Day trading guide for today: 4 stocks to buy or sell on Wednesday — 11th January

According to stock market experts, a long bear candle was formed on the daily chart, which indicates sharp reversal of the upside bounce of previous session. This pattern indicates completion of recent upside bounce and the market is poised for further weakness. Nifty is now revisiting crucial lower support of 17,800 levels and this repeated testing of supports could eventually result in a decisive downside breakout of the support area.

Day trading strategy for stock market today

Speaking on intraday trading tips for Wednesday session, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term trend of Nifty continued to be weak and the market is expected to break down the lower support of 17,800 levels in the short term. The anticipated downside breakout could open the immediate downside target of around 17,400 levels in the near term. During any pull back rally, Nifty could find resistance around 18,150 levels.”

Nifty call put option data

Speaking on Nifty call put ratio, Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, “Nifty weekly expiry option chain reflects maximum PE writers at 17900PE with over 1.4 lakh contracts while the CE writers position active at multiple strikes of 18000/18100 CE each with over 2.5 lakh contracts. Significant CE writing and PE unwinding witnessed at 18000 /18100 strikes and PCR_OI at 17900 is 1.05 which is a crucial support for index.”

Bank Nifty call put option data

“Bank Nifty weekly expiry option chain witnesses PE writers position active at 42000PE of over 1 Lakh contracts and below at various strikes of 41500/40000 PE with nearly 90 thousands contracts. CE writers position visible at 42500 / 43000 and highest at 44000CE each nearly with 2 lakh contracts. Significant call writing and PE unwinding seen above 42200 strikes,” said Rout.

Day trading stocks to buy today

Unveiling intraday stocks for today’s session, share market experts — Sumeet Bagadia, Executive Director at Choice Broking and Ganesh Dongre, Senior Manager – Technical Research at Anand Rathi — listed out 4 stocks to buy today.

Sumeet Bagadia’s intraday stocks for today

1] Divi’s Lab: Buy at CMP, target ₹3600, stop loss ₹3440

2] Coal India: Buy at CMP, target ₹222 to ₹225, stop loss ₹210

Ganesh Dongre’s stocks to buy today

3] Cummins India: Buy at ₹1448, target ₹1515, stop loss ₹1415

4] Radico Khaitan: Buy at ₹1076, target ₹1130, stop loss ₹1045.

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.