Home Correction trading Daily Trading Guide for Today: 5 Stocks to Buy or Sell Today – October 7

Daily Trading Guide for Today: 5 Stocks to Buy or Sell Today – October 7


Daily trading guide for today: Following strong global sentiments, the Indian stock market closed in positive territory for the second straight session on Thursday. NSE Nifty added 57 points and closed at 17,331 while BSE Sensex jumped 156 points and closed at 58,222 levels. The Nifty Bank Index rose 172 points and ended at 39,282 points. Small and mid cap indices outperformed Nifty after posting gains of 1.13% and 1.30%. The advanced decline ratio ended in the positive zone at 2.43:1.

According to stock market experts, a small negative candle has formed on the daily chart with an upper shadow. Technically, this pattern indicates a breather type formation after a strong rally higher from the lower supports of 16,800 levels recently. The market is currently facing resistance around 17,450-17,500 levels according to the polarity shift concept.

Day Trading Strategies for the Stock Market Today

Unveiling the day trading strategy for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities, said: “Nifty’s short-term uptrend remains intact and there is a possibility of minor consolidation over the 1 to Next 2 sessions around the 17,400-17,500 level hurdle before showing a decisive upside break of said resistance Immediate support for NSE Nifty is placed at 17,220 levels.

“Over the past four trading sessions, Nifty has recouped half of recent losses and retraced the corrective move from 18100 to 16750 by 50%. factors where bond yields and the dollar index have cooled from their highs, which is positive for stocks. However, indices are now trading around crucial resistances as Nifty and Bank Nifty are at the 50% retracement of the previous correction,” said Ruchit Jain, Head of Research at 5paisa. com.

Ruchit Jain from 5paisa.com went on to add that the momentum readings which were in the oversold zone for the past week have cooled down and have in fact now reached the overbought zone on the hourly chart. Therefore, traders should look to ease some buying around the current level and will look for more confirmation where markets are holding or not holding above these retracement resistances. Until there is a resumption of a ‘Higher Top Higher Bottom’ pattern, this bullish movement should simply be read as a pullback movement and, therefore, caution should be exercised.

Nifty call put option data

On the Nifty call options ratio, Shilpa Rout, Principal Derivatives Analyst at Prabhudas Lilladher, said, “The shrewd weekly expiration option chain reflects PE writers aggressively adding positions equal in various strikes up to 15,000 strikes – in total over 30,000 contracts each, with CE writers standing high at 17400/17500 areas – over 60,000 contracts each PCR_OI at 17300 is just above 1, which needs to be on the radar now for a decisive move now.

Bank Nifty call put data

“Bank Nifty’s Weekly Expiry Options Channel reflects the fact that PE Writers are active at 38,500 strikes – a total of 45,000 contracts, followed by 30,000 contracts on many more strikes on a session related to the beach probably,” Shilpa Rout said.

Day trading actions for today

Share Intraday Stocks for Today, Stock Market Experts – Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President – Research at IIFL Securities and Manoj Dalmia, Founder and Director, Proficient Equities – recommended 5 stocks to buy or sell today.

Sumeet Bagadia’s stock of the day

1]Indian Hotels Company: buy from CMP, objective 380, stop loss 303

Anuj Gupta shares to buy today

2]Tata Steel: Buy from CMP, objective 112, stop loss 97

3]Vedanta: Buy from CMP, target 320, stop loss 278

Manoj Dalmia buys or sells shares for today

4]Reliance Industries: sell to 2409 target 2399 stop loss 2419

5]Ports of Adani: sell to 819 target 812, stop loss 823.

Disclaimer: The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.

Catch all the trade news, market news, breaking news and latest updates on Live Mint. Download the Mint News app to get daily market updates.

More less

To subscribe to Mint Bulletins

* Enter a valid email

* Thank you for subscribing to our newsletter.