Day Trading Stocks: Based on the outcome of the RBI MPC meeting, on which accommodative stance was maintained and policy rates were kept unchanged, the Indian stock market rose for the third consecutive session on Thursday. The NSE Nifty closed 142 points higher at 17,605 while the BSE Sensex rose 460 points to end at 58,926. The Nifty Bank index ended 400 points higher at 39,010.
According to stock market experts, the current trading pattern on Dalal Street indicates continuation of the bullish trend amid high volatility. It is indicating that selling pressure may emerge from higher levels.
Day Trading Guide for Friday: What do global signals indicate?
On Wall Street, the Dow Jones closed down 1.47 per cent at 35,241 on Thursday, while the Nasdaq closed down 2.10 per cent at 14,185. Market experts are of the view that such selling in US markets was mainly due to disappointing US inflation data.
Speaking at the stock market’s opening bell for Friday; Anuj Gupta, vice-president, IIFL Securities, said, “The overall trend is positive, but given the speculation that the Fed will hike interest rates by 50 bps sooner than expected, due to a correction in US markets following disappointing US inflation data, there is a strong trend in Indian markets.” Some selling pressure may be felt. Opening bell. Buying on dips at support level should continue.”
Anuj Gupta of IIFL Securities said that SGX Nifty is open flat and Indian traders should keep an eye on the short range of SGX Nifty from 17,350 to 17,700 as a breakout of any of the levels will act as a bullish or bearish trend in the Indian markets. He said that the broad range of SGX Nifty for today is 17,100 to 17,950.
day trading guide for stock market today
Speaking on Today’s Trading Guide to the Stock Market; Nagraj Shetty, Technical Research Analyst, HDFC Securities said, “The underlying short term trend of Nifty remains positive. The overall chart pattern indicates minor upsides for the short term but there is a possibility of a reversal below the 17,700- to 17,750 levels of Nifty. Chances are high. In the next few sessions. Immediate support for NSE Nifty has been placed at 17,450 levels.”
Important levels for Nifty and Bank Nifty indices unveiled; Sumeet Bagadiya, Executive Director, Choice Broking said, “NSE Nifty has immediate support at 17,500 level while its strong support is placed at 17,400 level. Similarly, immediate resistance for NSE Nifty is at 17,700 while its strong resistance is almost near. 17,750 levels. For traders interested in Bank Nifty, its broader range is 38,500 to 39,500 while its shorter range is 38,700 to 39,300.”
day trading stocks for today
Sharing the day-to-day trading stocks for Friday, stock market experts – Sumeet Bagdia of Choice Broking and Anuj Gupta of IIFL Securities recommended buy to 4 stocks today.
Sumeet Bagadiya Day Trading Stock
1]Sun Pharma: Buy on CMP, Target 925, stop loss 880
2]Firstsource Solutions Limited or FSL: buy speed on cmp, target from 160 165, stop loss 143
Anuj Gupta’s Day Trading Shares for Friday
3]Adani Power: Buy on CMP, Target 140, stop loss 113
4]Hindalco Industries: Buy on CMP, Target 585, stop loss 522.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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