Stocks

Day trading guide for Thursday: 6 stocks to buy or sell today — August 11

Day trading guide for Thursday: Extending the lackluster movement for yet another session, Indian stock market remained range-bound on Thursday. NSE Nifty finished 9 points higher at 17,534 whereas BSE Sensex shed 35 points and closed at 58,817 levels. Bank Nifty index surged 50 points northward at 38,287 levels. Among sectors, metals and capital goods gained the most while IT and realty fell the most. Mid-cap and small-cap indexes mildly underperformed the Nifty even as the advance decline ratio remained below 1:1 at 0.8.

According to stock market experts, a small negative candle was formed on the daily chart with minor lower shadow. This market action signal an inability of bulls to show follow-through upside move above 17,500 levels post upside breakout of small range on Monday. This could mean chances of more consolidation or possibility of minor selling pressure emerging from the highs.

Day trading guide for stock market today

“Though, Nifty placed at the highs, the short term uptrend status remains intact and there is no signs of any reversal pattern unfolding at the higher levels. On any upside from here, the market could find strong resistance around 17800 levels. Immediate support for NSE Nifty is placed at 17450 levels,” said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

On Nifty Call Put Option data, Anuj Gupta, Vice President — Research at IIFL Securities said, “Maximum total Call open interest was seen at 17600, 17800 and 18000 strikes with total open interest of 132124, 149108 and 171297 contracts respectively. Maximum Put open interest addition was seen at 17500, 17400 and 17300 strikes which added 133343, 132361 and 118615 contracts respectively.”

“Maximum total Call open interest was seen at 38300, 38500 and 39000 strikes with total open interest of 80241, 121108 and 139537 contracts respectively. Maximum Put open interest addition was seen at 38200, 38000 and 37500 strikes which added 67660, 105777 and 92892 contracts respectively,” said Anuj Gupta in regard to Nifty Bank Call Put Option data.

Day trading stocks

Unveiling intraday stocks for today, stock market experts — Anuj Gupta of IIFL Securities, Mehul Kothari, AVP — Technical Research at Anand Rathi and Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher — recommended 6 stocks to buy or sell today.

Anuj Gupta’s intraday trading stocks

1] PC Jeweller: Buy at CMP, target 68, stop loss 54

2] ITC: Buy at CMP, target 322, stop loss 303

Mehul Kothari’s day trading stocks to buy today

3] Container Corporation of India or CONCOR: Buy around 690, target 720, stop loss 670

4] Mahindra & Mahindra Financial Services: Buy around 197, target 206, stop loss 192

Vaishali Parekh’s stocks to buy today

5] Gujarat Gas: Buy around 454, target 480, stop loss 430

6] Larsen & Toubro: Buy around 1855, target 1930, stop loss 1820.

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

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