09 Sep , 2022 By : Kanchan Joshi
Following strong global cues, Indian stock market finished higher on Thursday session. NSE Nifty ended near 1 per cent higher at 17,798 whereas BSE Sensex surged 659 points and closed at 59,688 levels. Nifty Bank index shot up 753 points and closed at 40,208 levels. Broad market indices i.e. Mid-cap and Small-cap indices rose less than the Nifty, thus underperforming. Among sectors, banks and IT gained the most, while metals and realty fell the most.
According to stock market experts, Nifty is currently placed at the upper area of the sideways range of the last 6-7 sessions at 17,800 levels. The market is also in an attempt of decisive upside breakout of the significant down trend line around 17,800 levels. Hence, this area is going to be a crucial overhead resistance and a sustainable move above this hurdle could open a sharp trended movement for the market ahead.
Day trading guide for stock market today
"The short term trend of Nifty continues to be positive. Presently, the Nifty is placed at the crucial juncture of 17800 levels (upper range and resistance of down trend line). Hence, a sustainable move above this area is likely to open sharp upside momentum towards 18200 levels in the near term. Immediate support for NSE Nifty is placed at 17650 levels," said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
Advising stock specific approach to traders, Ruchit Jain, Lead Research at 5paisa.com said, "The stock specific movement continues to be robust and as the market breadth continues to be positive, traders should trade with a stock specific approach. The FII’s data in the derivatives segment continues to be bearish as they have majority of positions on the short side. Hence, one should keep a watch on the same and avoid aggressive index based trades."
Nifty call put option data
Speaking on Nifty call put ratio, Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, "Nifty Option chain for the weekly expiry reflects on CE writers aggressively adding over 30 thousand fresh contracts at various strikes up till 18400/19000 strikes. PE writers standing tall at 17500PE with over 80 thousand contracts and PCR OI at 17700 being nearly 2, indicates the robust strength coming in for the index."
Bank Nifty call put option data
"Bank Nifty Future Option chain on PE writers being active at 40000PE - highest fresh additions of 40 thousand contracts, with CE writers adding exposure of over 50 thousand contracts at various strikes - all the way till 41500CE," Shilpa Rout of Prabhudas Lilladher said.
Day trading stocks
Sharing intraday stocks for today, share market experts — Sumeet Bagadia, Executive Director at Choice Broking; Mehul Kothari, AVP — Technical Research at Anand Rathi and Anuj Gupta, Vice President — Research at IIFL Securities — recommended 6 stocks to buy today.
Sumeet Bagadia's intraday stocks
1] Larsen & Toubro: Buy at CMP, target ?2010 to ?2030, stop loss ?1940
2] Infosys: Buy at CMP, target ?1510 to ?1530, stop loss ?1440
Mehul Kothari's stock picks for Friday
3] Britannia Industries: Buy at ?3675, target ?3800, stop loss ?3610
4] Godrej Properties: Buy at ?1420, target ?1470, stop loss ?1380
Anuj Gupta's stocks to buy today
5] ICICI Bank: Buy at CMP, target ?940, stop loss ?865
6] Raymond: Buy at CMP, target ?1080, stop loss ?998.