Day Trading Guide: 5 Swing Trading Stocks To Buy/Sell On 17th October

The Indian Market has huge potential and is probably the best available option among all. Weak global cues are slowing down the upside movement. However, whenever it is over, we are going to witness all fresh highs that will be an Impulsive move of this Uptrend movement". India and the world's other economies are facing hardships with high inflation and trying to control it in every possible way. The benchmark index is still trying to save its low points but weak global scenarios could impact our markets in the short term. investors and traders need to be extra cautious now at least for a few days.

"We are not so far from its "all-time high" (ATH) it is just 2.45%. 19520 is major support for this uptrend move. The global markets are currently grappling with significant challenges, including the threat of war, rising US bond yields, a surge in crude oil prices, an upward trend in the Dollar Index, and a depreciation of our domestic currency. All of these factors are expected to exert a profound influence on our financial markets too if it is prolonged," said V.L.A. Ambala (SEBI Registered Research Analyst), Stock Market Today (SMT).

Nifty Outlook for Today

Tug of war between DII and FII is going on. FIIs are still in net selling mode and pulling out money from our markets, it's not a good indication if it continues. However, DII are becoming net buyers every day, VLA Ambala said.

On Monday, Nifty opened gap down and closed just near the opening price. It is "Star Doji" which indicates the indecision about the next move however breakout of either side, suggests the next directional movement. It's a very crucial level now and if the price could breakout this, sentiment will turn into bullish momentum but whenever it starts sustaining below Monday's low levels, it is going to resume and continue the negative sentiment in intraday. Worth noticing here is FPIs where net sellers on Monday continue pulling out money from our markets, it's not a good sign in the longer run if it continues. However, the DIIs are buying constantly and supporting our market. VLA Ambala".

Intraday Nifty support levels are 19665/19590. It's a buying zone for those who want to "Buy on Dips in case the price sees weakness. Nifty50 next possible resistance points should be at 19640/19825/19870 intraday" according to V.L.A. Ambala (SEBI Registered Research Analyst), Stock Market Today (SMT).

Bank Nifty Outlook for today

It is Q2 results season and in this array, HDFC Bank on October 16 declared a net profit of Rs 15,976.11 crore in Q2 2023 which was up just over 50 per cent on-year. The rise in net profit of the bank was supported by the improvement in the net revenue and net interest income of the bank in its first report since its merger with Housing Development Finance Corp. (HDFC).

Today Bank Nifty traded in 300 Points range and finally closed just above its day open price with marginal plus over its opening. It has formed a "Doji Candlestick Pattern". Intraday Open price is a very major level for the Banking Index, above this it will continue bullish sentiment and below this selling could be seen.

Now Nifty Bank nearest support is 44110/43920/43800 on other hand considering its overall movement, Bank Nifty will have major resistance at 44320/4435/44550 for Intraday trading. These levels will work best in the case of flat or up to 1% gap opening as per V.L.A. Ambala (SEBI Registered Research Analyst), Stock Market Today (SMT).

Swing and Day trading stocks for today

On intraday and swing stocks for today, stock market experts - VLA Ambala (SEBI Registered Research Analyst)- recommended 5 stocks to buy today for Intraday and swing trading.

Vakrangee

VAKRANGEE looks good to buy above 18/20 and has a target expectation of 25 to 45 with a stop loss of 13.

Rashtriya Chemicals and Fertilizers

RCF, add more near Buy at 137 and hold it for 145 to 160 in a very short term. It is trading near its breakout range. Keep stop loss in consideration of 124.

HDFC Bank

HDFCBANK looks good buy in the 1532 range and has a target expectation of 1542 to 1565 with a stop loss at 1500.

HEC Infra Projects

HECPROJECT looks good buy at the 53 range and has a target expectation of 58 to 70 with a stop loss of 43.

ITI

Buy ITI near the 280 range and hold it for a target ranging from 330 to 550 in the mid-term. Keep its stop loss at 175.

"All of the recommendations are being provided here based on the price overall movement, previous behaviour and technical analysis"- said VLA Ambala (SEBI Regd. RA).

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.