Day trading guide for today: The Indian stock market ended lower for the second day in a row following weak global market sentiment on the Israel Palestine conflict. The Nifty 50 index fell 46 points to close at 19,624 levels, the BSE Sensex lost 247 points to end at 65,629 points, while the Bank Nifty index shed 134 points to end at 43,754 levels.
In the broad market, the small-cap index ended marginally higher, while the mid-cap index ended marginally lower on Thursday. Global shares fell on Thursday as risk aversion prevailed on growing concerns over conflict in the Middle East, while bond selling intensified and took Treasury yields to new 16-year highs ahead of a much-anticipated speech by US Federal Reserve Chairman Jerome Powell.
On the outlook for the Nifty today, Nagaraj Shetti, technical research analyst at HDFC Securities said, “Further weakness from here, Nifty finds support around 19,480 to 19,450 levels and any upward bounce from here could face resistance around 19,700 levels. A decisive break above this hurdle could draw Nifty towards another hurdle at 19,850 levels.”
On the outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, “Bank Nifty rallied sharply during the day before profit booking in the last hour saw the index close at 43,755, down 134 points. Bank Nifty received support from 43,600 level today.Index is at make-or-break level as break below 43,600 may lead Bank Nifty to move down by another 300 points till 43,300 while a close above 44,000 may ignite buying interest again.”
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Smart Call Put Option Data
Speaking on Nifty Call Put Option data, Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities said, “Larger total Call open interest was seen at 19700 and 19800 strikes with total open interest of 114418 and 145333 contracts respectively. addition was seen at 19750 and 19950 strikes which added 59952 and 46134 contracts in open interest,” added, “Major total Put open interest was seen at 19600 and 19500 strikes with total open interest of 112889 and 149476 larger Put contracts open interest addition. was seen at the 19600 and 19500 strikes, which added 42695 and 43654 contracts in open interest.”
Bank Nifty Call Put Option data
“Major aggregate Call open interest was seen at 44000, 44300 and 44500 strikes with aggregate open interest of 160747, 75276 and 175876 contracts respectively. Major Call open interest addition was seen at 44000 strike adding 52176 contracts in open interest,” said Chinma Barve. added, “Major aggregate Put open interest was seen at 43700 and 43500 strikes with aggregate open interest at 89566 and 114263 contracts respectively. Major Put open interest inflow was seen at 43700 and 43600 strikes adding 61361 and 55865 contracts respectively.”
Day trading with shares for today
On intraday stocks today, stock market experts — Sumeet Bagadia, managing director at Choice Broking; Ganesh Dongre, Senior Manager – Technical Research at Anand Rathi and Ashish Katwa, Technical Analyst at Bonanza Portfolio – recommended six stocks to buy today.
Sumeet Bagadia’s intraday shares for today
1]Lupine: Buy at ₹1200 NOK target ₹1254, stop loss ₹1175.
The Lupine share price is showing strong indications of a bullish trend. The stock recently experienced a breakout at 1180 and subsequently retested this level, confirming it as a new support. Moreover, Lupine has demonstrated remarkable resilience by closing above its short, intermediate and long-term moving averages, including the 20, 50, 100 and 200-day exponential moving averages (EMA). This confirms a robust underlying strength in the stock’s price action.
2]BSE: Buy at ₹1537.60, measure ₹1697, stop loss ₹1465.
The BSE share price has broken out of the range between ₹1521 and ₹1442 levels, closes at ₹1537.6. If the price can hold ₹1540 level, there is potential for it to target levels of ₹1630 and ₹1697. Conversely, ₹1465 acts as a crucial support level.
Furthermore, BSE is currently trading above critical exponential moving averages (EMAs), including 20-day, 50-day, 100-day and 200-day EMAs, reinforcing its bullish momentum and indicating the possibility of further upward price movements.
Ganesh Dongre’s shares are to be bought today
3]Aditya Birla Capital: Buy at ₹183, goal ₹189, stop loss ₹178.
In the short-term trend, the stock has a bullish reversal pattern, technical pullback could be possible until ₹189. Then the support level holds ₹178 this stock can bounce towards the 189 level in the short term so the trader can go long with a stop loss of ₹NOK 178 to the indicative price of ₹189.
4]Paras Defense: Buy at ₹742, target ₹760, stop loss ₹730.
On the short-term chart, the stock has shown a bullish reversal pattern, holding the support level ₹730. This stock can jump against ₹760 level in the short term, so the trader can go long with a stop loss on it ₹NOK 730 to the indicative price of ₹760.
Ashish Katwa buy or sell stocks
5]Tata Elxsi: Buy at ₹7704 TB ₹7682, target ₹8012, stop loss ₹7550.
On a daily time frame, TataElxsi has given a breakout of the downward trading channel on the upside, indicating a positive trend in the stock. Buyers need to look more attractive to buy the security above 7700 levels. The ADX line trades above DI+ and DI-, which shows strength in the security. Momentum Indicator RSI trading near the overbought region, confirming bullishness in the script.
6]Minda Corp: Buy at ₹363.65 TB ₹362, goal ₹387, stop loss ₹352.
On the daily chart, the stock has given a breakout of Triangle with bullish candlestick. The stock is trading above its 21-38 day exponential moving average on the daily time frames, which is positive for the prices in the short to medium term. The technical indicator Ichimoku cloud suggests that the price is trading above the conversion and base line, indicating a positive trend. The daily strength indicator RSI (14) is in bullish mode and is trading above the 60 level. Based on the above technical setup, therefore, a long position can be created in Mindacorp shares with a SL on it ₹352 for an Upside target of ₹387.
Disclaimer: The above views and recommendations are those of individual analysts or brokerages and not of Mint. We advise investors to check with certified experts before making investment decisions.
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