Day trading guide for today: 6 stocks to buy or sell today — 21st November

Market


Day trading guide for today: After showing a narrow range movement in the last few sessions, Indian stock market slipped into downside breakout on Friday session. NSE Nifty snapped its 4-week gain and posted 0.23 per cent weekly loss last week. BSE Sensex went off 87 points and closed at 61,663 whereas Nifty Bank index finished 20 points lower 42,437 levels. Broad market continued to underperform as Advance/Decline ratio remained much below 1:1.

According to stock market experts, cues from the US Fed members hinting at continued rate hikes on Thursday pricked sentiments globally. They went on to add that positive chart pattern like higher tops and bottoms continued on the daily chart and Nifty is currently in line with the formation of new higher bottom formation. Nifty on the weekly chart formed a small negative candle with minor upper and lower shadow. This signal a formation of high wave type candle formation and this reflects high volatility at the highs.

Stock market today: Intraday strategy for Monday

Speaking on intraday trading tips for Monday, Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, “The Nifty continues to show consolidation movement with weak bias at the highs and still there is no formation of any significant top reversal pattern. Further consolidation or minor weakness from here could find support around 18100 levels and we expect upside bounce from the lows.”

“In last few trading sessions, Nifty has consolidated in a narrow range which seems to be a time-wise correction within an uptrend. The ’20 DEMA’ support for Nifty is placed around 18050 while the momentum readings too are still in buy mode and have not given any negative crossover since last few weeks. The global factors such as US bond yields and the Dollar Index which had recently cooled-off from the highs has not seen any upside move again. Considering all these factors, we advise traders to continue to trade with a positive bias as the index could rally higher in upcoming sessions,” said Ruchit Jain, Lead Research at 5paisa.com.

Nifty call put option data

On Nifty call put ratio, Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, “Nifty series expiry option chain witnesses PE writers actively adding their positions at 18300PE and 18000PE – over 60 lakh shares OI each, with CE writers strong exposure of more than a crore at 18400 CE, followed by 19000CE – more than 90 lakhs shares OI. PCR_OI at 18300 is near to 1, which is very crucial to monitor to understand the direction ahead.”

Bank Nifty call put option data

“Bank Nifty option chain reflects on PE writers standing tall at 42500 – overall 22 lakh shares OI and highest fresh exposure of 8 lakh shares OI, followed by 42000PE – over 18 lakh shares OI. CE writers congestion lies at 42500 and 43000 strikes- more than 38 lakh shares and 20 lakh shares OI respectively, which reflects on a tight range in between 42000-43000 zones on immediate basis,” said Shilpa Rout.

Day trading stocks to buy today

Unveiling intraday stocks for today — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Manoj Dalmia, Founder & Director at Proficient Equities — recommended 6 shares to buy today.

Sumeet Bagadia’s intraday stocks for today

1] Infosys: Buy at CMP, target 1615 to 1630, stop loss 1575

2] Colgate Palmolive: Buy at CMP, target 1610 tom 1625, stop loss 1560

Anuj Gupta’s stocks to buy today

3] Renuka Sugar: Buy at CMP, target 65, stop loss 49

4] Equitas Small Finance Bank: Buy at CMP, target 60, stop loss 49

Manoj Dalmia’s shares to buy today

5] State Bank of India or SBI: Buy at 606, target 612, stop loss 604

6] Reliance Industries Limited or RIL: Buy at 2614, target 2631, stop loss 2607.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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