Tuesday, October 17th Stock Market Updates: Six Stocks to Buy or Sell Today
Written by Sanjay Kumar
Following weak global market cues due to Middle East tension, the Indian stock market ended lower for the third straight session on Monday (October 16). The Nifty 50 index concluded 19 points lower at 19,731 levels, while the BSE Sensex finished 115 points lower at the 66,166 marks. The Bank Nifty index corrected by 62 points and closed at 44,225 levels. In the broader market, mid-cap and small-cap stocks managed to defy the trend and witnessed some bargain hunting ahead of festival-driven demand.
Day Trading Guide for Stock Market Today
Providing insight into the outlook for Nifty 50 today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities, mentioned, “The short-term trend of Nifty remains choppy. The range-bound movement is expected to continue for the next session. Immediate resistance for the Nifty 50 index is placed around 19,800 to 19,850 levels, with support possibly found at 19,650 to 19,600 levels.”
Commenting on the outlook for Bank Nifty, Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher, said, “Bank Nifty witnessed resistance near the 44,300 zone during the Monday session. As mentioned earlier, the levels near 44,700 are acting as a strong resistance barrier for the index, where the important 50EMA lies. A decisive breach above that zone could establish some conviction for further potential rises.”
Nifty Call Put Option Data
Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities, highlighted the Nifty Call Put Option data, stating, “Major total Call open interest was observed at the 19800, 19900, and 20000 strikes, with total open interest of 174,446, 116,069, and 147,791 contracts, respectively.
Major Call open interest additions were noted at the 19800 and 20000 strikes, with 48,623 and 43,523 contracts added, respectively. Major total Put open interest was seen at the 19700 and 19600 strikes, with total open interest of 170,280 and 124,033 contracts, respectively. Major Put open interest addition was observed at the 19700 strike, with 41,093 contracts added to open interest.”
Bank Nifty Call Put Option Data
Chinmay Barve of Profitmart Securities provided insights into Bank Nifty Call Put Option data, mentioning, “Major total Call open interest was seen at 44300, 44500, 44600, and 45000 strikes, with total open interest of 170,761, 185,209, 150,874, and 202,429 contracts, respectively. Major Call open interest addition was seen at 44300, 44400, and 44500 strikes, adding 80,753, 42,676, and 32,653 contracts to open interest, respectively.
Major total Put open interest was observed at 44200, 44000, and 43700 strikes, with total open interest of 158,875, 174,357, and 108,920 contracts, respectively. Major Put open interest addition was noted at 44200, 44000, and 43500 strikes, adding 69,648, 72,537, and 54,629 contracts, respectively.”
Day Trading Stocks for Today
Several stock market experts have recommended six stocks for day trading today:
Sumeet Bagadia (Executive Director at Choice Broking) Intraday Stocks for Today
1 – Hero MotoCorp: Buy at ₹3,161, target ₹3,440, stop loss ₹3,020.
2 – MCX: Buy at ₹2,197, target ₹2,275, stop loss ₹2,150.
Ganesh Dongre (Senior Manager — Technical Research at Anand Rathi) Stocks to Buy Today
- Zomato: Buy at ₹111, target ₹118, stop loss ₹107.
4 – Sundram Fasteners: Buy at ₹1,292, target ₹1,350, stop loss ₹1,260.
Kunal Kamble (Sr.Technical Analyst at Bonanza Portfolio) Buy or Sell Stocks
- Sreeleathers: Buy between ₹286.80 and ₹284.50, target ₹358, stop loss ₹250.
6 – Star Cement: Buy between ₹176.40 and ₹175, target ₹204, stop loss ₹161.
Please note that these recommendations are for informational purposes and should be considered with due diligence and risk assessment. The stock market can be volatile, and it’s essential to make informed decisions based on your financial goals and risk tolerance.