Day Trading Guide for Stock Market Today: Six Stocks to Buy or Sell on Monday -30th October
Written by Sanjay Kumar
After six consecutive days of losses, the Indian stock market displayed a remarkable trend reversal on Friday (October 27). The Nifty 50 index saw an impressive gain of 190 points, closing at 19,047, while the BSE Sensex surged by 634 points to reach 63,782. Additionally, the Bank Nifty index jumped by 501 points, settling at 42,782 levels. Furthermore, the broader market outperformed the key indices, with the small-cap index surging by 1.89% and the mid-cap index gaining 1.70% on Friday.
Day Trading Guide for Stock Market Today
Nagaraj Shetti, Technical Research Analyst at HDFC Securities, shared his insights into the Nifty 50’s outlook for today. He stated, “The short-term trend of Nifty seems to have reversed on the upside, and the sustainability of this upside bounce could be crucial to label it 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.”
Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities, provided an outlook for Bank Nifty today. He 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.”
Regarding the factors that may influence the stock market today, Siddhartha Khemka, Head of Retail Research at Motilal Oswal, mentioned, “While the 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 the market to continue with its volatile move going forward ahead of key economic events and the ongoing earning season.”
Nifty Call Put Option Data
Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities, offered insights into Nifty Call Put Option data. He mentioned, “Major total Call open interest was seen at 19,200, 19,300, and 19,500 strikes with total open interest of 132,863, 80,984, and 120,156 contracts, respectively. Major Call open interest addition was seen at 19,200 strike, which added 63,095 contracts in open interest.” He added, “Major total Put open interest was seen at 19,000, 18,900, and 18,800 strikes with total open interest of 116,316, 96,793, and 104,705 contracts, respectively. Major Put open interest addition was seen at 19,000 and 18,900 strikes, which added 59,827 and 51,495 contracts in open interest, respectively.”
Bank Nifty Call Put Option Data
Chinmay Barve of Profitmart Securities shared insights into Bank Nifty Call Put Option data. He stated, “Major total Call open interest was seen at 43,000, 43,200, and 43,500 strikes with total open interest of 144,476, 88,644, and 126,699 contracts, respectively. Major Call open interest addition was seen at 43,300 and 43,500 strikes, which added 47,030 and 58,345 contracts in open interest, respectively.” He further noted, “Major total Put open interest was seen at 42,700 and 42,500 strikes with total open interest of 98,744 and 144,616 contracts, respectively. Major Put open interest addition was seen at 42,700 and 42,500 strikes, which added 90,174 and 90,306 contracts, respectively.”
Day Trading Stocks for Today
Three stock market experts provided their recommendations for intraday trading today:
Sumeet Bagadia’s Intraday Stocks for Today:
- Colgate Palmolive: Buy at ₹2080.50, target ₹2170, stop loss ₹2030.
- IndusInd Bank: Buy at ₹1441.30, target ₹1505, stop loss ₹1400.
Ganesh Dongre’s Day Trading Stocks:
- Aarti Industries: Buy at ₹453, target ₹462, stop loss ₹445.
- Bata India: Buy at ₹1553, target ₹1585, stop loss ₹1530.
Ashish Katwa’s Buy or Sell Stocks:
- TRENT: Buy at ₹2122.10 to ₹2115, target ₹2210, stop loss ₹2077.
- Vijaya Diagnostic Centre: Buy at ₹564.15, target ₹612, stop loss ₹540.
Investors are advised to carefully consider these recommendations and do their own research before making any trading decisions. The stock market’s performance today will likely be influenced by a variety of factors, so staying informed is crucial.