Day trading guide for today: 5 stocks to buy or sell on Tuesday — 1st November

Day trading guide for today: Following positive global sentiments, Indian stock market finished on higher note on third successive session on Monday. NSE Nifty shot up 225 points and closed at 18,012 while BSE Sensex surged 786 points and ended at 60,746 levels. Bank Nifty index went up 317 points and finished at 41,307 mark. Mid-cap index rose in line with the Nifty while Small-cap index rose lesser. Advance decline ratio was positive at 1.23:1.

According to stock market experts, Nifty could now attempt to test the recent intermediate high of 18,096. Once these levels are crossed, the Nifty looks set to move higher towards the previous intermediate highs of 18,351. The index could witness a mild correction in the very near term. It is important that the Nifty holds above the immediate supports of 17,899 to 17,723 for the uptrend to continue.

Stock market today: Day trading strategies for Tuesday

Speaking on intraday trading tips, Subash Gangadharan, Senior Technical and Derivative Analyst at HDFC Securities said, “While the Nifty remains in a short term uptrend and looks set to move higher towards the previous intermediate highs of 18,096 mark, it is important that on any mild corrections the index holds above the immediate supports of 17,899 to 17,723 for the uptrend to continue.”

“Nifty has ended above 18000 mark and the RSI oscillator on the daily chart continues to point at a positive momentum. However, the same readings on the lower time frame (hourly) charts have entered overbought zone and hence it would be crucial to see how much it extends from here, as the overbought set ups usually leads to wither a time-wise correction or a price wise correction. In this week, traders will be keenly watching the RBI meet which is scheduled on 3rd November while US FOMC meet too is scheduled which could dictate the near term movement for equity markets. The technical picture indicates that the short term trend is positive and until we see any reversal, trader should continue to ride the trend,” said Ruchit Jain, Lead Research at 5paisa.com.

Nifty call put option data

Speaking on Nifty call put option ratio, Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, “Nifty weekly expiry option chain witnesses PE writers actively adding their positions of more than a lakh contracts at 17900PE/18000PE – over a lakh and 96 thousand contracts respectively and fresh additions of more than 80 thousand contracts each as well. CE writers exposure of again more than a lakh at 18000-18500CE levels and PCR_OI at 17900 now being above 2 and 18000 being just below 1, is the crucial zones to watch now going ahead.”

Bank Nifty call put option data

“Bank Nifty option chain on weekly basis, reflects on PE writers building positions at 41000 strike – overall more than 80 thousand contracts, with CE writers adding exposure at 41500/42000 strikes- more than a lakh and 90 thousand contracts respectively, which reflects on the immediate support at 41000 zones for the Index, with immediate targets of 42000,” said Shilpa Rout.

Day trading stocks to buy today

Unveiling intraday stocks for today, share market experts — Mehul Kothari, AVP — Technical Research at Anand Rathi; Rajesh Bhosale, Technical Analyst at Angel One and Ravi Singh, Vice President & Head of Research at Share India — recommended 5 stocks to buy today.

Mehul Kothari’s stocks to buy today

1] Ashok Leyland: Buy at ₹153, target ₹160, stop loss ₹148

2] Reliance Industries Ltd or RIL: Buy at ₹2550, target ₹2625, stop loss ₹2500

Rajesh Bhosale’s shares to buy today

3] Deepak Nitrite: Buy at ₹2314, target ₹2430, stop loss ₹2250

4] Tata Communications: Buy at ₹1259, target ₹1300, stop loss ₹1238

Ravi Singh’s stock of the day

5] JK Tyre: Buy at ₹174, target ₹185, stop loss ₹171.

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

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