“Nifty bounced back from yesterday’s losses after India’s CPI inflation came in at a 3-month low of 5.10%. The index closed with gains of 127 points (+0.6%) at 21743 levels. All sectors ended in green, except Metals. Banking and Financial Services were top gainers. PSU sector bounced back after witnessing profit booking over the last few sessions. On the other hand, Reliance became the first Indian company to cross Rs.20 lakh market cap. MSCI Global Standard Index saw a quarterly rejig today that could lead to inflows of nearly $1 billion from passive FII funds. Many stocks like NMDC, GMR Airports, Union Bank, BHEL, and Punjab National Bank were in focus post the MSCI review,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
Day trading guide for stock market today
On the outlook for the Nifty 50 index, Rupak De, Senior Technical Analyst, LKP Securities, said, “The Nifty exhibited volatility throughout the day, mostly fluctuating within the range of 21650 and 21750. The prevailing sentiment is expected to persist in a sideways to bearish direction as long as the index stays below 21850. On the downside, a short-term support level is identified at 21500. A significant decline below 21500 could potentially initiate a correction towards 21270/21000. Conversely, on the upside, a decisive breakthrough above 21850 might trigger a rally towards 22200.”
On the outlook for the Bank Nifty today, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said, “The bulls made a strong comeback, defending the critical support level of 44800, which now serves as a cushion for further upside. The index remains in a buy mode as long as the mentioned support holds, and any dips should be utilized to add long positions. The immediate resistance on the upside is situated at 46000, where the highest open interest is built up on the call side, indicating a potential target for the bullish momentum.”
Nifty Call Put Option Data
Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities, said, “One of the major total Call open interest was seen at 21800 and 22000 strikes with total open interest of 113856 and 181850 contracts respectively. Strike price of 21800 saw reduction by 18508 contracts in open interest.” He further added, “One of the major total Put open interests was seen at 21600 and 21500 strikes with total open interest of 92366 and 125430 contracts respectively. One of the major Put open interest addition was seen at 21500 strike which added 38834 contracts in open interest.”
Bank Nifty Call Put Option Data
Barve at Profitmart Securities, said, “One of the major total Call open interest was seen at 46000 strike with total open interest of 269601 contracts in open interest. Strike price of 45600 saw reduction of 30869 contracts in open interest,” adding, “ One of the major total Put open interest was seen at 45500, 45300 and 45000 strikes with total open interest of 132234, 122084 and 261787 contracts respectively. One of the major Put open interest addition was seen at 45300 and 45000 strikes which added 92082 and 168489 contracts respectively in open interest.”
Day trading stocks for today
On stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, Shiju Koothupalakkal – Technical Analyst at Prabhudas Lilladher and Mitesh Karwa, Research Analyst at Bonanza Portfolio — recommended nine stocks to buy or sell today.
Sumeet Bagadia’s day trading stocks
1] Solar Industries: Buy at ₹6929, target ₹7190, stop loss ₹6720
Solar Industries India Limited, priced at ₹6929 for cash transactions, presents an appealing opportunity for investors. The stock’s Relative Strength Index (RSI) stands at 57, indicating a stable market sentiment. Moreover, it maintains a consistent performance above key Exponential Moving Averages (EMAs), such as the 20-day, 50-day, 100-day, and 200-day averages.
While Solar Industries encounters resistance around the ₹7050 level, it benefits from support generated by a rounding bottom pattern, suggesting a potential shift towards bullish momentum.
For investors evaluating Solar Industries, a cautious strategy is recommended. Purchasing at current levels, with a stop-loss set at ₹6720, offers protection against potential market downturns. The target price of ₹7190 reflects an optimistic outlook for potential returns.
In conclusion, Solar Industries presents a favourable…
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