Thursday’s Top Day Trading Picks: Five Stocks to Buy or Sell on October 5

Written by Sanjay Kumar

On October 4, 2023, the Indian Stock market faced its second consecutive decline due to weakened global market sentiments. Key indices witnessed the following changes:

• Nifty 50 index dropped by 92 points, closing at 19,436 levels.
• BSE Sensex corrected by 286 points and ended at 65,226.
• Bank Nifty index lost 435 points, finishing at 43,964 levels.
• In the broader market, the small-cap index nosedived by 0.96%, while the mid-cap index crashed by 1.52%.

According to Siddhartha Khemka, Head of Retail Research at Motilal Oswal, “The recent surge in U.S. Treasury yields and strong US JOLTS jobs data have been impacting equity markets worldwide, leading to caution among investors.”

Day Trading Guide for Today (October 5)

Nifty 50 Outlook

Nagaraj Shetti, Technical Research Analyst at HDFC Securities, suggested, “The short-term trend of Nifty remains negative. However, the formation of a doji/hammer-type candle pattern near the support suggests the possibility of an upside bounce in the short term. A decisive close above 19,500 levels could open the door to an upside bounce towards 19,650 levels.”

Bank Nifty Outlook

Nifty and Bank Nifty Call Put Option Data

Nifty Call Put Option Data

Chinmay Barve, Head of Technical & Derivatives Research at Profitmart Securities, reported, “Major total Call open interest was seen at 19500, 19600, and 19700 strikes. Major Call open interest addition was seen at 19500 strike, adding 108,860 contracts. Major total Put open interest was seen at 19400 and 19300 strikes with significant additions at 19400 and 19350 strikes.”

Bank Nifty Call Put Option Data

Chinmay Barve provided insights into Bank Nifty options, stating, “Major total Call open interest was seen at 44000 and 44500 strikes, with significant additions at 44000 and 44100 strikes. In the Put segment, major total Put open interest was observed at 44000 and 43500 strikes, with the most substantial addition at the 44000 strike.”

Day Trading Stocks for Today (October 5)

Sumeet Bagadia (Executive Director at Choice Broking) Intraday Stocks

1 – HDFC Bank: Buy at ₹1529.55, Target ₹1600, Stop Loss ₹1490.

2 – Escorts: Buy at ₹3195, Target ₹3350, Stop Loss ₹3080.

Ganesh Dongre (Senior Manager — Technical Research at Anand Rathi) Stock of the Day

3 – Axis Bank: Buy at ₹992, Target ₹1010, Stop Loss ₹975.

Mitesh Karwa (Research Analyst at Bonanza Portfolio) Buy or Sell Stocks

4 – VST Tillers: Buy at ₹3788 to ₹3792, Target ₹3950, Stop Loss ₹3640.

5 – Ramco Cement: Buy at ₹949 to ₹951, Target ₹1000, Stop Loss ₹925.

Please note that investing in the stock market involves risks, and it is advisable to do thorough research or consult with a financial advisor before making any investment decisions.

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The post Thursday’s Top Day Trading Picks: Five Stocks to Buy or Sell on October 5 first appeared on Business Connect Magazine.