Stock Market Today: Global markets are either expected to consolidate or see a pullback move in the near future, which should be supported, say experts.
• Day Trading Guide for Today: If Nifty can cross the immediate resistance of 17,608, then the upward momentum will pick up, say experts
Day Trading Guide for Today: The Indian stock market ended in the green zone for the fifth consecutive session on Thursday due to the recovery of the previous hour. NSE Nifty closed 51 points higher at 17,563 while BSE Sensex closed 95 points higher at 59,202. However, the Nifty Bank index lost 273 points to end at 40,099. The broader market indices underperformed despite the forward downside ratio closing at 1:1.
According to stock market experts, the Nifty 50 index is close to strong resistance, coinciding with a downward sloping trend line, maintaining the 2021 and 2022 highs. In order to continue the uptrend the index needs to cross these resistances strongly which may take Nifty towards the previous intermediate high of 18,096.
Today's Trading Strategies for the Stock Market
Speaking on intraday trading tips, Nagraj Shetty, Technical Research Analyst, HDFC Securities said, "Technically, while Nifty has moved higher after bouncing back from support last week, the index is trading near strong resistances and higher. They need to be cleared to move on. If Nifty can cross the immediate resistance of 17,608 then there will be an uptrend."
“Currency depreciation is generally considered negative for equity markets, but even when INR has crossed the 83 mark, Nifty has not made a new low and is in fact much higher than the previous swing lows. This is seen as a positive divergence which means buying interest in the equity segment by market participants. Further, global markets are expected to either consolidate or see a pullback move in the near future. Which should also support our markets.FIIs have covered some of their short positions over the past few days which can be seen from their 'Long Short Ratio' which has now increased from 15 per cent to around 30 per cent. "
Unveiling the intraday trading strategy, Nagraj Shetty, HDFC Securities said, “We recommend a stock specific approach and suggest buying stocks from sectors that are showing relative strength.”
nifty call put option data
“In Nifty Weekly Expiry Options Series PE writers actively add their positions in various strikes up to 17400/17500 strike – each with a maximum of new contracts above 45 thousand and CE writers stand long at 18000CE level – one lakh More than 30 thousand contracts with the highest fresh additions. PCR_OI at 17500, being just below 1, is critical to understand the forward direction,” said Shilpa Raut, Derivatives Lead Analyst at Prabhudas Lilladher.
bank nifty call put option data
“Bank Nifty options series on a weekly basis shows the position of PE writers building at 39000 strike – over 65 thousand contracts in total, with CE writers adding equal and fair exposure at 41000-42000 strike – 60 thousand each This indicates a broad range between 39000-42000 sectors for the index," Shilpa Raut said.
day trading stocks to buy today
Intraday stocks unveiled for today, stock market experts - Sumeet Bagdia, Executive Director, Choice Broking, Anuj Gupta, IIFL Securities VP - Research, Manoj Dalmia, Founder & Director, Praveen Equities and Ravi Singh, Vice President & Head of Research, Shares India - 6 recommended stocks to buy today.
Today's Intraday Stock of Sumeet Bagadiya
1] HCL Tech: Buy on CMP, target ₹1040 to ₹1050, stop loss ₹1000
2] Adani Ports: Buy on CMP, target ₹840 to ₹850, Stop Loss ₹800
Day Trading Stocks by Anuj Gupta
3] TraxN Technologies: Buy on CMP, Target ₹105, Stop Loss ₹80
4] Suzlon Energy: Buy at CMP, Target ₹13, Stop Loss ₹6.50
Will buy shares of Manoj Dalmiya today
5] Tata Steel: Buy at ₹101.85, target ₹103.05, Stop Loss ₹101.10
Ravi Singh's day stock
6] Rain Industries: Buy at ₹166, target ₹172, with stop loss at ₹163.
It is predicted that you can buy and sell with your knowledge.
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