Day trading guide for today: On account of weak global cues, Indian stock market ended in negative zone on third straight session on Tuesday. NSE Nifty fell over 250 points and closed below the psychological 17,000 mark. BSE Sensex tanked 843 points and closed at 57,147 whereas Nifty Bank index finished 380 points lower at 38,712 levels. Broad market indices fell more where Nifty Mid-cap 100 and Small-cap 100 fell by 1.7 per cent each. Declining shares outnumbered the advancing shares where advance decline ratio stood at 0.46 on BSE.
According to stock market experts, the positive sentiment created by the upside recovery of Monday has been nullified on Tuesday and this market action is now unfolding the negative sequence like lower tops and bottoms on the daily chart. After the formation of lower top at 17,428 on 6th October, the Nifty is expected to slide down to the recent lows in the coming sessions.
Day trading strategies for stock market today
Speaking on day trading guide for Wednesday, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term trend of Nifty remains weak and the downside momentum has started to pick up from the lower highs. One may expect Nifty to slide down to the important support zone of around 16,800 to 16,700 levels in the next few sessions, before showing another round of upside bounce from the lows. Immediate resistance for Nifty is placed at 17,130 to 17,150 levels.”
On Nifty technical outlook, Ruchit Jain, Lead Research at 5paisa.com said, “Technically, it would be crucial to see how far this correction goes as if Nifty breaks the recent swing low of 16,750 going ahead, then it will be seen as a five wave impulsive decline from the recent high of 18,100 which would mean a downtrend which would have further large correction with in between pullbacks. On the flipside, if the index doesn’t break the swing low of 16,750 and surpasses above 17,200, then one should reassess the markets as it could then lead to short covering.” The Eliot Wave expert went on to add that until there’s change in the data, it’s better to stay with the trend.
On Bank Nifty index, Ruchit Jain of 5paisa.com said that immediate support for the index is placed at 38,465 while major support for the banking index lies at 38,270 levels. He said that Nifty Bank index is facing immediate hurdle at 39,020 while major hurdle for the index is placed at 39,370 levels.
Nifty call put option data
“Nifty weekly expiry option chain witnesses PE writers actively adding their positions at 17000/16000 strikes – overall nearly a lakh contracts each, with many other strikes also adding close to 90 thousand contracts. PE OI unwinding also seen at many immediate strikes, with CE writers standing tall at 17200CE – more than 90 thousand contracts added fresh. PCR_OI at 17000 being just above 1, which if holds and increased then some bounce back can be expected, otherwise 16700 zones will be seen,” said Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher.
Bank Nifty call put option data
“Bank Nifty option chain on weekly basis, reflects on PE writers building positions aggressively at 37000/38000 strikes – overall more than 80 thousand and 70 thousand contracts respectively. CE writers adding up exposures at 39000/40000/41000 strikes – over a lakh contracts each, which hints on the indecisiveness pattern for the INDEX and a broad trading range in between 37000-41000 zones,” Shilpa Rout said.
Day trading stocks to buy today
Speaking on intraday trading tips, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking and Ravi Singh, Vice President & Head of Research at Share India — recommended 4 shares to buy today.
Sumeet Bagadia’s buy or sell stocks for today
1] IndusInd Bank: Sell at CMP, target ₹1120, stop loss ₹1200
2] Bata: Buy at CMP, target ₹1860 and ₹1875, stop loss ₹1770
Ravi Singh’s shares to buy today
3] Asian Paints: Buy at ₹3290, target ₹3370, stop loss ₹3265
4] Axis Bank: Buy at ₹782, target ₹795, stop loss ₹775.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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