Day Trading Guide For Stock Market Today

Day Trading Guide for Stock Market Today: Analyzing Six Stocks to Buy or Sell on Monday, November 20^th

Written by Sanjay Kumar

After a volatile trading session last Friday (November 17), the Indian stock market closed lower with the Nifty 50 index losing 33 points and ending at 19,730 levels. The BSE Sensex went down by 187 points to close at 65,794, and the Nifty Bank index corrected 577 points to finish at 43,583 levels. Domestic Institutional Investors (DIIs) and Foreign Institutional Investors (FIIs) both remained net sellers, with DIIs selling Indian stocks worth ₹565 crore and FIIs offloading shares worth ₹477 crore in the cash segment.

Siddhartha Khemka, Head – Retail Research at Motilal Oswal, noted, “Domestic equity saw a subdued session as selling in financial stocks offset the rally elicited by easing in US inflation and drop in crude oil prices. Nifty snapped its two days of gain and traded in a range to close with a loss of 33 points at 19732 levels. Sectorally, it was a mixed bag with buying seen in FMCG, Pharma, and Auto. Profit booking was seen in Banking stocks after RBI raised risk weights for unsecured loans.”

Day Trading Guide for Stock Market Today – November 20

Nifty 50 Outlook:

Nagaraj Shetti, Technical Research Analyst at HDFC Securities, mentioned, “The near-term uptrend status of the market remains intact, but there is a possibility of some more consolidation or minor weakness for the Nifty in the next 1-2 sessions. A decisive upside breakout of 19,875 is likely to bring more upside for the short term. At the lows, the area of 19,600 to 19,550 is going to act as a support for the short term.”

Bank Nifty Outlook:

Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities, observed, “Bank Nifty opened with a gap down and consolidated in a tight range throughout the day to end at 43,584, down 578 points. The Index has given a lower close on the daily chart. Bank Nifty took resistance around 50% Fibonacci retracement level of 44,206 for the previous two trading sessions and fell…”

Nifty Call Put Option Data:

Chinmay Barve, Head of Technical and Derivative Research at Profitmart Securities, shared insights on Nifty Call Put Option data, noting major Call open interest at 19800, 19900, and 20000 strikes. He added, “Major Call open interest addition was seen at 19800 and 19900 strikes which added 95822 and 56350 contracts respectively in open interest. Major total Put open interest was seen at 19700 and 19600 strikes with total open interest of 117221 and 104413 contracts respectively. Major Put open interest addition was seen at 19500 strike which added 42346 contracts in open interest.”

Bank Nifty Call Put Option Data:

Chinmay Barve of Profitmart Securities provided insights into Bank Nifty Call Put Option data, highlighting major total Call open interest at 43800 and 44000 strikes. He mentioned, “Major Call open interest addition was seen at 43800 strike which added 260020 contracts in open interest. Major total Put open interest was seen at 43500 and 43000 strikes with total open interest of 144289 and 162103 contracts respectively. Major Put open interest addition was seen at 43200 and 43000 strike which added 63583 and 72248 contracts respectively.”