Today’s day trading tips: Following global market trends, the Indian stock market closed higher on Thursday. However, larger amounts of profit booking were observed prior to the closing bell. The Nifty 50 index closed 89 points higher at 19,765 levels, while the BSE Sensex finished 306 points higher at 65,982 levels. However, the Nifty Bank index fell 40 points to settle at 44,161. In the broader market, the small-cap index reached a fresh high of 39,563.
“After a quiet start, the Nifty gained momentum for the majority of the day.” Due to contradictory global cues, the index saw selling stress at higher levels and finished with a 90-point (+0.5%) gain at 19765 levels. The majority of sectors closed in the green, with purchasing visible in beaten-down counters such as IT. “With the end of the earnings season, the focus has shifted to both global and domestic cues,” said Siddhartha Khemka, Head of Retail Research at Motilal Oswal.
Today’s stock market trading guidance
“Positive chart pattern like higher tops and bottoms is intact on the daily chart,” stated Nagaraj Shetti, Technical Research Analyst at HDFC Securities, of the Nifty 50’s prognosis for today. After reacting down from the significant barrier on Thursday, the market may experience some additional consolidation or a slight decline in the next few days. Nifty is projected to find support at lower levels between 19,600 and 19,550.”
“Bank Nifty has remained sideways until the dying hours when a sharp selloff pushed the Index to end unfavorably and below the 40 EMA,” Om Mehra, Technical Analyst at SAMCO Securities, said today. Crossing the 44,600 resistance level would be critical for the next up move. Index can fluctuate dramatically when the Bollinger band expands. The next level of support for the Bank Nifty is at 43,850, followed by 43,525.”
On the stock market’s prognosis for today, Motilal Oswal’s Siddhartha Khemka stated, “We expect the positive momentum to keep going in the market with sectoral rotation given the healthy macro data and receding global concerns.” Investors will seek for Europe inflation statistics when it comes to economic data.”
Data for the Nifty Call Put Option
Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities, commented on Nifty Call Put Option data, saying, “Major total Call open interest was observed at 19,900 and 20,000 strikes with total open interest of 1,00,340 and 93,781 contracts respectively.” “Major Call open interest addition was seen at the 19,900 strikes, which added 73,200 contracts in open interest,” adding, “Major total Put open interest was observed at the 19,700 and 19,600 strikes, with a total open interest of 86,553 and 77,526 agreements, respectively.” A significant increase in put open interest was observed at the 19,700 strike, which contributed 59,926 contracts to open interest.”
Data for the Bank Nifty Call Put Option
Chinmay Barve of Profitmart Securities commented on Bank Nifty Call Put Option data, saying, “Major total Call open interest was detected at 44,500 and 44,300 strikes with total open interest of 1,63,077 and 1,38,055 agreements respectively.” “Major total Put open interest was reported at 44,000 and 43,700 strikes, which added 69,022 and 74,467 contracts in open interest accordingly,” adding, “Major total Call open interest was seen at 44,000 and 43,700 strikes, with total open interest of 1,24,794 and 54,316 contracts respectively.” Major Put open interest growth was observed at the 44,100 and 43,500 strike levels, with 33,859 and 39,949 contracts acquired, respectively.”
Today’s stocks to trade
Today’s intraday stocks were selected by stock market analysts Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi; and Kunal Kamble, Sr. Technical Analyst at Bonanza Portfolio.
Today’s intraday stocks for Sumeet Bagadia
1] HCL Technologies: Buy at 1311 with a target of 1410 and a stop loss of 1260.
The current share price of HCL Tech is 1311. With a considerable rise in trading volume, the stock has lately broken out of its daily range, signaling strong momentum. If the price manages to close above 1324, it may be able to approach near-term goals of 1350 and 1410. Immediate support levels, on the other hand, are at 1260.
The Relative Strength Index (RSI) is now at 66.25 and is rising, indicating more purchasing activity. Furthermore, the Stochastic Relative Strength Index (Stoch RSI) just crossed positive, exiting the oversold territory. When these technical indications are combined, they indicate that the HCL Tech share has the potential to achieve a target price of 1410 in the near future.