Day trading guide for today: 4 stocks to buy or sell on Wednesday – January 25


Day trading guide for today: The Indian stock market closed on Tuesday as most Asian markets were closed for a lunar holiday. NSE Nifty lost 0.25 points and closed at 18,118 levels, while BSE Sensex gained 37 points and closed at 60,978 levels. The Bank Nifty index lost 87 points to finish at 42,733 levels. Broad market indices closed negative, even though the ratio of the previous decline had fallen to 0.66:1.

According to stock market experts, a long bear candle has formed on the daily chart, indicating a continuation of the range-bound movement in the market. The high-low range of about 18,200 to 18,000 levels has acted as a high-low range for the past five sessions.

Day trading strategy for the stock market today

Speaking on intraday trading pattern, Nagaraj Shetti, technical research analyst at HDFC Securities said: “Following the upside break of the triangle pattern at 18,100 levels on Jan 18, Nifty has shown no upside momentum thereafter and later shifted to a sideways move. According to the weekly chart, Nifty is placed around the broader high low band of 18,250 . up to 17,800 levels in the last month.”

HDFC Securities expert added that the short-term trend of Useful remains range bound and this jerky movement within 18,200 to 18,000 levels is likely to continue for the next 1-2 sessions. He said Dalal Street is waiting for clues around the coming Union Budget 2023which is scheduled for February 1, so next Wednesday.

Useful call put option data

Speaking of Nifty call put ratio, Shilpa Rout, Derivatives Lead Analyst at Prabhudas Lilladher said, “A handy monthly expiration option chain reflects active PE writers with 18100/18000 PE of more than 2 lakh OI contracts each. The maximum participation of CE writers is at 18200CE with more than 2.7 lakh OI contracts, followed by 18100CE with more than 2.6 and 18500CE of almost 2.3 lakh OI contracts. PCR_OI on 18100 is below 1 which should be checked while 18200 acts as resistance immediately.”

“Bank Nifty witnesses a position of 42500PE writers with more than 1.4 lakh OI contracts, followed by 42000PE with 1.1 lakh OI contracts, while the highest exposure of CE writers stands still at 43000CE of almost 2, 2 Lakh OI contracts. Bank Nifty is limited to a trading range of 42500-43000,” Rout said.

Day trading stocks to buy today

Stock market experts – Sumeet Bagadia, executive director at Choice Broking and Anuj Gupta, vice president – research at IIFL Securities – recommended 4 stocks to buy today at the intraday stock reveal.

Sumeet Bagadia’s intraday shares for today

1]Britannia Industries: Buy from CMP, target 4500, stop loss 4320

2]Maruti Suzuki India Ltd: Buy from CMP, target 8900 to 9000, stop loss 8550

Anuj Gupta’s stock pick for Wednesday

3]Delta Corp: Initiate momentum buying at CMP, target 234, stop loss at 198

4]Dabur India: Buy from CMP, target 585, stop loss 520.

disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. We recommend that investors consult certified experts before making investment decisions.

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