Day trading guide for today: 5 stocks to buy or sell on Wednesday — February 15

Day trading guide for today: Following strong global cues and soft WPI numbers in India, the Dalal Street snapped two days losing streak on Tuesday. Nifty 50 index gained 158 points and closed at 17,929 whereas BSE Sensex surged 600 points and closed at 61,032 levels. Bank Nifty index shot up 366 points and finished at 41,648 mark. Broad market indices rose less than the Nifty even as the advance decline ratio was low at 0.52:1. Muted corporates results from a large number of mid and small-cap stocks seem to be the reason for lack of interest in them.

According to stock market experts, a long bull candle was formed on Tuesday on the daily chart with gap up opening. Technically, this market action signals a sizable upside bounce in Nifty after the formation of smaller degree of higher bottom at 17,719 levels on Monday. Nifty is now placed at the hurdle of ascending trend line around 17950-18000 levels. Hence, a decisive upside above 18,000 is likely to open quick follow-through upside towards 18,250 levels in the near term.

Day trading guide for stock market today

Speaking on outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short-term trend of Nifty seems to have turned up. Having placed at the important downtrend line resistance around 18,000 mark, there is a possibility of minor consolidation in the coming sessions before showing any decisive upside breakout. Immediate support for Nifty is placed at 17,750 levels.”

On Nifty Bank index, Ruchit Jain, Lead Research at said, “The Bank Nifty index has also consolidated in a range in last few sessions wherein 41700-41800 range has acted as a resistance. A breakout above this zone in the Bank Nifty index could lead to a lot of positive momentum in the stocks within this sector.”

Ruchit Jain of went on to add that the global markets look positive and since FIIs positions are short-heavy, short covering by them could be a major trigger for the upside move post breakout. “Traders should look for buying opportunities and trade with a positive bias,” he concluded.

Nifty call put option data

On Nifty call put ratio, Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, “Nifty weekly expiry option chain still reflects maximum PE writers position at 17800PE of over 1.93 lakh OI contracts followed by 17900PE of 1.34 lakh OI contracts. CE writers position lies at 18200CE of over 1.44 lakh OI contracts and at 18000CE of 1.37 lakh OI contracts. Aggressive put additions and call unwinding witnessed at 17800/17900 strikes, PCR_OI at 17800 is now 2.44 which is a comfortable zone for the index.”

Bank Nifty call put option data

“Bank Nifty weekly expiry option chain witnesses PE writers participation at 41500PE of 1.16 lakh OI contracts and at 41000PE of 1.02 lakh OI contracts. CE writers position of 1.09 lakh OI contracts lies at 42000CE and of over 85 thousand OI contracts at 43000CE strike respectively,” 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 and Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi — recommended four shares to buy today.

Sumeet Bagadia’s intraday stocks for today

1] Reliance Industries Ltd or RIL: .uy at CMP, target 2425 and 2450, stop loss 2325

2] ICICI Bank: Buy at CMP, target 880 to 890, stop loss 851

Ganesh Dongre’s stock picks for Wednesday

3] State Bank of India or SBI: Buy at 540, target 558, stop loss 528

4] Canara Bank: Buy at 290, target 305, stop loss 283

Anuj Gupta’s stock of the day

5] Vedanta: Buy at CMP, target 330, stop loss 304.

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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