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Thursday’s trading session is always considered to be high-voltage and highly volatile for the domestic stock market, because on this day, big moves are seen on both sides due to the weekly expiry of index options. Many major and midcap stocks will be in focus on Dalal Street today amid mixed signals from the global market, crude oil prices, flow of foreign institutional investors (FIIs) and second quarter results. It is important to understand the overall market direction, sector rotation and stoploss discipline before creating a position on the expiry day.
According to market experts and technical charts, traders will keep a close eye on these 20 stocks today on the basis of news, volume activity and quarterly results:
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Reliance Industries (RIL): Index heavyweights are showing stability at support levels after consolidation.
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HDFC Bank: Banking will play an important role in deciding the direction of the index; Signs of rebound after selloff at upper levels.
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ICICI Bank: Strong volume breakout and continued institutional support in the private banking space.
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State Bank of India (SBI): PSU banking remains the focus of data and cyber security news.
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Infosys: Trading in consolidation range after recent strength in IT sector.
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Tata Consultancy Services (TCS): A potential candidate for a short-covering rally on the back of a strong order book.
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HCL Technologies: Follow-up buying signals after the recent breakout.
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Tech Mahindra: Short-term technical momentum strong in the mid-to-large cap IT space.
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L&T Technology Services (LTTS): Reversal pattern on the charts and a big surge in volume.
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Tata Motors: On the radar due to auto sales figures and new commercial announcements.
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Eicher Motors: In an attempt to bounce-back near the support level.
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UltraTech Cement: Strength in cement sector due to infrastructure and capex demand.
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Larsen & Toubro (L&T): Continuous uptrend on the back of defense and heavy engineering orders.
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Tata Steel: Global metal prices and buying trend after the rebound.
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Hindalco Industries: Support from stability of aluminum prices in commodity market.
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Sun Pharma: Preparing for a breakout in the defensive pharma basket.
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Apollo Hospitals: Momentum continues in the healthcare sector.
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Bharat Electronics (BEL): A consistently favorite stock in the defense sector.
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Coal India: Traders eyeing high dividend yield and volume growth.
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IRFC: Buying returns from support levels in railway infrastructure stocks.
During weekly expiry, there may be a sudden sharp swing of 200 to 400 points in Nifty and Bank Nifty after 12:30 pm due to premium melting and short covering. IT and Metal sectors are currently providing defensive support, while Banking and Financial Services stocks are pulling the market in both directions. In such a situation, traders should avoid creating any overnight or large open positions without hedging.
The biggest challenge in intraday trading is to keep your capital safe. It is important to decide on a risk-reward ratio of 1:2 before taking a position in any stock in the market. If you are willing to face a potential stoploss of 1% in a stock, then your minimum target should be 2%. Track only the volatility in the first 15 minutes of market opening (9:15 AM to 9:30 AM) and enter trending stocks only after it settles.
(Disclaimer: This analysis has been prepared for educational and informational purposes only. Trading and investing in the stock market is subject to market risks. Please consult your SEBI registered financial advisor before committing actual capital to any trade.)