Wednesday’s Day Trading Picks: Six Stocks to Buy or Sell on October 11

Written by Sanjay Kumar

On account of strong global market sentiments, Indian Stock market ended higher on Tuesday (October 10). Nifty 50 index finished 177 points higher at 19,689 levels, BSE Sensex shot up 566 points and closed at 66,079 mark whereas Bank Nifty index ended 473 points north at 44,360 levels. In broad market, small-cap index surged 1.26 per cent while mid-cap index shot up 1.14 per cent.

*Domestic equities witnessed a relief rally today after the previous session’s selloff, as sentiments turned positive globally and the US bond yields cooled off by 15 bps. The global markets shed concerns over the conflict between Israel-Palestine and witnessed a healthy recovery. Nifty opened positive and strengthened throughout the session to end near the day’s high at 19,690 levels with gains of 178 points (+0.9%). Broader markets outshined with Midcap100/Smallcap100 up 1.4%/1.2%. Except Healthcare, all other sectors ended in green with Realty rallying 4% followed by sharp gains in Metals and PSU Banks,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal.

Nifty and Bank Nifty Outlook:

On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The positive chart pattern like higher tops and bottoms has started to form and Monday’s swing low of 19,480 levels could now be considered as a new higher bottom of the sequence. A decisive move above 19,700 levels is likely to bring a sharp upmove for the market towards 19,950 to 20,050 levels for the short term. Immediate support for Nifty 50 today is placed at 19,550 levels.”

On outlook for Bank Nifty today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, “Bank Nifty once again indicated a decent pullback from the 43,800 zone to produce a significant positive candle on the daily chart to improve the bias and anticipate further upward move. As mentioned earlier, a decisive move past the 44,700 of the important 50EMA zone is necessary to overall improve the trend.”

Q2 Results in Focus:

*From today, the Q2 earnings season would start off with TCS declaring its numbers. We expect robust 21% earnings growth for Nifty in Q2, which would be driven by domestic cyclicals (BFSI & Auto). So a lot of stock-specific action would be seen over the next 45 days as the earnings get declared. On the index front, Nifty might continue with its consolidation with bouts of volatility as it would track the geo-political development, US bond yields, and oil prices amidst result announcements,” said Siddhartha Khemka of Motilal Oswal.

Nifty Call Put Option Data:

Speaking on Nifty Call Put Option data, Chinmay Barve, Head of Technical & Derivatives Research at Profitmart Securities said, “Major total Call open interest was seen at 19,800, 19,900, and 20,000 strikes with total open interest of 135,035, 124,085, and 172,852 contracts respectively. Major Call open interest addition was seen at 19,750 and 19,850 strikes, which added 42,535 and 32,501 contracts respectively. Major total Put open interest was seen at 19,600 and 19,500 strikes with total open interest of 247,083 and 180,906 contracts respectively. Major Put open interest addition was seen at 19,600 strike which added 188,022 contracts.”

Bank Nifty Call Put Option Data:

On Bank Nifty Call Put Option data, Chinmay Barve said, “Major total Call open interest was seen at 44,500 and 44,700 strikes with total open interest of 324,147 and 176,319 contracts respectively. Major Call open interest addition was seen at 44,500 and 44,800 strikes which added 123,758 and 61,088 contracts in open interest respectively. Major total Put open interest was seen at 44,300 and 44,200 strikes with total open interest of 207,334 and 239,410 contracts respectively. Major Put open interest addition was seen at 44,200 strike which added 198,735 contracts.”

Day Trading Stocks for Today:

For intraday trading today, stock market experts have recommended the following stocks:

Sumeet Bagadia (Executive Director at Choice Broking) Intraday Stocks for Today:

1 – Escorts: Buy at ₹3,393.45, target ₹3,682, stop loss ₹3,240.

2 – JSW Steel: Buy at ₹772, target ₹818, stop loss ₹749.

Ganesh Dongre (Senior Manager — Technical Research at Anand Rathi) Stocks to Buy Today:

3. IRCTC: Buy at ₹707, target ₹725, stop loss ₹695.

4 – Sonata Software: Buy at ₹1,066, target ₹1,095, stop loss ₹1,050.

Ashish Katwa (Technical Analyst at Bonanza Portfolio) Buy or Sell Stocks:

5. ITC: Buy at ₹444 to ₹445, target ₹452.55, stop loss ₹440.50.

6 – Bharti Airtel: Buy at ₹948 to ₹949, target ₹968, stop loss ₹938.

Please note that investing or trading in the stock market involves risks, and it’s essential to do thorough research or consult a financial advisor before making any trading decisions.

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The post Wednesday’s Day Trading Picks: Six Stocks to Buy or Sell on October 11 first appeared on Business Connect Magazine.