Day Trading Guide for Friday: Dalal Street ended in the red zone for the second consecutive session on Thursday, following fears of a global slowdown and fall in India’s GDP forecast by Fitch ratings agency. NSE Nifty closed 126 points lower at 17,877 while BSE Sensex closed 412 points south at 59,934. The Nifty Bank index lost 196 points to end at 41,209.
According to Share Market According to experts, a long negative candle was formed on the daily chart, which has swallowed Wednesday’s long bull candle to the downside. Technically, this market action is indicating selling pressure at the 18,100 level of resistance. On the downside, Nifty is expected to find support near 17,750 to 17,700 levels in the near term.
Outlook for the stock market today
Speaking on the technical outlook of Nifty 50 Index, Nagraj Shetty, Technical Research Analyst, HDFC Securities said, “Short term trend of Nifty is restricted to 18,100 to 17,700 levels. Further consolidation or slight downside is likely. Very short term downside. “
Unveiling the intraday trading strategy, Ruchit Jain, Lead Research, 5paisa.com said, “A rising dollar index is generally negative for equities, but has resulted in a relative outperformance by our INR as compared to other global currencies in our equity markets. The short term traders should keep a close watch on the currency as well as any directional move in the currency can give us an early indication of a short term directional move.
nifty call put option data
On Nifty Call Put Option Ratios, Shilpa Raut, Derivatives Lead Analyst at Prabhudas Lilladher, said, “The Nifty Option Chain for the Weekly expiry reflects the CE writers adding the highest exposure in 18700CE – over 70 thousand contracts in total, 60 thousand Contracts with the highest fresh addition of K. Long standing PE writer at 16500 strike – Maximum exposure of 45K contracts, followed by several other immediate other strikes with around 40K contracts. PCR OI at 17900 being just below 1 Still need to move more to maintain momentum, on the upside.”
“Bank Nifty Future Option Series when activated at 38500 strike on PE writers – total 50 thousand contracts, followed by 40000PE – total 44 thousand contracts. CE writers add risk of more than 55 thousand contracts on 41500CE, followed by 42000CE / 42500CE – More than 40 thousand contracts,” said Shilpa Raut of Prabhudas Lilladher.
day trading stocks
List of intraday stocks for today, Stock market expert – Sumeet Bagdia, Executive Director, Choice Broking; Anuj Gupta, Vice President – Research at IIFL Securities and Mehul Kothari, AVP – Technical Research at Anand Rathi – have 6 buy recommendations for today.
Will buy shares of Sumeet Bagdia today
1]Coal India Limited: Buy on CMP, Target from 240 245, stop loss 229
2]Adani Port: Buy on CMP, Target since 990 1000, stop loss 950
Anuj Gupta’s stock rises for Friday
3]Ceat: Buy on CMP, Target 1710, stop loss 1620
4]HDFC Bank: Momentum Buy, Target 1570, stop loss 1475
Today will buy day trading shares of Mehul Kothari
5]Cummins India: Buy Here 1250, target 1295, stop loss 1215
6]Buy at: City Union Bank or Cub 183, target 192, stop loss 178.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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