Day trading guide for today: 4 stocks to buy or sell on Friday — 10th February
Day trading guide for today: Despite weakness in most of the Asian markets, Indian stocks finished higher for second straight session on Thursday. NSE Nifty gained 21 points and closed at 17,893, BSE Sensex surged 142 points and closed at 60,806 levels whereas Nifty Bank index added 16 points and finished at 41,554 levels. Adani group stocks remained highly volatile following MSCI review of their free float weights in their indices. Broad market indices ended marginally in the negative even as the advance decline ratio ended at 0.97:1.
According to stock market experts, a small positive candle was formed on the daily chart with long lower shadow. Technically, this pattern indicates a breather movement in the market post sharp upside bounce of previous session. We observe positive pattern like higher highs and higher lows action was formed and the Nifty is now making an attempt to move into new higher high.
Day trading guide for stock market today
Speaking on outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The crucial area of 17,800 has been held on the upside in the last two sessions and this market action signal possibility of upside move towards 18,050 and next 18,200 levels in the near term. Immediate support for NSE Nifty is placed at 17,750 to 17,800 levels.”
Expecting further upside move in Nifty, Ruchit Jain, Lead Research at 5paisa.com said, “The undertone on Dalal Street is bullish as the broader markets have been witnessing buying interest and the momentum readings have given a positive crossover recently. FII’s have short heavy positions and have started covering some of their short positions in the index futures. But still, their ‘Long Short Ratio’ is around 19 per cent and any further covering could lead to a positive breakout in the Nifty.”
Nifty call put option data
On Nifty call put ratio, Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, “Nifty weekly expiry option chain reflects PE writers position at 17800PE of over 50 thousand OI contracts followed by 17000PE of 47 thousand OI contracts. CE writers positions built up visible from 18000 strike of nearly 92 thousand OI contracts and above till 18500CE of 61 thousand OI contracts. PCR OI is nearly 2 at 17800, which is a near-term support, and 18000 is resistance.”
Bank Nifty call put option data
“Bank Nifty weekly expiry option chain observes 41500 strike straddle of PE and CE writers position with 46 thousand and 49 thousand OI contracts respectively. CE writers further adding up their participation at various strikes of 44000CE /43500CE and 42000CE each with over 40 thousand OI contracts,” said Rout.
Day trading stocks to buy today
Sharing intraday stocks for today, stock 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 four shares to buy today.
Sumeet Bagadia’s stock picks for Friday
1] Asian Paints: Buy at CMP, target ₹2880 to ₹2900, stop loss ₹2760
2] PFC: Buy at CMP, target ₹150 to ₹152, stop loss ₹141
Ganesh Dongre’s stocks to buy today
3] M&M: Buy at ₹1373, target ₹1420, stop loss ₹1340
4] HDFC Life: Buy at ₹520, target ₹545, stop loss ₹505.
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 taking any investment decisions.
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.