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Day trading guide for today: On account of strong global market sentiments, Dalal Street ended higher for second straight session on Friday last week. Nifty 50 index gained 107 points and closed at 19,653 levels, BSE Sensex shot up 364 points and ended at 65,995 mark whereas Bank Nifty index finished 147 points higher at 44,360 levels. In broad market, small-cap index small-cap index advanced 0.56 per cent while mid-cap index shot up 0.66 per cent in previous session.
“Domestic equities rallied for the second consecutive day on the back of the status quo maintained by RBI in its monetary policy today along with positive global cues. Nifty 50 opened the gap up and remained firm throughout the session to close with handsome gains of 108 points (+0.6%) at 19654 levels. All sectors including midcap and smallcap ended in green. The realty sector rallied 3% on the back of healthy business updates and promising growth in the sector. On expected lines, the RBI kept the repo rate unchanged at 6.5% and retained the FY24 GDP growth forecast at 6.5%. However, it kept a hawkish tone on liquidity management stating that they might consider Open Market Operations sales. This led India’s 10-year government bond yield to rise to 6 month high,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal.
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Day trading guide for stock market today
On outlook for Nifty 50 today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term trend of Nifty has turned positive. The overall positive chart pattern indicates next overhead resistance for the Nifty around 19,800 levels for the coming week. Any dip down to 19,550 to 19,500 levels could be a buying opportunity.”
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On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, “Bank Nifty swung both ways in a day that was marred by volatility as the RBI decided to keep the rates unchanged for the fourth consecutive time. Bank Nifty has formed back-to-back doji candles on the daily chart, indicating indecision. A strong close above 44,500 levels can change the fortunes in Bank Nifty while a break below 44,200 can take the Index to 43,900 levels again. Bank Nifty closed 147 points higher at 44,361.”
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Unveiling day trading strategy for stock market today, Siddhartha Khemka of Motilal Oswal said, “We expect the market to remain range-bound with a bout of volatility given the uncertainty still looms globally, despite the ease in US 10-year bond yield and fall in crude oil prices. Also focus will shift toward stock-specific action as Q2FY24 earnings begin this week with TCS announcing results on 11th Oct, followed by Angelone, HCL Tech, and Infy. Thus, the IT sector will remain in the limelight.”
Nifty Call Put Option data
Speaking on Nifty Call Put Option data, Chinmay Barve, Head of Technical & Derivatives Research at Profitmart Securities said, “Major r total Call open interest was seen at 19700, 19900 and 20000 strikes with total open interest of 102254, 107405 and 138060 contracts respectively. Major Call open interest addition was seen at 19900 strike which added 53986 contracts respectively,” adding, “Major total Put open interest was seen at 19600 and 19500 strikes with total open interest of 152872 and 144663 contracts respectively. Major Put open interest addition was seen at 19600 strike which added 116370 contracts respectively.”
Bank Nifty Call Put Option data
“Major total Call open interest was seen at 44500, 44800 and 45000 strikes with total open interest of 207541, 103879 and 167529 contracts respectively. Major Call open interest addition was seen at 44500 and 45000 strikes which added 82836 and 47199 contracts in open interest respectively,” said Chinmay Barve adding, “Major total Put open interest was seen at 44300, 44200 and 44000 strikes with total open interest of 172610, 136869 and 157184 contracts respectively. Major Put open interest addition was seen at 44300 strike which added 103238 contracts.”
Day trading stocks for today
On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Donfre, Senior Manager — Technical Research at Anand Rathi and Ashish Katwa, Technical Analyst at Bonanza Portfolio — recommended six stocks to buy or sell today.
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Sumeet Bagadia’s intraday stocks for today
1] HDFC AMC: Buy at ₹2726, target ₹2943, stop loss ₹2620.
HDFC AMC share price is currently trading at ₹2726.15. On the daily chart, the price is consolidating near a resistance level, indicating the potential for a breakout above ₹2740. If the price closes above ₹2740, it could target levels of ₹2850 and ₹3000 as immediate resistance, while on the flip side, ₹2620 is an important support level.
Furthermore, HDFC AMC is currently trading above critical Exponential Moving Averages (EMAs), including the 20-day, 50-day, 100-day, and 200-day EMAs, which reinforces its bullish momentum and suggests the potential for further upward price movement.
The Relative Strength Index (RSI) is currently at 61.9 and trending upwards, indicating growing buying momentum. Additionally, the Stochastic Relative Strength Index (Stoch RSI) has recently experienced a positive crossover from the oversold region. This combination of technical indicators suggests that HDFC AMC may have the potential to reach a target price of ₹2943 in the near term.
2] LTFH: Buy at ₹137, target ₹147, stop loss ₹132.50.
LTFH share is exhibiting a commendable consolidation breakout at ₹135, has emerged from a three-month period of range-bound trading between ₹123 and ₹135. This breakthrough marks a significant development for the stock. Notably, it has successfully closed above key moving averages, including the short-term (20 EMA), mid-term (50 EMA), and long-term (100 and 200 EMA) indicators, signifying a robust bullish sentiment.
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With the Relative Strength Index (RSI) currently positioned at 64, the stock is displaying strength without venturing into overbought territory, suggesting further room for potential upside. Additionally, the Average Directional Index (ADX) is notably robust at 29, underscoring a strong underlying trend.
Ganesh Dongre’s stocks to buy today
3] REC: Buy at ₹285, target ₹295, stop loss ₹280.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹295. So, holding the support level of ₹280 this stock can bounce toward the ₹295 level in the short term. Hence, the trader can go long with a stop loss of ₹280 for the target price of ₹ ₹295.
4] RBL Bank: Buy at ₹247, target ₹260, stop loss ₹241.
On the short-term chart, the stock has shown a bullish reversal pattern. So, holding the support level of ₹241. This stock can bounce toward the ₹260 level in the short term. Hence, the trader can go long with a stop loss of ₹241 for the target price of ₹260.
Ashish Katwa’s buy or sell stocks
5] AWHCL: Buy at ₹389.35 to ₹388, target ₹415, stop loss ₹376.
On a Weekly time frame AWHCL share has given a breakout of Falling supply Pattern on the upside, indicating a positive trend in the counter. The stock has been trading above Ichimoku cloud which confirms the bullish trend. The Daily strength indicator RSI (14) is in bullish mode and trading above the 60 level. Hence based on the above Technical Setup a Long position can be created in AWHCL with an SL of ₹376 for an Upside target of ₹415.
6] SKF India: Buy at ₹5336.80 to ₹5330, target ₹5545, stop loss ₹5230.
On the daily chart, the stock has given a breakout of Symmetrical Triangle with bullish candlestick. The Stock is trading above its 21-38 day’s exponential moving averages 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, which points out positive strength. The Daily strength indicator RSI (14) is in bullish mode and trading above the 60 level. Hence based on the above Technical Setup a Long position can be created in SKFINDIA with an SL of ₹5230 for an Upside target of ₹5545.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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