Day trading guide to the stock market today: Due to weak global market sentiments, the Indian stock market extended the sell-off for another session on Friday last week. The Nifty 50 index fell 82 points to close at 19,542 levels, the 30-share index BSE Sensex corrected 231 points to end at 65,397 marks, while the Bank Nifty index ended 31 points lower at 43,723 levels. Volumes on the NSE improved mildly. Broad market indices declined more than the Nifty, though the advance declined sharply to 0.48:1.
Day trading guide for today
On the outlook for the Nifty 50 today, Nagaraj Shetti, technical research analyst at HDFC Securities said, “The short-term trend for the Nifty remains negative. A fall below the immediate support of 19,480 could pull the Nifty towards another key support at 19,350 levels in the near term. Immediate resistance for Nifty today is placed around 19,650 levels.”
On the outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, “Bank Nifty was set to go past the key level of 43,800 before selling pressure led the index to close at 43,723, down 31 points . The options activity at 43,500 Strike will give clues about the future direction of Bank Nifty. A break below 43,500 will lead the next round of selling, while a close above 44,000 is required for the bulls to come back.”
Intraday trading strategy for the stock market today
Unveiling a day trading guide for the stock market today, Siddhartha Khemka, Head – Retail Research at Motilal Oswal said, “The banking sector will be in focus on Monday as investors will react to the Q2 results of ICICI and Kotak Bank which will be announced over the weekend. Among the key results announced this week will be from Axis Bank, TechM, Maruti, Bajaj Finserv, SBI Life and Dr Reddy.”
Buy or Sell: Vaishali Parekh recommends three stocks to buy today – October 23
So stock specific approach would be an ideal strategy if the Indian stock market continues to remain volatile during the Monday session.
Smart Call Put Option Data
Speaking on Nifty Call Put Option data, Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities said, “Large aggregate Call open interest was seen at strikes of 19600, 19700 and 19800 with aggregate open interest at 167804, respectively. 165695 and 7 contracts. Major Call open interest addition was seen at 19600 and 19700 strikes which added 75320 and 51225 contracts in open interest,” added, “Large aggregate Put open interest was seen at 19500 and 19400 strikes with aggregate open interest of respectively 168583 and 116416 major contracts. Put open interest addition was seen at the 19400 strike which added 40493 contracts in open interest.”
Bank Nifty Call Put Option data
On Bank Nifty Call Put Option data, Chinmay Barve of Profitmart Securities said, “Large aggregate Call open interest was seen at 43800, 44000, 44200 and 44500 strikes with aggregate open interest of 114149, 151348, 1104180 Large open contracts respectively. interest premium was seen at 43800 and 44200 strikes, adding 53657 and 40690 contracts respectively in open interest,” adding, “Major total Put open interest was seen at 43700 and 43500 strikes with total open interest of 113744 and 128857 major contracts. interest premium was seen at 43700 and 43500 strikes, adding 32329 and 21790 contracts respectively.”
Buy or Sell: Sumeet Bagadia recommends three stocks to buy this week
Day trading stocks to buy 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 Kunal Kamble, Sr. Technical Analyst at Bonanza Portfolio – recommended six stocks to buy today.
Sumeet Bagadia’s day trading of stocks
1]Bharti Airtel: Buy at ₹945, target ₹972, stop loss ₹930.
Bharti Airtel share price is currently showing strong bullish signals. The latest outbreak at ₹930 indicates a notable shift in momentum, complemented by the fact that the Bharti Airtel share price has successfully closed above its short, medium and long-term moving averages (20, 50, 100, 200 EMA). This not only underlines the stock’s current strength, but also suggests a continuing positive trend.
Given these technical indicators, it appears to be an opportune time for investors to consider BHARTIARTL as a potential addition to their portfolio. A prudent strategy would be to initiate a position at the current price of ₹945, with a stop-loss set at 930 to manage risk. The target price of ₹972 presents a plausible upside potential that aligns with the positive technical outlook.
2] Bajaj Auto: Buy at ₹5489, target ₹5680, stop loss ₹5350.
Bajaj Auto share price is currently quoted at ₹5489, having recently experienced an outbreak at ₹5200, indicating potential upside momentum. Moreover, the Bajaj Auto share price has shown strength by consistently closing above its short, medium and long-term moving averages, including the 20, 50, 100 and 200 exponential moving averages (EMA). This suggests a robust underlying trend in the stock’s price movement.
Based on these technical indicators, it is recommended to consider initiating a position in Bajaj Auto share price at the current price of ₹5489, with a stop-loss added ₹5350 to manage the risk. The target price (TGT) is stated at ₹5680, reflecting a potential upside move.
Ganesh Dongre’s shares are to be bought today
3]HDFC Bank: Buy at ₹1523, measure ₹1545, stop loss ₹1500.
The HDFC Bank share price is showing a bullish reversal pattern on the chart. Technically, reduction could be possible until ₹1545. Then the support level holds ₹1500 this stock can bounce towards ₹1540 level in the short term, so the trader can go long with a stop loss on it ₹1500,- to the indicative price of ₹1545.
4] Zomato: Buy at ₹113, target ₹118, stop loss ₹108.
Zomato share price is showing a bullish pattern on the technical chart and it can hold off the current support ₹108. Zomato share pray can jump towards ₹118 level in the short term, so the trader can go far with a stop loss on it ₹NOK 108 to the indicative price of ₹118.
Kunal Kamble’s purchase or sale of shares
5]Zodiac Signs: Buy at ₹155 TB ₹154, goal ₹178, stop loss ₹137.
The Zodiac share price has given a breakout of symmetrical pattern on the upside, indicating a positive move with increasing volume in today’s session, confirming the trend, where price trading above the conversion and the baseline is also in line with the upward movement. Based on the above technical setup, one can initiate a long position in ZODIAC with an SL on it ₹139 with a target price of ₹178.
6] BBTC: Buy at ₹1419 to ₹1415, measure ₹1800, stop loss ₹1172.
The BBTC share price has given a breakout of the Falling Trend Line, indicating an uptrend with volume supporting the move. The price trades above the Conversion Line, Base Line & Ichimoku Cloud, indicating a positive trend. Based on the above technical setup, one can therefore start a long position in BBTC with an SL on it ₹1172 for a TP of ₹1800.
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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