Thursday Day Trading Guide: 6 Stocks to Buy or Sell Today — August 11


Today’s trading guide for Thursday: Extending the lackluster move for another session, the Indian stock market remained limited on Thursday. NSE Nifty finished 9 points higher at 17,534 while BSE Sensex lost 35 points and closed at 58,817. The Bank Nifty Index jumped 50 points north to 38,287 levels. Among the sectors, metals and capital goods rose the most while IT and real estate fell the most. Mid and small cap indices slightly underperformed the Nifty, although the expected decline ratio remained below 1:1 at 0.8.

According to market experts, a small negative candle has formed on the daily chart with a minor lower shadow. This market action signals an inability for the bulls to show a follow-up bullish move above the 17,500 levels after the bullish breakout of a low range on Monday. This could mean chances for more consolidation or the possibility of minor selling pressure emerging from the highs.

Daily trading guide for the stock market today

“Although Nifty has moved to the highs, the short-term uptrend status remains intact and there is no sign of a reversal pattern playing out at the higher levels. From here, the market may find strong resistance around the 17800 levels. Immediate support for NSE Nifty is placed at the 17450 level,” said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

On Nifty Call Put Option data, Anuj Gupta, VP – Research at IIFL Securities, said, “Maximum total open interest on calls was observed at 17600, 17800 and 18000 strikes with total open interest of 132124, 149108 and 171297 contracts respectively Maximum Open Put adding interest was seen at 17,500, 17,400 and 17,300 strikes which added 133,343, 132,361 and 118,615 contracts respectively.

“Maximum total open interest on calls was observed at 38,300, 38,500 and 39,000 strikes with total open interest of 80,241, 121,108 and 139,537 contracts respectively,” Anuj Gupta said of the Nifty Bank Call Put Option data.

Day trading stocks

Unveiling the intraday stocks for today, stock market experts – Anuj Gupta of IIFL Securities, Mehul Kothari, AVP – Technical Research at Anand Rathi and Vaishali Parekh, VP – Technical Research at Prabhudas Lilladher – recommended 6 stocks to buy or sell today.

Anuj Gupta’s intraday actions

1]PC Jeweler: Buy from CMP, objective 68, stop loss 54

2]ITC: Buy from CMP, objective 322, stop loss 303

Mehul Kothari’s day trading stocks to buy today

3]Container Corporation of India or CONCOR: Shop Around 690 target 720, stop loss 670

4]Mahindra & Mahindra Financial Services: Shop Around 197 target 206, stop loss 192

Vaishali Parekh shares to buy today

5]Gujarat Gas: Shop Around 454 target 480, stop loss 430

6]Larsen & Toubro: Shop around 1855 target 1930 stop-loss 1820.

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

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