Day trading guide for today: 6 stocks to buy or sell on Monday — 19th December

Day trading guide for today: 6 stocks to buy or sell on Monday — 19th December


Day trading guide for today: Following weak global cues after ahwkish commentary by US Fed on interest rate hike, Indian stock market ended in red territory on second straight session on Friday last week. Among key benchmark indices, Nifty 50 index lost 145 points and closed at 18,269 levels whereas BSE Sensex dipped 461 points and closed at 61,337 levels. Bank Nifty index went off 278 points and finished at 43,219 mark.

According to stock market experts, current market pattern indicates sell on rise and downward continuation pattern. This is negative signal and more weakness could be in store. The negative chart pattern like lower top has been confirmed at 18,696 on 14th December and further weakness from here could signal a formation of new lower bottom of the sequence on the daily chart.

Day trading strategy for Monday

Speaking on intraday trading strategy for Monday, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “Nifty on the weekly chart was formed similar pattern that of daily (small negative candle with long upper shadow), which indicates presence of key resistance around 18,700 levels. Having moved below the crucial immediate support of 18,500 levels, as per weekly chart, the Nifty could slide down to the next important support of 18,100 to 18,000 levels in this week. Immediate resistance for NSE Nifty is placed at 18,450 to 18,500 levels.”

Market expert Sugandha Sachdeva said, “Amid easing inflationary pressures, markets were expecting the US Fed to indicate an endpoint to its restrictive policy stance. However, all the major central banks-the US Fed, ECB, and the BOE have indicated further rate increases in their attempt to stamp out high inflation. All eyes would now be on the US consumer confidence data, third-quarter US GDP data as well the November PCE price index data for further cues.”

Nifty call put option data

On Nifty call put ratio, Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, “Nifty Weekly Option Chain now has highest PE writers at 18000 of over 50 lakh shares followed by 18100PE with over 40 lakh OI shares, a new shift of put additions seen on lower levels of 17500 PE of over 40 Lakh OI shares. Highest call writing on 18600CE of over 80 lakh OI Shares followed by 18400CE with over 70 lakh OI shares. Dominance of call writing over put on 18300 levels and PCR being below 1 indicates standstill for index to further move upside.”

Bank Nifty call put option data

“Bank Nifty Weekly Option Chain indicates some sign of weakness- 43000PE still with maximum writers of nearly 20 lakh OI shares followed by on lower levels new additions on 41000PE of over 16 lakh OI shares. CE writers highest position on 44000CE with over 35 lakh OI shares marks to be the resistance for Bank Nifty for next week followed by 43500CE with over 25 lakh OI shares which is an immediate resistance but a series of congestion in between 43200 and 43500 makes it difficult for the index to make a further move,” said Shilpa Rout.

Day trading stocks to buy today

Unveiling intraday stocks for today, share market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Rajesh Bhosale, Technical Analyst at Angel One — recommended 6 stocks to buy today.

Sumeet Bagadia’s intraday stocks for today

1] SPIC: Buy at CMP, target 80 and 85, stop loss 68

2] Triveni Engineering: Buy at CMP, target 300 to 310, stop loss 280

Ganesh Dongre’s stock picks for Monday

3] MCX: Buy at 1645, target 1700, stop loss 1610

4] Crompton: Buy at 347, target 370, stop loss 340

Rajesh Bhosale’s stocks to buy today

5] BSE: Buy at 591, target 624, stop loss 574

6] Sterlite Technologies: Buy at 186.50, target 202, stop loss 177.

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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