Friday's Top Day Trading Picks: 6 Stocks To Watch On Sept 29

Friday’s Top Day Trading Picks: Six Stocks to Watch on September 29

After a sustainable upside bounce, the Indian stock market experienced a sharp downward reversal on Thursday (September 28), closing in the red. Here’s a summary of the market’s performance and expert insights for today:

Market Recap

Nifty 50 Index: Finished 192 points lower at 19,523 levels.
BSE Sensex: Corrected 610 points and ended at 65,508.
Bank Nifty: Lost 287 points and closed at 44,300 levels.
Small-cap Index: Shed 0.34%.
Mid-cap Index: Nosedived 1.19%.

According to Siddhartha Khemka, Head of Retail Research at Motilal Oswal, global sentiments have been affected by the sharp rise in Brent crude prices and US 10-year bond yields, which continue to hover above 4.5%, reaching 16-year highs. Concerns about the possibility of higher interest rates persisting for an extended period have also contributed to global market uncertainties.

Day Trading Guide for Stock Market Today

Nifty 50 Outlook

Nagaraj Shetti, Technical Research Analyst at HDFC Securities, stated, “Nifty has broken below the crucial weekly support of the 10-week EMA at 19,560 levels and closed lower. The market may slide down to its next support of the 20-week EMA, currently placed around 19,230 levels, after declining below this support. Immediate resistance is at 19,700 levels.”

Bank Nifty Outlook

Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities, noted, “Bank Nifty has formed an inverted flag & pole structure on the daily chart. A break below 44,300 can take the index to 43,800, while an uptrend is likely to resume upon a successful close above 44,800 levels. Bank Nifty closed 287 points lower at 44,301.”

Nifty Call Put Option Data

Chinmay Barve, Head of Technical & Derivatives Research at Profitmart Securities, shared Nifty call and put option data:

Major Call open interest: 19600, 19700, and 19800 strikes.

Major Put open interest: 19500 and 19400 strikes.

Notable open interest additions at key strike prices.

Bank Nifty Call Put Option Data

Chinmay Barve also provided data for Bank Nifty call and put options

Major Put open interest: 19500 and 19400 strikes.

Major Call open interest: 44500, 44700, and 45000 strikes.

Significant open interest additions at 44500 and 44700 strikes.

Stocks to Watch Today

DP Wires board meeting outcome to be monitored, where bonus shares are expected to be considered and approved.

Four dividend stocks trading ex-dividend today: HPIL, Hindprakash Industries, Maharashtra Scooters, and Bajaj Holdings.

Day Trading Stock Recommendations

Sumeet Bagadia (Executive Director at Choice Broking) Intraday Stocks

Bharti Airtel: Buy at ₹931, target ₹964, stop loss ₹906.
Axis Bank: Buy at ₹1030.90, target ₹1070, stop loss ₹1005.

Ganesh Dongre (Senior Manager — Technical Research at Anand Rathi) Stock Picks

DLF: Buy at ₹521, target ₹540, stop loss ₹510.
ITC: Buy at ₹441, target ₹454, stop loss ₹432.

Ashish Katwa (Technical Analyst at Bonanza Portfolio) Buy or Sell Stocks

Shreyas Shipping: Buy at ₹473.85 to ₹471, target ₹501, stop loss ₹459.
JSW Steel October Future: Sell at ₹774.95 to ₹775.80, target ₹758, stop loss ₹783.20.

These stock recommendations provide insights for day traders looking for potential opportunities in the market on September 29, 2023. However, it’s important to conduct thorough research and consider your risk tolerance before making any investment decisions. Market conditions can change rapidly, so always stay updated on the latest news and developments.