov 2022, 05:54 AM IST
Premium- Day trading guide: Nifty is placed at the edge of decisive upside breakout at around 18,100 levels, say experts
Day trading guide for today: Following positive news flows from China on 'zero Covid' policy, Indian stocks broke its two days losing streak on Friday last week. Nifty 50 index gained 64 points and closed at 18,117 levels whereas BSE Sensex surged 113 points and closed at 60,950 mark. But, Bank Nifty went off 39 points and finished at 41,258 levels. Small-cap index performed in line with the Nifty rising 0.41 per cent even as the advance decline ratio rose to 1.41:1.
According to stock market experts, Nifty on the weekly chart formed a long bull candle, that placed at the edge of decisive upside breakout of the crucial resistance around 18,100 levels (previous tops). This is positive indication and one may expect further upside in the near term.
Stock market today: Day trading strategies for Monday
Unveiling intraday trading tips for today, Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, "The short term trend of Nifty remains up and the market is now placed to show a decisive upside move above the hurdle of 18,100 to 18,200 levels. A further sustainable upside move from here is expected to pull Nifty towards 18,500 to 18,600 levels in the near term. Immediate support for NSE Nifty is placed at 17,950 levels."
Nifty call put option data
On Nifty call put option ration, 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 1.6 lakh contracts and fresh additions of more than 60 thousand contracts as well, which continues to be the strong support for the Index. CE writers exposure still lies at 19000 zones - over a lakh contracts as well, with highest fresh additions of 70 thousand contracts. PCR_OI at 18000 now being above 1.5, is forming a decisive cushion now."
Bank Nifty call put option data
"Bank Nifty option chain on weekly basis, reflects on PE writers building positions of more than 70 thousand contracts at 41000PE, followed by 40500PE, with CE writers adding exposure at 41500/43500 strikes- more than a lakh and 90 thousand contracts respectively, which reflects on the upside clearing up till 43000 zones for the INDEX going ahead," said Shilpa Rout.
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 and Rajesh Bhosale, Technical Analyst at Angel One — listed out these 6 shares to buy today.
Sumeet Bagadia's stocks to buy today
1] IndusInd Bank: Buy at CMP, target ₹1180 to ₹1200, stop loss ₹1120
2] Aditya Birla Capital: Buy at CMP, target ₹130 to ₹132, stop loss ₹120
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Mehul Kothari's shares to buy today
3] Adani Ports: Buy at ₹858, target ₹895, stop loss ₹845
4] Wipro: Buy at ₹391, target ₹410, stop loss ₹383
Rajesh Bhosale's intraday stocks for today
5] Finolex Cables: Buy at ₹530, target ₹551, stop loss ₹516
6] Muthoot Finance: Buy at ₹1076, target ₹1130, stop loss ₹1052.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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