SBI, Titan to Cipla — 6 day trading stocks to buy today

Day trading stocks: Following Wall Street sell off, Indian stock market ended in red zone on fourth day in a row on Friday last week. Nifty 50 index lost 320 points and closed at 17,806 — logging sharpest single day fall in three months — while BSE Sensex nosedived 980 points and closed at 59,845 levels. Bank Nifty index corrected 740 points and finished at 41,668 mark. Volumes on the NSE were not unusually large suggesting a lack of buyers at lower levels. Broad market indices kept falling more than the Nifty even as the advance decline ratio on the BSE fell to 0.15, the lowest since Feb 24, 2022.

According to stock market experts, Nifty on the weekly timeframe formed a long negative candle, which indicates sharp downside momentum in the market. The larger degree of higher tops and bottoms is still intact and one may expect further weakness in the coming week towards larger higher bottom formation.

Day trading guide for Monday

Unveiling intraday trading tips, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The Nifty seems to have turned down as per daily as well as weekly chart. The decisive downside breakout of the crucial support could suggest more weakness for the near term. The next downside levels for NSE Nifty to be watched around 17,400 to 17,350, which are previous opening up gap of mid-October 22 and 200 day EMA.”

Suggesting traders to avoid taking aggressive position, Ruchit Jain, Lead Research at 5paisa.com said, “Traders should be very specific in picking stocks for trading and rather avoid aggressive bets. The immediate resistances for Nifty on pullback moves will be seen around 18,300 and 18,400 levels.”

Nifty call put option data

“Nifty monthly option chain data exhibits PE writers position of over 60 Lakh OI shares followed by 17500PE and 17800 PE with over 40 Lakh OI shares each. CE writers exposures above are on multiple levels from 18000-19000, with the highest being at 18000CE with Nearly 1Cr OI shares followed by 18200CE and 19000CE with over 90 lakh oi shares.PE unwinding above 18000 strikes, not many aggressive put writing below 17800 and multiple resistances above indicate weakness in index.PCR OI at 18000 and immediate resistance which is 0.47 an at 17800 is 2.24 which should act as an immediate support,” said Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher.

Bank Nifty call put option data

Shilpa Rout further added, “Bank Nifty monthly option chain reflects max PE exposures lies at 41500PE of nearly 16lakh OI shares followed by 40000PE of 15 lakh OI shares. CE writers highest position is at 43000CE with over 30 lakh OI shares following over 420020CE lakh OI shares. 41500 should be a support on an immediate basis with PCR being 3.35 and immediate resistance stands at 42000 with PCR_OI now at 0.68.”

Day trading stocks for today

Sharing intraday stocks to buy today, share market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Ganesh Dongre, Senior Manager – Technical Research at Anand Rathi — recommended 6 stocks to buy today.

Sumeet Bagadia’s intraday stocks for today

1]Cipla: Buy at CMP, target 1150, stop loss 1100

2]Titan Company: buy at CMP, target 2525 to 2540, stop loss 2460

Anuj Gupta’s stocks to buy today

3]State Bank of India or SBI: Buy at CMP, target 630, stop loss 540

4]Morepen Lab: Buy at CMP, target 53, stop loss 37

Ganesh Dongre’s day trading stocks

5]Suven Pharmaceuticals: Buy at 503 target 522, stop loss 492

6]Natco Pharma: Buy at 550 target 575, stop loss 535.

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 making any investment decisions.

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