Day trading guide for today: Indian shares declined for the second consecutive session on Thursday as minutes of the Federal Reserve meeting sounded a cautious tone on interest rates due to weak global cues. The Nifty 50 index closed 50 points lower at 17,992, the 30-stock BSE Sensex closed 304 points lower at 60,353, while the Nifty Bank index closed 350 points lower at 42,608. Capital goods and FMCG stocks attracted buying interest, while the broader markets improved in the previous session with advance fall ratio rising to 0.92:1.
According to market experts, a reasonable negative candle with long lower shadow has formed on the daily chart. Technically, this pattern indicates a downside continuation pattern amid an uptrend. Thursday’s upside recovery indicates buying is expected to emerge from the lower support around 17,750 near 17,800 levels.
Day trading guide for stock market today
Speaking on intraday trading strategies, Nagaraj Shetty, Technical Research Analyst HDFC Securities said, “The negative chart pattern such as lower tops and bottoms continued on the daily chart and Nifty is expected to retest the recent swing low of 17,775 in the short term. Any bounce from here will face resistance around 18,100 levels.” Can do.”
Ruchit Jain on the reasons for the continuous fall in the markets, prominent Research on 5paisa.com said, “The decline is mainly due to selling by FIIs as their ‘long short ratio’ declined to around 36 per cent from 57 per cent at the start of the January series. Equities have also sold and the combination of short formation in index futures as well as FIIs selling in the cash segment has generally turned negative for the markets.”
Advising to ‘buy on dips’, Ruchit Jain said, ‘From a technical point of view, smelly It is trading around a rising trendline support and following a recent corrective phase over the past one month, the momentum reading on the lower time frame charts has entered the oversold zone. Hence, this does not look a suitable area to form shorts and in fact, one can take contra trades and look for buying opportunities. A low of 17,770 will be seen as an important support for the Nifty 50 index and only if we break that support, we will see the momentum intensify to the downside. Hence, as long as this support holds, buying opportunities can be looked for in intraday dips.”
“Bank Nifty index, which had outperformed in the last few months, saw Spicy Intraday correction today. We may see some stock specific moves from stocks in this sector in the near term, while some other sectors may take Leadership In very short span of time. Traders are advised to look for specific buying opportunities in stocks which have shown relative strength in the last one week,” said Ruchit Jain.
nifty call put option data
On Nifty call put ratio, Shilpa Raut, Derivatives Lead Analyst at Prabhudas Lilladher said, “Nifty weekly expiry option chain 18000 straddle shows to be aggressive, each with around 50 lakh OI shares. The PE writer widens his position to over 16500.” 17500 PE with more than 30 lakh OI shares followed by 35 lakh OI shares. CE writers positions remained active above all strikes till 19000CE till 19000CE with more than 50 lakh OI shares being the highest followed by 40 lakh Over OI of the stocks was 18200CE. PCR_OI at 18000 is 0.89 which is a significant level for the index.”
bank nifty call put option data
“Bank Nifty weekly expiry options chain saw PE writers positions at various strikes of 41500PE with more than 10 lakh OI shares and 9 lakh OI shares with 42000/42500 PE each. CE writers with more than 20 lakh OI shares and Strongest positions at 43000 strike with 43500CE. 15 lakh OI shares. Bank Nifty from 42500- 44000 levels indicating a broad trading range,” said Raut.
day trading stocks to buy today
Intraday stock sharing for today, Stock Market Expert – Sumeet Bagadia, Executive Director, Choice Broking; Anuj Gupta, Vice President – Research at IIFL Securities and Ganesh Dongre, Senior Manager – Technical Research Anand Rathi – Recommended 6 stocks to buy today.
Sumit Bagadia’s share picks for the day
1]ITC: Buy on CMP, Target from 340 350, stop loss 326
2] larsen and toubro OR LT: Buy on CMP, Target from 2125 2150, stop loss 2050
Anuj Gupta’s shares will be bought today
3]Wipro: Buy at CMP, Target 410 stop loss 365
4]Tata Steel: Buy at CMP, Target 125, stop loss 109
ganesh dongre intraday stock for today
5]Polycab: Buy at Rs.2650, Target 2740, stop loss 2580
6]Max Financial Services Limited or MFSL: Buy 735, target 770, stop loss 715.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint. We advise investors to do due diligence with certified experts before making any investment decision.
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