Day trading guide for today: 7 stocks to buy or sell on Thursday — 9th February
Day trading stocks: Following strong global cues after Fed chief Jerome Powell signaling less hawkish stance on interest rate hike, Indian stock market ended in positive zone for third straight session on Wednesday. Nifty 50 index gained 150 points and finished at 17,871, BSE Sensex surged 377 points and closed at 60,663 whereas Nifty Bank index ended 46 points higher at 41,537 levels. 7 out of 10 Adani group stocks ended in the positive improving market sentiments. In broad markets, mid-cap index gained one per cent and outperformed key benchmark indices while small-cap index shot up to the tune of 0.76 per cent.
According to stock market experts, Nifty started the day marginally positive but it witnessed buying interest right from the opening ticks led by the heavyweights from the IT space. The 50-stock index traded with a positive bias throughout the day and ended above 17,850 with gains of 0.85 per cent. The India VIX has cooled off to below 14 now indicating that the market has discounted all the recent news flows.
Stock market today: Day trading guide for Thursday
Speaking on intraday trading tips for Nifty today, Ruchit Jain, Lead Research at 5paisa.com said, “Nifty has been trading in a channel and it has recovered from the lower end of the channel since the Budget day, and is now moving towards the higher end around 17,950 to 18,000. The market breadth has been positive indicating a buying interest in the broader markets. The only worry factor has been the selling by FIIs as they had only about 15 percent of their positions on the long side and 85 per cent on the short side. But, these positions too seem to be short heavy and if they start covering their short positions then that could lead to a good upside move in the indices in near term.”
Ruchit Jain advised traders to trade with positive bias citing, “Traders are advised to continue to trade with a positive bias and look for buying opportunities on intraday declines. The support for Nifty is placed in the range of 17,800 to 17,770 for the expiry day and one can look to buy on any declines towards this range. On the flipside, 17950-18000 is seen as the immediate hurdle, above which the index could see a continuation of movement towards 18,200 levels.”
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Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities said, “Nifty has broken out of the recent swing high of 17,811 and is now in a short term uptrend, the index needs to cross the next resistance of 17,972 for the uptrend to continue. Else, we could go back into a trading range. On Daily chart, we observe that Nifty has bounced back smartly after finding support near the 200 day EMA. The index was finding resistance near the 20 day SMA but is now on the verge of moving above it.”
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 fresh additions at 17800PE of over 1.89 lakh OI contracts and at 17700PE of 1.84 lakh OI contracts. CE writers maximum participation at 18000CE of over 2.34 lakh OI contracts followed by 18100CE of 1.8 lakh OI contracts. Aggressive Call unwinding and put additions at 17800 and below strikes, PCR_OI at 17800 is 2.9 which acts a support on an immediate basis.”
Bank Nifty call put option data
“Bank Nifty weekly expiry option chain witnesses PE writers position of over 1.38 lakh OI contracts at 40000PE and of over 1.35 lakh and 1.27 lakh OI contracts at 41500PE/41000PE. CE writers participation lies at 43000CE of over 1.84 lakh OI Contracts and at 42000CE with over 1.68 lakh OI Contracts,” Shilpa 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, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Rajesh Bhosale, Technical Analyst at Angel One — recommended seven shares to buy today.
Sumeet Bagadia’s stock picks for today
1] Cipla: Buy at CMP, target ₹1060 and ₹1070, stop loss ₹1020
2] UPL: Buy at CMP, target ₹740 to ₹750, stop loss ₹700
Anuj Gupta’s stock of the day
3] AU Small Finance Bank: Buy at CMP, target ₹680, stop loss ₹622
Ganesh Dongre’s intraday stocks for today
4] Stata Bank of India or SBI: Buy at ₹550, target ₹575, stop loss ₹534
5] Asian Paints: Buy at ₹2768, target ₹2840, stop loss ₹2720
Rajesh Bhosale’s stocks to buy today
6] Titan: Buy at ₹2466, target ₹2520, stop loss ₹2430
7] Cummins India: Buy at ₹1474, target ₹1520, stop loss ₹1444.
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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