Stock Picks for Monday: A Day Trader’s Essential Guide – October 23
Written by Sanjay Kumar
Stock Picks for Monday: A Day Trader’s Essential Guide – October 23
On account of weak global market sentiments, the Indian stock market extended its sell-off for yet another session on Friday (October 20). The Nifty 50 index fell 82 points, closing at 19,542 levels, while the 30-stock index BSE Sensex corrected 231 points to end at 65,397. The Bank Nifty index finished 31 points lower at 43,723 levels. Volumes on the NSE improved mildly. Broad market indices fell more than the Nifty, with the advance-decline ratio falling sharply to 0.48:1.
Day Trading Guide for Today:
Nagaraj Shetti, Technical Research Analyst at HDFC Securities, noted, “The short-term trend of Nifty remains negative. A slide below the immediate support of 19,480 could drag Nifty towards another important support of 19,350 levels in the near term. Immediate resistance for Nifty today is placed around 19,650 levels.”
Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities, commented on Bank Nifty, saying, “Bank Nifty was set to go past the key level of 43,800 before selling pressure led to the Index closing at 43,723, down 31 points. The option activity at 43,500 Strike will provide cues about the future direction of Bank Nifty. A break below 43,500 will lead to the next round of selling, while a close above 44,000 is required for the bulls to make a comeback.”
Intraday Trading Strategy for Today:
Siddhartha Khemka, Head – Retail Research at Motilal Oswal, highlighted that the banking sector would be in focus on Monday as investors would react to Q2 results of ICICI and Kotak Bank announced over the weekend. Key results to be announced this week include Axis Bank, TechM, Maruti, Bajaj Finserv, SBI Life, and Dr. Reddy. Therefore, a stock-specific approach would be an ideal strategy if the Indian stock market continues to remain choppy during Monday’s session.
Nifty Call Put Option Data:
Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities, observed that major total Call open interest was seen at 19,600, 19,700, and 19,800 strikes with a total open interest of 167,804, 165,684, and 167,957 contracts respectively. Major Call open interest addition was seen at 19,600 and 19,700 strikes, adding 75,320 and 51,225 contracts to open interest. Major total Put open interest was seen at 19,500 and 19,400 strikes with total open interest of 168,583 and 116,416 contracts respectively. Major Put open interest addition was seen at the 19,400 strike, adding 40,493 contracts to open interest.
Bank Nifty Call Put Option Data:
Chinmay Barve of Profitmart Securities noted that major total Call open interest was seen at 43,800, 44,000, 44,200, and 44,500 strikes with total open interest of 114,149, 151,348, 110,416, and 173,840 contracts respectively. Major Call open interest addition was seen at 43,800 and 44,200 strikes, with 53,657 and 40,690 contracts added to open interest. Major total Put open interest was seen at 43,700 and 43,500 strikes with total open interest of 113,744 and 128,857 contracts respectively. Major Put open interest addition was seen at 43,700 and 43,500 strikes, adding 32,329 and 21,790 contracts respectively.
Day Trading Stocks to Buy Today:
Sumeet Bagadia (Executive Director at Choice Broking) Day Trading Stocks:
- Bharti Airtel: Buy at ₹945, target ₹972, stop loss ₹930.
- Bajaj Auto: Buy at ₹5489, target ₹5680, stop loss ₹5350.
Ganesh Dongre (Senior Manager — Technical Research at Anand Rathi) Stocks to Buy Today:
- HDFC Bank: Buy at ₹1523, target ₹1545, stop loss ₹1500.
- Zomato: Buy at ₹113, target ₹118, stop loss ₹108.
Kunal Kamble (Sr.Technical Analyst at Bonanza Portfolio) Buy or Sell Stocks:
- Zodiac: Buy at ₹155 to ₹154, target ₹178, stop loss ₹137.
- BBTC: Buy at ₹1419 to ₹1415, target ₹1800, stop loss ₹1172.
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 Stock Picks for Monday: A Day Trader’s Essential Guide – October 23 first appeared on Business Connect Magazine.
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