Day Trading Guide: Indian stocks extended their rally for the second consecutive session on Thursday, following a fall in the dollar index and crude oil prices. The BSE Sensex closed 427 points higher at 54,178, while the Nifty 50 index ended 143 points higher at 16,133. Nifty Bank climbed 596 points to close at 34,920 on Thursday. The put call ratio stood at 1.04 and the Volatility Index India VIX closed 5 per cent lower at 19.20.
According to Share Market According to experts, global equity markets were up as soft oil prices and a weak dollar indicated fears about inflation and the pace of monetary tightening is waning. He said a short positive candle was formed with a long lower shadow. Technically, this pattern indicates an upward move in the near future.
day trading guide for stock market today
“A small positive candle was formed with a long lower shadow. Technically, this pattern indicates an upside move after moving above important overhead resistance at 15900 levels. Recently, 15900 levels But after an upward breakout of the barrier, the market is now moving towards another barrier of the downside gap opening at the level of 16175 last June 13. Therefore a permanent move above the level of 16200 can open a further sharp bounce. Immediate support for Nifty 50 index is placed at 16000 level,” said Nagraj Shetty, Technical Research Analyst at HDFC Securities.
Predicting a strong rally in Nifty today, Chinmoy Barve, Head of Technical and Derivatives Research at Profitmart Securities said, “nifty 50 index It has managed to stay above its 5 day exponential moving average which clearly highlights its strong undertaking.”
Expecting Nifty Bank Index to outperform other indices, Ruchi Jain, Lead Research, 5paisa.com said, “Bank Nifty Index continues to outperform, which is likely to see continued participation from the large cap space. Among other sectoral indices, Nifty Metal index has closed above its 20-day EMA and hence some positive action can be seen in this zone.
day trading stocks
On today’s intraday stocks, stock market experts – Sumeet Bagdia, Executive Director, Choice Broking; Mehul Kothari, AVP – Technical Research at Anand Rathi; Rohit Singre, AVP – Technical Research at Bonanza Portfolio and Avinash Gorakshakar, Head of Research at Profitmart Securities – recommends 6 stocks to buy today.
Today’s Intraday Stock of Sumeet Bagadiya
1]NMDC: Buy on CMP, Target 120, stop loss 105
2]UPL: Buy on CMP, Target from 700 710, stop loss 660
Buying in the shares of Mehul Kothari today
3]SBI Life: Buy Nearby 1125, target 1170, stop loss 1105
4]Larsen & Toubro: Buy Nearby 1612, target 1655, stop loss 1585
Rohit Singre’s Pick of the Day
5]Mahindra CIE Automotive: Buy Momentum on CMP, Target 255, stop loss 232
Avinash Gorakshakar stock today
6]Tata Motors: Buy on CMP, Target 465, stop loss 415.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.