Day trading guide for today: 6 stocks to buy or sell on Monday — 27th February
Day trading guide for today: Following weak global cues, Indian stock market ended in negative territory on fourth day in a row. NSE Nifty lost 45 points and closed at 17,465, BSE Sensex shed 141 points and ended at 59,463 whereas Nifty Bank index finished 92 points lower at 39,909 levels. Consumer durable goods, metals and auto stocks received maximum beating on Friday whereas oil, energy and gas sector stocks provided some support to the range-bound market. In broad markets, mid-cap index went off 0.17 per cent whereas small-cap index slipped 0.15 per cent on Friday session.
According to stock market experts, a long bear candle was formed on the daily chart, which indicates down trend continuation pattern. Though, Nifty placed near the crucial support of 17,450 to 17,500 levels, there is no sign of any reversal pattern unfolding at the lows. New swing low has been formed at 17,421 levels.
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 continues to be negative. Having failed to show any crucial bottom reversal pattern near the important support of 17,500 levels so far, there is a possibility of further weakness in the coming sessions. The next lower support for NSE Nifty is placed at 17,300 and any upside bounce from here could find resistance at 17,600 levels.”
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 maximum PE writers position at 17000PE of over a lakh OI contracts followed by 17600PE/17400PE each with over 91 thousand and 83 thousand OI contracts. CE writers position stands at 17600CE with over 2 lakh OI contracts by 18500CE of over 1.85 lakh OI Contracts. PCR_OI at 17500 is now below 1 which is a worrying development.”
Bank Nifty call put option data
“Bank Nifty weekly expiry option chain still reflects aggressive straddle at 40000 strike of PE and CE writers- each adding their positions of over 1.28 lakh and 1.58 lakh OI contracts. PE writers then participation lies at 39000PE with over 60 thousand OI contracts while CE writers stand at 43000CE with over 1.50 lakh OI contracts 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 6 stocks to buy today.
Sumeet Bagadia’s day trading stocks
1] ONGC: Buy at CMP, target ₹160 to ₹165, stop loss ₹151
2] Biocon: Buy at CMP, target ₹232 to ₹235, stop loss ₹220
Anuj Gupta’s intraday stocks for today
3] GAIL: Buy at CMP, target ₹1110, stop loss ₹97
4] State Bank of India or SBI: Buy at CMP, target ₹545, stop loss ₹509
Ganesh Dongre’s stock picks for Monday
5] IEX: Buy at ₹144, target ₹152, stop loss ₹137
6] Reliance Industries Ltd or RIL: Buy at ₹2384, target ₹2430, stop loss ₹2350.
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.