Day Trading Guide for Friday: For the second consecutive session on Thursday, the trend of strength in the market continued. Nifty lost 509 points to close at 17,203 while BSE Sensex lost 12 points to closed at 57,794 level. Bank Nifty closed 18 points higher at 35,063. According to stock market experts, the current market pattern gives an imminent warning signal for a trend reversal.
day trading guide for stock market today
Stock market experts said that Nifty is now at crucial upper resistance around 17,250 to 17,300, which is likely to form a new lower top (with a high of 17,285 on December 29). However, the market is not showing any sharp weakness from the close of the key hurdle. Therefore, such consolidation movements just below key resistances result in a decisive upside breakout of the barrier.
Speaking on Day Trading Guide for Nifty today; Nagraj Shetty, Technical Research Analyst, HDFC Securities, said, “Short term trend of Nifty remains volatile. Lack of selling participation at significant overhead resistance may give an opportunity for bulls to make a bullish comeback in the short term. Hence, the said consolidation The movement may continue for the short term. Immediate support for NSE Nifty has been placed at 17,120 level.”
In line with the views of Nagraj Shetty; Ruchit Jain, Lead Research, 5paisa.com said, “As per our analysis, a small correction is likely until Nifty crosses its resistance of 17,300 and Bank Nifty crosses its resistance of 35,500, Which will mark Nifty. A higher low and Bank Nifty to complete its final phase of correction. Hence, traders should book some profit on long positions here and make aggressive longs if the index gives breakout above the mentioned resistances. Huh.
day trading stocks to buy today
While sharing today’s trading stocks, stock market experts – Sumeet Bagadia, Executive Director, Choice Broking and Mudit Goyal, Senior Research Analyst, SMC Global Securities put forth 4 buy recommended stocks today.
Sumeet Bagadiya Day Trading Stock
1]Titan Company: Buy on CMP, Target from 2500 2525, stop loss 2380
2]Britannia: Buy on CMP, Target from 3675 3700, stop loss 3500
mudit goyal today trading stock
3]HDFC Ltd.: Buy on CMP, Target 2610, stop loss 2550
4]HDFC Bank: Buy on CMP, Target 1490, stop loss 1450.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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