Daily Trading Guide for Today: 4 Stocks to Buy or Sell Today – October 12

According to market experts, the positive sentiment created by Monday's rally to the upside was undone on Tuesday and this market action is now rolling out the negative streak as lower highs and lower lows on the daily chart. After forming a high below 17,428 on October 6, the Nifty is likely to slide to recent lows over the next few sessions.

Day Trading Strategies for the Stock Market Today

Speaking on Wednesday's guide to day trading, Nagaraj Shetti, technical research analyst at HDFC Securities, said: "Nifty's short-term trend remains weak and downward momentum has started to pick up at Nifty can be expected to slide down the important support zone around 16,800 to 16,700 levels over the next few sessions, before showing another round of bounces on the upside from the lows Immediate resistance at Nifty is placed between 17,130 and 17,150 levels.

On the technical outlook for Nifty, Ruchit Jain, Lead Research at 5paisa.com, said: "Technically it would be crucial to see how far this correction goes as if Nifty breaks the recent low of 16,750 going forward, so it will be seen as an impulsive five-wave decline from the recent high of 18,100, which would signify a downtrend that would have another large correction with in between pullbacks reassessing the markets as this could then lead to a short cover ." The Eliot Wave expert added that until there is a change in the data, it is better to stay with the trend.

On the Bank Nifty Index, Ruchit Jain of 5paisa.com said that the immediate support for the index is placed at 38,465 while the major support for the Bank Index is at 38,270 levels. He said the Nifty Bank Index faces an immediate hurdle at 39,020 while the major hurdle for the index is placed at 39,370 levels.

Nifty call put option data

"A shrewd weekly expiry options chain sees PE writers actively adding their positions to 17,000/16,000 strikes - overall nearly a lakh of contracts each, with many other strikes also adding near The unwinding of PE OI was also seen in many immediate strikes, with CE writers standing tall at 17200CE - over 90,000 contracts were added PCR_OI at 17000 being just above 1, which if it holds and rises we can expect a rebound otherwise 16700 zones will be visible," said Shilpa Rout, chief derivatives analyst at Prabhudas Lilladher.

Bank Nifty Call Put Options Data

"Bank Nifty options chain on a weekly basis reflects on PE writers building aggressive positions at 37,000/38,000 strikes - overall over 80,000 and 70,000 contracts respectively. CE writers add exposures to 39,000 /40,000/41,000 strikes - over a lakh of contracts each, suggesting the INDEX indecision pattern and a wide trading range between 37,000 and 41,000 zones," Shilpa Rout said.

Day trading stocks to buy today

Speaking on intraday trading advice, stock market experts - Sumeet Bagadia, Executive Director of Choice Broking and Ravi Singh, VP and Head of Research at Share India - recommended 4 stocks to buy today.

Buy or Sell Sumeet Bagadia Shares for Today

1]IndusInd Bank: Sell to CMP, target ₹1120, stop loss ₹1200

2]Bata: Buy from CMP, target ₹1860 and ₹1875, stop-loss ₹1770

Ravi Singh shares to buy today

3]Asian paintings: buy on ₹3290 target ₹3370 stop loss ₹3265

4]Axis Bank: Buy on ₹782 target ₹795, stop loss ₹775.

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

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