Day trading guide for stock market today: Six stocks to buy or sell on Monday — 30th October

Day trading guide for stock market today: After losing for six days in a row, Indian stock market witnessed trend reversal on Friday. Nifty 50 index gained 190 points and closed at 19,047 levels, BSE Sensex went up 634 points and ended at 63,782 mark while Bank Nifty index shot up 501 points and finished at 42,782 levels. Broad market outperformed key indices as small-cap index surged 1.89 per cent and mid-cap index gained 1.70 per cent on Friday.

Day trading guide for stock market today

On outlook for Nifty 50 today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short-term trend of Nifty seems to have reversed on the upside and the sustainability of this upside bounce could be crucial to call this as an important bottom reversal. Nifty is likely to move up further towards the next overhead resistance of around 19,230 levels. Any weakness from here could find support around 18,850 levels."

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On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Short covering was visible in Bank Nifty with the Index closing at 42,782, up 502 points. Call writers exited positions at the key strike price of 42,500, leading to a sharp rally on the upside. The bounce is likely to continue until 43,000 level. The option activity at 42,800 level will provide cues about Bank Nifty Intraday direction on Monday."

On triggers that may dictate stock market today, Siddhartha Khemka, Head - Retail Research at Motilal Oswal said, "While US Fed’s rate decision on Wednesday will be a key event, investors would also await BOJ’s meeting outcome on Monday amid high global bond yield. We expect market to continue with its volatile move going forward ahead of key economic events and ongoing earning season."

Nifty Call Put Option data

Speaking on Nifty Call Put Option data, Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities said, "Major total Call open interest was seen at 19200, 19300 and 19500 strikes with total open interest of 132863, 80984 and 120156 contracts respectively. Major Call open interest addition was seen at 19200 strike which added 63095 contracts in open interest," adding, "Major total Put open interest was seen at 19000, 18900 and 18800 strikes with total open interest of 116316, 96793 and 104705 contracts respectively. Major Put open interest addition was seen at 19000 and 18900 strikes which added 59827 and 51495 contracts in open interest respectively."

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Bank Nifty Call Put Option data

Speaking on Bank Nifty Call Put Option data, Chinmay Barve of Profitmart Securities said, "Major total Call open interest was seen at 43000, 43200 and 43500 strikes with total open interest of 144476, 88644 and 126699 contracts respectively. Major Call open interest addition was seen at 43300 and 43500 strikes which added 47030 and 58345 contracts in open interest respectively," adding, "Major total Put open interest was seen at 42700 and 42500 strikes with total open interest of 98744 and 144616 contracts respectively. Major Put open interest addition was seen at 42700 and 42500 strikes which added 90174 and 90306 contracts respectively."

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 Ashish Katwa, Technical Analyst at Bonanza Portfolio — recommended six stocks to buy or sell today.

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Sumeet Bagadia's intraday stocks for today

1] Colgate Palmolive: Buy at ₹2080.50, target ₹2170, stop loss ₹2030.

Colgate Palmolive share price has bounced back from the support level of ₹2000 which is also close to its 50 Day EMA levels currently the stock is trading around ₹2080.50 levels. The stock is trading above its 20, 50 and 200 Day Exponential moving average (EMA). Momentum indicator RSI is comfortably inching higher and is now at 57 levels indicating strength. A smaller resistance is witnessed at ₹2130 levels which is also all-time high levels for the stock. Once stock surpasses the mentioned resistance it can move higher towards the target of ₹2170 levels and above.

Based on the above analysis we expect COLPAL to move higher towards ₹2170 and hence we recommend buying COLPAL at CMP of ₹2080.50 with a SL of ₹2170.

2] IndusInd Bank: Buy at ₹1441.30, target ₹1505, stop loss ₹1400.

IndusInd Bank share has bounced from the strong support of ₹1395. The stock is currently trading at ₹1441.30, which is also above its 20, 50 and 200 Day Exponential moving average (EMA). The stock has demonstrated strength as evidenced by the on-going volumes and upward movement of the stock. The RSI indicator is also comfortably trading at 52 levels, which will support the upward movement of the stock. The stock has a smaller resistance level around ₹1470, which is also the recent top. Once stock surpasses the above mentioned level the stock can move towards ₹1505 levels and above.

We recommend buying IndusInd Bank shares at CMP of ₹1441.30 with a medium-term target price of ₹1505. Our analysis will be deemed invalid if the price closes below  ₹1400.

Ganesh Dongre's day trading stocks

3] Aarti Industries: Buy at ₹453, target ₹462, stop loss ₹445.

In the short-term trend, Aarti Industries share has a bullish reversal pattern, technically retrenchment could be possible till ₹462. So, holding the support level of ₹445 this stock can bounce toward the ₹562 level in the short term. Hence, the trader can go long with a stop loss of ₹445 for the target price of ₹462.

4] Bata India: Buy at ₹1553, target ₹1585, stop loss ₹1530.

On the short-term chart, the stock has shown a bullish reversal pattern, so holding the support level of ₹1530. This stock can bounce toward the ₹1585 level in the short term. Hence, the trader can go long with a stop loss of ₹1530 for the target price of ₹1585.

Ashish Katwa's buy or sell stocks

5] TRENT: Buy at ₹2122.10 to ₹2115, target ₹2210, stop loss ₹2077.

On the daily chart, the stock has given a breakout of Falling supply trend line with bullish candlestick. Stock is trading above its 21 & 38 day’s exponential moving averages on the daily time frames, which is positive for the prices in the short to medium term. The Technical indicator Ichimoku cloud suggests that the price is trading above the conversion and base line, which act as a support for the counter. The Daily strength indicator RSI (14) is in bullish mode and trading above the 55 level. Hence, based on the above technical structure one can initiate a long position in TRENT at CMP ₹2122.10, or a fall in the price till ₹2115 levels can be used as buying opportunity for the upside target of ₹2210. However, the bullish view will be negated if TRENT closes below the support level of ₹2077.

6] Vijaya Diagnostic Centre: Buy at ₹564.15, target ₹612, stop loss ₹540.

On the daily chart, the price has given a breakout of the Range and again retested the upper band of the pattern with bullish candlesticks, which indicates a bullish set-up in the counter. The Technical indicator Ichimoku cloud suggests that the price is trading above the cloud, which suggest bullish trend. The Daily strength indicator RSI (14) is in bullish mode and trading above the 55 level.

So, based on the above technical structure one can initiate a long position in VIJAYA at CMP of ₹564.15, or a fall in the price till ₹562 levels can be used as buying opportunity for the upside target of ₹612. However, the bullish view will be negated if Vijaya Diagnostic Centre closes below the support level of ₹540.

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 decision.