Thursday Day Trading Guide: 5 Stocks to Buy or Sell Today — September 22

Today’s trading guide for Thursday: After showing weakness from Tuesday’s highs, Nifty slid to lows amid a range move on Wednesday and closed in negative territory. NSE Nifty lost 97 points and closed at 17,718 levels while BSE Sensex finished 262 points lower at 59,456. The Nifty Bank Index finished 264 points south at 41,203 points.

According to stock market experts, a small negative candle has formed on the daily chart with a minor upper and lower shadow. Technically, this pattern indicates a consolidation movement in the market. After strong weakness on September 15-16, the market showing mild range weakness could signal a broader range move. Market breadth was negative on Wednesday and minor weakness was seen in large market indices like the NSE midcap and small cap segments.

Stock Market Today: Nifty Technical Outlook, Bank Nifty

“Nifty’s short-term trend continues to be choppy. The market is stuck in a wider low range of 18100-17500 levels and movement within said range is expected for the next few sessions. Any decisive move beyond this range could bring acceleration of momentum on both sides,” said Nagaraj Shetti, technical research analyst at HDFC Securities.

“Bank Nifty is hovering near the 41,000 and 41,700 area, finding resistance near the peak area and would need a decisive break above these crucial levels to continue the trend. At the same time, the area 40,300 to 40,400 is the crucial support area that may witness further downside decline to weaken the short-term bias,” said Vaishali Parekh, VP – Technical Research, Prabhudas Lilladher.

Nifty call put option data

Speaking on the Nifty call sell ratio, Shilpa Rout – Principal Derivatives Analyst at Prabhudas Lilladher said: “The Nifty options chain for weekly expiry reflects the completely divided participants. The unwinding also seen in all immediate strikes and a few OTM strikes as well CE writers are also adding positions aggressively at 18100CE / 18200 CE – over 1.3 and 1.4 lakh contracts respectively PCR_OI at 17700 being close to 1.5 it is crucial to keep the radar for the forward direction.”

Bank Nifty Call Put Options Data

“The Bank Nifty Future Option channel reflects that PE writers are active at 40,000/41,000 strikes – overall over 80,000 contracts each, with PE OI taking place on numerous ITM strikes. ‘to be active at 42,000/43,000 strikes – above a lakh contract each, with certainly a hint of upward movement likely to resume soon,’ said Shilpa Rout.

Day trading stocks

Unveiling the stocks to buy today, stock market experts – Mehul Kothari, AVP – Technical Research at Anand Rathi; Ravi Singh, Vice President and Head of Research at Share India and Anuj Gupta, Vice President – Research at IIFL Securities – listed 5 intraday stocks for today.

Mehul Kothari’s stock of the day

1]Axis Bank: Buy on 807 target 840, stop loss 780

Ravi Singh shares to buy today

2]Jyothy Labs: Buy on 184 target 192, stop the loss 181

3]Hindustan Zinc: Buy on 281 target 288, stop loss 278

Anuj Gupta’s stock picks for today

4]Indian hotels: buy from CMP, objective 345, stop loss 305

5]Renuka Sugar: Buy from CMP, target 70, stop loss 44.

Disclaimer: The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.

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Garland K. Long