- Day trading guide for Thursday: Immediate resistance for NSE Nifty is placed at 17,650 levels, believe stock market experts
Day trading guide for Thursday: Despite weakness in European and some Asian markets due to hawkish US Fed on interest rate hike, Indian markets finished higher on Wednesday session. Nifty 50 index gained 27 points and closed at 17,604 levels whereas BSE Sensex surged 54 points and finished at 59,085 mark. However, Nifty Bank outperformed key benchmark indices and finished 340 points higher at 39,038 levels.
According to stock market experts, a small positive candle was formed on the daily chart, that placed beside the long positive candle of previous session. Technically, this pattern indicate a range bound movement in the market after a pullback rally from the lower supports. This also reflects a lack of selling interest in the last couple of sessions after a sharp reversal on the downside on 19th and 22nd August.
Day trading guide for stock market today
“The market is in an attempt to comeback from the lows and further sustainable upside move from here could bring bulls into a driver’s seat. Immediate resistance for NSE Nifty is placed at 17,650 and a sustainable move above this area is expected to pull Nifty towards another hurdle of 17,850 levels in the short term,” said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
Rajesh Palviya, VP – Technical & Derivative Research at Axis Securities said, “On the daily chart, the index has formed a bullish candle. However, it remained restricted within the previous session’s High-Low range, indicating the absence of strength on either side. The index is moving in a Higher Top and Higher Bottom formation on the daily chart, indicating an uptrend.”
On Bank Nifty outlook, Rajesh Palviya of Axis Securities said, “On the daily chart, the index has formed a bullish candle and has closed above its previous session’s high representing a positive bias ahead. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating a short-term up trend.”
Nifty Call Put data
Speaking on Nifty Call Put ratio, Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, “Market swinging in between the BULL and BEAR grip is definitely putting in a lot of pressure. NIFTY Option chain for the monthly expiry suggests data being aggressively scattered all over. 17000PE and 18000CE holding overall maximum exposure of more than 2 lakh contracts each, with 17500PE and 17800CE being the most following after aggressive active strikes.
PCR OI at 17600 is just below 1, which will play the crucial factor for the day to decide on the direction of the expiry.”
Bank Nifty Call Put data
“BANK NIFTY FUT Option chain reflects on no major changes. PE writers being active at 38000PE/38500PE – with more than a lakh contracts each overall, with CE writers adding their positions at 39500/40000 strikes – also overall a lakh contracts each, which hints on the broad trading range in between 38000-40000 for the expiry,” Shilpa Rout of Prabhudas Lilladher said.
Day trading stocks
Speaking on intraday stocks for today, stock market experts — Anuj Gupta, Vice President — Research at IIFL Securities; Mehul Kothari, AVP — Technical Research at Anand Rathi and Osho Krishan, Sr. Analyst — Technical & Derivative Research at Angel One — recommended 6 stocks to buy today.
Anuj Gupta’s intraday stocks for today
1] Federal Bank: Buy at CMP, target ₹125, stop loss ₹107
2] Tata Steel: Buy at CMP, target ₹120, stop loss ₹97
Mehul Kothari’s stocks to buy today
3] Axis Bank: Buy at ₹750, target ₹780, stop loss ₹735
4] Bharti Airtel: Buy at ₹739, target ₹760, stop loss ₹725
Osho Krishan’s shares to buy today
5] Indian Hotels or IHCL: Buy at ₹275, target ₹283, stop loss ₹269
6] Mahanagar Gas Ltd or MGL: Buy at ₹863, target ₹884, stop loss ₹852.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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