Today’s day trading tips: Following the global market’s mixed patterns, the Indian stock market ended mixed on Wednesday. The Nifty 50 and BSE Sensex finished higher, but the Nifty Bank index finished worse. The 50-stock index rose 28 points to settle at 19,811 points, while the 30-stock index rose 92 points to conclude at 66,023 points. The Nifty Bank index fell 239 points to conclude at 43,449 points.
“Global markets were mixed after the release of US FOMC meeting minutes, which suggested the Fed’s cautious approach to rate hikes.” Throughout the day, the Nifty bounced between gains and losses before closing in positive territory at 19812 levels, up 28 points. “Buying was seen in IT, Auto, and Pharma,” said Siddhartha Khemka, Head of retail Research at Motilal Oswal.
Today’s stock market trading guidance
The short-term trend of the Nifty 50 index remains range-bound with a bullish tilt, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities. A convincing rise over 19850-19900 is projected to open the door to fresh all-time highs. Any weakening from here might find support at 19650.”
“Bank Nifty has been under massive selling pressure since the start of the session,” said Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities. It recovered some of its losses in the final hour before the market closed. At the 43,500 strike in Bank Nifty, call writers outnumbered put writers. Bank Nifty retreated from the 50% Fibonacci retracement level of 43,259, drawn from a low of 42,105 on October 26th to a high of 44,421 on November 16th. “The Dow Jones Industrial Average closed 240 points lower at 43,450.”
On the stock market’s prognosis for today, Motilal Oswal’s Siddhartha Khemka stated, “Bank Nifty has been under massive selling pressure since the start of the session.” It recovered some of its losses in the final hour before the market closed. At the 43,500 strike in Bank Nifty, call writers outnumbered put writers. Bank Nifty retreated from the 50% Fibonacci retracement level of 43,259, drawn from a low of 42,105 on October 26th to a high of 44,421 on November 16th. “The Dow Jones Industrial Average closed 240 points lower at 43,450.”
Data for the Nifty Call Put Option
According to Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities, “major total Call open interest was observed at 19900 and 20000 strikes with total open interest of 266587 and 235536 contracts accordingly.” “Major total Put open interest was seen at the 19800 and 19700 strikes, with a total open interest of 250893 and 241713 contracts, respectively,” adding, “Major total Call open interest was seen at the 20000 strike, which added 101262 contracts in open interest.” A significant increase in put open interest was observed at the 19800 strike, which added 110711 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 available interest was seen at 43500 and 44000 strikes with a total open interest of 142980 and 124254 contracts respectively.” “Major Call open interest addition was seen at the 44000 strikes, which added 40638 contracts in open interest,” the report continues, adding, “Major total Put open interest was seen at the 43500 and 43000 strikes, with a total open interest of 104573 and 82021 contracts, respectively.” A significant increase in put open interest was observed near the 43500 strike, which contributed 45988 contracts.”
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 of technical Research at Anand Rathi; and Kunal Kamble, Sr. Technical Analyst at Bonanza Portfolio.
Today’s intraday trading stocks for Sumeet Bagadia
1] Power Grid Corporation of India: Buy at 211 with a target of 219 and a stop loss of 206.50.
Power Grid is currently trading at 211, demonstrating strong technical strength by closing above significant short-term, mid-term, and long-term moving averages, notably the 20, 50, 100, and 200 Exponential Moving Averages (EMA). The stock has shown steady bullish momentum and has a good support level of 206. The Relative Strength Index (RSI) is at a robust 64, indicating a good mix of buying and selling forces.
2] BPCL: Buy at 402 with a target of 417 and a stop loss of 391.
The BPCL share price is presently trading at 402, demonstrating strong technical strength by closing above crucial short-term, mid-term, and long-term moving averages—the 20, 50, 100, and 200 Exponential Moving Averages (EMA). The stock has consistently good momentum and a sturdy support level at 406. The Relative Strength Index (RSI) is at 72, suggesting that buying and selling forces are in balance.
Stocks to buy today in Ganesh Dongre
3] SAIL: Buy at 89 with a goal of 95 and a stop loss of 86.
SAIL share price has a positive reversal pattern in the short term; technically, retrenchment might be feasible till 95. So, while holding the support level of 86, this stock has the potential to rise to the 95 level in the short term. As a result, the trader might go long with a stop loss of 86 and a target price of 95.
4] Torrent Pharmaceuticals: Buy at 2114 with a goal of 2185 and a stop loss of 2085.
The stock has demonstrated a bullish reversal pattern on the short-term chart, thus it is maintaining the 2080 support level. In the medium term, this stock may bounce toward the 2185 level, thus a trader might go long with a stop loss of 2080 and a target price of 2185.
Kunal Kamble’s stocks to buy or sell
5] Hero MotoCorp: Buy between 3409 and 3413, with a goal of 3510 and a stop loss of 3363.
In Hero MotoCorp, a Cup and Handle pattern breakout was seen. A surge in volume suggests that buyers are more eager to purchase the asset at the present price. The price is trading above the key EMAs, indicating that the security is in an uptrend. The RSI has provided a breakthrough, bolstering the upward movement. As a result of the foregoing technical setup, a long position with a TP of 3510 and an SL of 3363 may be constructed.
6] HDFC Life: Buy at 668.50 with a target of 700 and a stop loss of 652.
Falling In HDFC LIFE, a parallel channel breakthrough has occurred, signaling an uptrend. The volume during the decline is diminishing, indicating a security retracement. The price is trading above the main EMA, suggesting an uptrend, while DI+ is trading above DI-, indicating an upward advance. However, ADX is trading above DI-, showing strength in the move. As a result of the foregoing technical setup, a long position with a TP of 700 and an SL of 652 may be constructed.
Disclaimer: The opinions and recommendations shown above are those of individual analysts or brokerage firms, not of Axpert Media. Before making any financial choice, we recommend that investors consult with competent specialists.
