Day trading guide for today: 5 stocks to buy or sell on Wednesday — February 15

According to stock market experts, a long bull candle was formed on Tuesday on the daily chart with gap up opening. Technically, this market action signals a sizable upside bounce in Nifty after the formation of smaller degree of higher bottom at 17,719 levels on Monday. Nifty is now placed at the hurdle of ascending trend line around 17950-18000 levels. Hence, a decisive upside above 18,000 is likely to open quick follow-through upside towards 18,250 levels in the near term.

Day trading guide for stock market today

Speaking on outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short-term trend of Nifty seems to have turned up. Having placed at the important downtrend line resistance around 18,000 mark, there is a possibility of minor consolidation in the coming sessions before showing any decisive upside breakout. Immediate support for Nifty is placed at 17,750 levels.”

On Nifty Bank index, Ruchit Jain, Lead Research at 5paisa.com said, “The Bank Nifty index has also consolidated in a range in last few sessions wherein 41700-41800 range has acted as a resistance. A breakout above this zone in the Bank Nifty index could lead to a lot of positive momentum in the stocks within this sector.”

Ruchit Jain of 5paisa.com went on to add that the global markets look positive and since FIIs positions are short-heavy, short covering by them could be a major trigger for the upside move post breakout. “Traders should look for buying opportunities and trade with a positive bias,” he concluded.

Nifty call put option data

On Nifty call put ratio, Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, “Nifty weekly expiry option chain still reflects maximum PE writers position at 17800PE of over 1.93 lakh OI contracts followed by 17900PE of 1.34 lakh OI contracts. CE writers position lies at 18200CE of over 1.44 lakh OI contracts and at 18000CE of 1.37 lakh OI contracts. Aggressive put additions and call unwinding witnessed at 17800/17900 strikes, PCR_OI at 17800 is now 2.44 which is a comfortable zone for the index.”

Bank Nifty call put option data

“Bank Nifty weekly expiry option chain witnesses PE writers participation at 41500PE of 1.16 lakh OI contracts and at 41000PE of 1.02 lakh OI contracts. CE writers position of 1.09 lakh OI contracts lies at 42000CE and of over 85 thousand OI contracts at 43000CE strike respectively,” Rout said.

Day trading stocks to buy today

Unveiling 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 intraday stocks for today

1] Reliance Industries Ltd or RIL: .uy at CMP, target ₹2425 and ₹2450, stop loss ₹2325

2] ICICI Bank: Buy at CMP, target ₹880 to ₹890, stop loss ₹851

Ganesh Dongre’s stock picks for Wednesday

3] State Bank of India or SBI: Buy at ₹540, target ₹558, stop loss ₹528

4] Canara Bank: Buy at ₹290, target ₹305, stop loss ₹283

Anuj Gupta’s stock of the day

5] Vedanta: Buy at CMP, target ₹330, stop loss ₹304.

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.