Six stocks to buy or sell today, Friday, October 6th, according to our day trading guide

 Six stocks to buy or sell today, Friday, October 6th, according to our day trading guide

Today's day trading guide: The Indian stock market closed higher on Thursday after suffering losses on the previous two days. All three of the major benchmark indices experienced a strong recovery; nevertheless, in the overall market, the mid-cap index finished slightly lower. The Nifty 50 index increased by 109 points to close at 19,545 points, the BSE Sensex increased by 405 points to conclude at 65,631 points, and the Nifty Bank index increased by 249 points to close at 44,213 points.

"Indian shares experienced a consolation surge in line with their international peers and positive local service PMI data. Nifty had a gap-up start and maintained positive territory the entire session to conclude at 19546 levels up 110 points (+0.6%). There was some buying in the auto, information technology, and consumer durables sectors. Following an easing of US Bond yields and a decline in crude oil prices from their recent highs, markets experienced a comeback after two days of declines. The Nifty will remain range-bound despite today's market recovery, according to Siddhartha Khemka, Head of Retail Research at Motilal Oswal.

Day trading advice for the current stock market

Regarding the forecast for the Nifty 50 today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities, stated: "Further upside from here could open chances of fresh lower top formation. The broader negative chart pattern, such as lower tops and bottoms, is intact as per daily timeframe chart. The present upside bounce's continued momentum could push the Nifty into levels of 19,726. It is anticipated that any inability to maintain the highs will cause new weakness to emerge from the lower highs.

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Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, commented on the Bank Nifty outlook today: "Bank Nifty too made a decent retracement ahead of the RBI policy to close above the 44200 zone enhancing the bias to some extent. As was previously said, a clear break above the crucial 50EMA level's 44,800 zone on the upside is required to strengthen the bias and advance the trend as a whole.

Data for Nifty Call Put Options

The Head of Technical & Derivatives Research at Profitmart Securities, Chinmay Barve, commented on Nifty Call Put Option data by saying, "Major total Call open interest was noticed around 19600, 19700, and 19800 strikes with total open interest of 87123, 62819, and 61616 contracts respectively. Major total Put open interest was seen at 19500 and 19400 strikes with total open interest of 96732 and 62654 contracts, respectively, according to data provided by nseindia.com at 3.30 pm on October 5, 2023. Major total Call open interest addition was seen at 19600 strike with an addition of 53195 contracts. The 19500 strike saw a significant increase in put open interest of 71695 contracts.

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Call for Bank Nifty A major total call open interest was observed at the 44300, 44400, and 44500 strikes with total open interest of 117274, 133062, and 126691 contracts, respectively, according to Chinmay Barve of Profitmart Securities. Major Call open interest addition was observed at 44300 and 44400 strikes, adding 77216 and 99468 contracts in open interest, respectively. Major Put open interest addition was observed at 44200 and 44000 strikes, adding 96736 and 149636 contracts, respectively, to the total open interest. At the 44200 strike, there was a significant increase in put open interest of 79602 contracts.

Today's day trading stocks

Sumeet Bagadia, the CEO at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi; and Kunal Kamble, Sr. Technical Analyst at Bonanza Portfolio are three stock market experts who have advised intraday stocks for today. They are six stocks to buy or sell.

Today's intraday stocks recommended by Sumeet Bagadia include the following: 1] AU Small Finance Bank: Buy at $714.40; target: $757; stop loss: $688.

The price of an AU Small Finance Bank share is now 714.4. Following a correction, the stock reversed course and, on the daily chart, formed a morning star candlestick pattern with a significant trading volume. The share price of AU Small Finance Bank is also finding support above important Exponential Moving Averages (EMAs), such as the 200-day EMA, which supports the bullish momentum and the possibility of future price growth.

The Relative Strength Index (RSI), which is currently 44 and on the upward, shows increasing purchasing activity. A recent positive crossover from the oversold level was also seen on the Stochastic Relative Strength Index (Stoch RSI). According to this confluence of technical indications, AUBANK may be able to quickly hit its goal price of $757.

2] BSE: Buy at 1326.10; set a target of 1430; and set a stop loss of 1270.

BSE LTD is ready for a potential breakthrough based on a thorough technical analysis of the daily time frame. It has shown to be remarkably resilient, finding solid support at a clear trendline. Additionally, the stock has convincingly closed above significant moving averages, such as the 20, 50, 100, and 200-day EMAs, indicating a change in momentum.

Stocks to buy now: Ahead of the RBI policy meeting, experts advise purchasing these five equities.

The Relative Strength Index (RSI), which measures buying interest, is currently at a strong 68, indicating that buying activity is favorable without exceeding overbought levels. The Average Directional Index (ADX), which currently stands at 27, is also quite high, indicating a strong underlying trend.

Stocks to purchase today from Ganesh Dongre 3] DLF: Buy at $525; set a stop loss of $510; and aim for $545.

The stock has a bullish reversal pattern in the short-term trend, and technically, a reversal might be conceivable up to $540. Holding the support level of 510, this stock can therefore briefly rebound in the direction of the 540 level. Therefore, the trader can buy with a target price of 540 and a stop loss of 510.

Buy at 437, objective 450, stop loss 432, according to ITC.

The stock has displayed a bullish reversal pattern on the short-term chart, sustaining the support level of $432. In the near future, this stock may rise toward the 450 level. Therefore, the trader can buy with a target price of 450 and a stop loss of 432.

Stocks to buy or sell at Kunal Kamble's 5] Buy Hindustan Unilever Ltd., also known as HUL, at $2519.55; set a stop loss of $2494.

On an hourly time frame, the stock has demonstrated a breakout of a range trade with many candlestick patterns confirming a brief change in trend. Price is trading above the ICHIMOKU CLOUD and key EMAs, indicating an upward trend. Therefore, based on the aforementioned technical setup, a lone position in HINDUNILVR can be started with a target price of 2570 and a stop loss of 2494.

Sun TV: Buy at 634.15 with a target price of 700 and a stop loss of 602.

With a volume rise in today's session supporting the trend and price trading above the Conversion and Base Line, Sun TV has shown a breakout of the symmetric pattern on the upside, signaling an upward move. Based on the previously mentioned technical configuration, one may start a long position in SUN TV with an SL of 602 and a target price of 700.