Five stocks to buy or sell on Thursday, October 26, according to a day trading recommendation for the stock market today

 Five stocks to buy or sell on Thursday, October 26, according to a day trading recommendation for the stock market today

Today's day trading guide: The global market sentiments are still negative due to the Israel-Hamas conflict, and the Indian stock market closed down on Wednesday for the fifth consecutive day. The BSE Sensex corrected 522 points to finish at 64,049, the Nifty 50 index dropped 159 points to conclude at 19,122, and the Bank Nifty index plummeted 319 points to close at 42,832 levels. In the overall market, the mid-cap index fell 0.52 percent and the small-cap index lost 0.77 percent.

A guide to day trading on the stock market today

Regarding the Nifty 50 index forecast, According to HDFC Securities' technical research analyst Nagaraj Shetti, "The Nifty 50 index's short-term trend is still bearish. Following a placement at the long-term support in the lows, a little upward rebound from levels close to 19,100 to 19,000 is possible. In the near future, a breach of 19,000 is probably going to reveal the following downside of 18,600 levels. Strong resistance may be seen between 19,250 and 19,350 levels for any further upward movement from here.

Ashwin Ramani, a derivatives and technical analyst at SAMCO Securities, gave the following analysis of the Bank Nifty forecast today: "For the third day in a row, the Bank Nifty finished at 42,832, down 319 points, continuing to move in a lower low shape. There was a notable long unwinding around strikes 43,100 and 43,200, which caused the index to decline significantly today. The strike for the majority of open, active option contracts, known as the maximum pain, is situated at 42,400 levels."

Ruchit Jain, Lead Research at 5paisa.com, provided the following prediction for the stock market today: "The follow-through selling in large-cap stocks as well as the broader markets hints at a continuation of corrective phase." Since over 70% of FII holdings in the index futures sector are still on the short side, the data is still bearish. How many of these places get carried over to the November series remains to be seen. On the hourly chart, the RSI readings are getting close to the oversold zone, while they are still in the sell mode on the daily chart. Therefore, a retracement from the support levels, which are located around 19,960 and 19,870, cannot be completely ruled out. 19,290 to 19,350 will be considered a resistance zone on the upper side.

Data for Nifty Call Put Options

Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities, commented on the Nifty Call Put Option data for Thursday trades, saying, "Major total Call open interest was witnessed at 19200, 19300, and 19400 strikes with total open interest of 256982, 270003, and 245493 contracts accordingly. "Major total Put open interest was seen at 19000 and 18900 strikes with total open interest of 254689 and 118225 contracts respectively. Major Call open interested addition was seen at 19200 and 19300 strikes, which added 238824 and 196116 contracts in open interest." At the 19000 strike, there was a significant increase in put open interest, adding 83193 contracts to the total."

Nifty Call Bank Put option data Chinmay Barve of Profitmart Securities provided the following information on the Bank Nifty Call Put Option data for the Thursday session: "Major total Call open interest was noticed at 43000 and 43300 strikes with total open interest of 270290 and 206238 contracts respectively. "Major total Put open interest was seen at 42800 and 42500 strikes with total open interest of 122736 and 174901 contracts respectively. Major Call open interest addition was seen at 43000 and 43100 strikes which added 228338 and 115400 contracts in open interest, respectively." There was a significant increase in put open interest at 42600 and 42500 strikes, adding 71489 and 57937 contracts, respectively."

Investing in stocks by day today

Experts in the stock market, including Ashish Katwa, a technical analyst at Bonanza Portfolio, Ganesh Dongre, senior manager of technical research at Anand Rathi, and Sumeet Bagadia, executive director of Choice Broking, suggested buying or selling five stocks today.

Intraday stock recommendations for today from Sumeet Bagadia: 1] Persistent Systems: Buy at ₹5898, objective ₹6165, stop loss ₹5720.

Shares of Persistent Systems are currently doing well on the market and provide an appealing investment opportunity. The stock, which is presently trading at ₹5898, is showing signs of strong consolidation and might rise higher by a considerable amount. The share price of Persistent Systems has shown strong underlying strength by closing above its 50, 100, and 200-day Exponential Moving Averages (EMA) with notable performance. The stock shows a good position for future gain with an RSI of 60.

2] Tata Customer: Purchase at ₹890, aim for ₹928, minimize loss at ₹873.

The trading behavior of the Tata Consumer share is now showing a number of encouraging technical signs. The stock seems to be in a steady trend, with the Relative Strength Index (RSI) at 52 suggesting that it is neither overbought nor oversold.

In addition, the stock finished above its 20-day Exponential Moving Average (EMA), a positive indicator that is often seen. Additionally, it is trading above other significant moving averages, which supports the bullish outlook even more.

Ganesh Dongre's stock day trading 3] India Coal: Purchase at ₹310, aim for ₹330, and halt loss at ₹300.

The share of Coal India has a bullish trend for a reversal; theoretically, a pullback might occur up to ₹330. Therefore, if the stock maintains the ₹300 support level, it may rise in the near future to the ₹330 level. For the target price of ₹330, the trader may thus go long with a stop loss of ₹300.

4] DLF: Purchase at ₹330, aim for ₹345; halt loss at ₹320.

The stock is maintaining the ₹320 support level as it has shown a positive reversal pattern on the short-term chart. The trader might go long with a stop loss of ₹320 for the target price of ₹345 since this stock may rebound toward the ₹345 level in the near future.

Purchase or sell shares from Ashish Katwa 5] November Futures for IndusInd Bank: Sell between $1425.10 and $1427, target $1397, stop loss $1439.

The IndusInd Bank share has seen a breakdown of an upward-sloping channel with a bearish candlestick on the four hourly charts. On the daily time frames, the stock is trading below its exponential moving averages spanning 21 to 38 days, indicating a short- to medium-term price decline. The price seems to be trading below the conversion and base line, which serve as resistance points for the counter, according to the Ichimoku cloud technical indicator. The RSI (14) Daily Strength Indicator is trading below the 45 mark and is in a bearish trend. Therefore, using the aforementioned Technical Setup, a short trade in INDUSINDBK may be opened with a stop loss of ₹1439 and a downside target of ₹1397.