Day trading guide for today: Six stocks to buy or sell on Friday — 6th October | Mint – Mint

Day trading guide for today: After losing on two days in a row, Indian stock market ended higher on Thursday. All three key benchmark indices witnessed significant recovery, however in broad market, mid-cap index ended marginaly lower. Nifty 50 index gained 109 points and closed at 19,545 levels, BSE Sensex finished 405 points higher at 65,631 mark while Nifty Bank index ended 249 points higher at 44,213 levels.
“Indian equities saw a relief rally following its global peers and healthy domestic service PMI data. Nifty opened a gap-up and remained in positive territory throughout the session to close with gains of 110 points (+0.6%) at 19546 levels. Sectorially it was a mixed bag with buying seen in Auto, IT, and Consumer Durables. Markets saw a recovery after two days of fall amid stability in global indices following ease in US Bond yields and a fall in crude oil prices from their recent highs. Though the market bounced back today, uncertainty persists which would keep the Nifty range bound,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal.
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Day trading guide for stock market today

On outlook for Nifty 50 today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The broader negative chart pattern like lower tops and bottoms is intact as per daily timeframe chart and further upside from here could open chances of new lower top formation. The display of further strength in current upside bounce could possibly pull Nifty towards 19,726 levels. Any failure to sustain the highs is expected to trigger fresh weakness from the lower highs.
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On outlook for Bank Nifty today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said, “Bank Nifty also made a decent pullback ahead of the RBI policy to close above the 44200 zone improving the bias to some extent. As said earlier, on the upside, a decisive breach above the 44,800 zone of the important 50EMA level is necessary to improve the bias and overall improve the trend.”

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 19600, 19700 and 19800 strikes with total open interest of 87123, 62819 and 61616 contracts respectively. Major Call open interest addition was seen at 19600 strike which added 53195 contracts respectively,” adding, “As per data shown by nseindia.com at 3.30 pm on 05 October 2023, major total Put open interest was seen at 19500 and 19400 strikes with total open interest of 96732 and 62654 contracts respectively. Major Put open interest addition was seen at 19500 strike which added 71695 contracts respectively.”
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Bank Nifty Call Put Option data

On Bank Nifty Call Put Option data, Chinmay Barve of Profitmart Securities said, “Major total Call open interest was seen at 44300, 44400 and 44500 strikes with total open interest of 117274, 133062 and 126691 contracts respectively. Major Call open interest addition was seen at 44300 and 44400 strikes which added 77216 and 99468 contracts in open interest respectively,” adding, “Major total Put open interest was seen at 44200 and 44000 strikes with total open interest of 96736 and 149636 contracts respectively. Major Put open interest addition was seen at 44200 strike which added 79602 contracts.”

Day trading stocks for today

On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Kunal Kamble, Sr.Technical Analyst at Bonanza Portfolio — recommended six stocks to buy or sell today.

Sumeet Bagadia’s intraday stocks for today

1] AU Small Finance Bank: Buy at ₹714.40, target ₹757, stop loss ₹688.
AU Small Finance Bank share is currently trading at ₹714.4. After a correction, the stock reversed its trend and formed a morning star candlestick pattern on the daily chart, accompanied by significant trading volume. Furthermore, AU Small Finance Bank share price is finding support above critical Exponential Moving Averages (EMAs), including the 200-day EMA, which reinforces its bullish momentum and potential for further upward price movement.
The Relative Strength Index (RSI) currently stands at 44 and is trending upwards, indicating growing buying momentum. Additionally, the Stochastic Relative Strength Index (Stoch RSI) recently experienced a positive crossover from the oversold region. This combination of technical indicators suggests that AUBANK may have the potential to reach a target price of ₹757 in the near term.
2] BSE: Buy at ₹1326.10, target ₹1430, stop loss ₹1270.
Based on a comprehensive technical analysis of BSE LTD in the daily time frame, the stock appears poised for a potential breakout. It has demonstrated notable resilience, finding robust support at a well-defined trendline. Furthermore, the stock has convincingly closed above key moving averages, including the 20, 50, 100, and 200-day Exponential Moving Averages (EMA), signaling a positive shift in momentum.
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The Relative Strength Index (RSI) currently stands at a healthy 68, indicating a favorable level of buying interest without venturing into overbought territory. Additionally, the Average Directional Index (ADX) is notably robust, registering at 27, suggesting a strong underlying trend.

Ganesh Dongre’s stocks to buy today

3] DLF: Buy at ₹525, target ₹540, stop loss ₹510.
In the short-term trend, the stock has a bullish reversal pattern, technically retrenchment could be possible till ₹540. So, holding the support level of ₹510 this stock can bounce toward the 540 level in the short term. Hence, the trader can go long with a stop loss of ₹510 for the target price of ₹540.
4] ITC: Buy at ₹437, target ₹450, stop loss ₹432.
On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of ₹432. This stock can bounce toward the ₹450 level in the short term. Hence, the trader can go long with a stop loss of ₹432 for the target price of ₹450.

Kunal Kamble’s buy or sell stocks

5] Hindustan Unilever Ltd or HUL: Buy at ₹2519.55, target ₹2570, stop loss ₹2494.
The stock has given a breakout of a range trade with multiple candlestick patterns conforming a short-term change in trend on an hourly time frame. The price is trading above major EMA’s and above ICHIMOKU CLOUD indicating an upward trend. Hence based on the above technical setup a lone position can be initiated in HINDUNILVR for a TP of ₹2570 with an SL of ₹2494.
6] Sun TV: Buy at ₹634.15, target ₹700, stop loss ₹602.
Sun TV has given a breakout of Symmetric Pattern on the upside indicating a positive move with volume spike in today’s session confirming the trend, with price trading above the Conversion and Base Line also conforming the upward move. Based on above technical setup one can initiate a long position in SUN TV with an SL of ₹602 with a target price of ₹700.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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