Day Trading Guide for October 20: Six Stocks to Buy or Sell
Written by Sanjay Kumar
Indian stock market ended lower on the second day in a row following weak global market sentiments amid the Israel-Palestine conflict. Nifty 50 index went down 46 points and closed at 19,624 levels, BSE Sensex lost 247 points and ended at 65,629 mark, whereas Bank Nifty index fell 134 points and finished at 43,754 levels.
In the broader market, the small-cap index ended marginally higher, while the mid-cap index finished marginally lower on Thursday (October 19). Global equities slid as risk aversion prevailed due to mounting worries over the Middle East conflict, while the bond sell-off intensified, taking Treasury yields to fresh 16-year highs ahead of a keenly awaited speech from US Fed Chairman Jerome Powell.
Day Trading Guide for the Stock Market Today
On the outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities, said: “Further weakness from here, the Nifty finds support around 19,480 to 19,450 levels, and any upside bounce from here could encounter resistance around 19,700 levels. A decisive break above this hurdle could pull Nifty towards another hurdle of 19,850 levels.”
Regarding Bank Nifty’s outlook today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities, said: “Bank Nifty rose sharply throughout the day before profit booking in the last hour led to the index closing at 43,755, down 134 points. Bank Nifty took support from the 43,600 level today. The index is at the make-or-break level as a breakdown below 43,600 can lead to Bank Nifty moving down by another 300 points until 43,300, while a close above 44,000 can ignite buying interest again.”
Nifty Call Put Option Data
Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities, shared insights on Nifty Call Put Option data: “Major total Call open interest was seen at 19,700 and 19,800 strikes with a total open interest of 114,418 and 145,333 contracts, respectively. Major Call open interest addition was seen at 19,750 and 19,950 strikes which added 59,952 and 46,134 contracts in open interest.” He also noted, “Major total Put open interest was seen at 19,600 and 19,500 strikes with total open interest of 112,889 and 149,476 contracts, respectively. Major Put open interest addition was seen at 19,600 and 19,500 strikes which added 42,695 and 43,654 contracts in open interest.”
Bank Nifty Call Put Option Data
“Major total Call open interest was seen at 44,000, 44,300, and 44,500 strikes with a total open interest of 160,747, 75,276, and 175,876 contracts, respectively. Major Call open interest addition was seen at 44,000 strike, which added 52,176 contracts in open interest,” said Chinmay Barve. “Major total Put open interest was seen at 43,700 and 43,500 strikes with total open interest of 89,566 and 114,263 contracts, respectively. Major Put open interest addition was seen at 43,700 and 43,600 strikes, which added 61,361 and 55,865 contracts, respectively.”
Day Trading Stocks for October 20
Leading Stock market experts have recommended six stocks for day trading on October 20. Here are their recommendations:
Sumeet Bagadia (Executive Director at Choice Broking) Intraday Stocks for Today:
1 – Lupin: Buy at ₹1,200, target ₹1,254, stop loss ₹1,175.
2 – BSE: Buy at ₹1,537.60, target ₹1,697, stop loss ₹1,465.
Ganesh Dongre (Technical Research at Anand Rathi) Stocks to Buy Today:
- Aditya Birla Capital: Buy at ₹183, target ₹189, stop loss ₹178.
- Paras Defence: Buy at ₹742, target ₹760, stop loss ₹730.
Ashish Katwa (Technical Analyst at Bonanza Portfolio) Buy or Sell Stocks:
- Tata Elxsi: Buy at ₹7,704 to ₹7,682, target ₹8,012, stop loss ₹7,550.
- Minda Corp: Buy at ₹363.65 to ₹362, target ₹387, stop loss ₹352.
Please note that these recommendations are for day trading, and it’s essential to perform thorough research and consider your risk tolerance before making any investment decisions. Market conditions can change rapidly, so it’s crucial to stay updated and use stop-loss orders to manage risk.
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The post Day Trading Guide for October 20: Six Stocks to Buy or Sell first appeared on Business Connect Magazine.
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