Day Trading Guide for Friday: After showing a sharp intraday upside recovery from Tuesday’s lows, the Indian stock market on Thursday displayed a deep cut with high volatility and closed in the red zone. NSE Nifty lost 167 points to close at 17,110 while BSE Sensex lost 581 points to closed at 57,276 level. However, the Bank Nifty index continued to attract buyers as it closed 275 points higher at 37,982 levels.
According to stock market experts, there has been a steady buying from Thursday’s low and it seems that the market has turned bullish in the mid to later part of the session. The opening downside gap has been partially filled. He further added that a follow-through upside move from here could open a permanent upside bounce in the near term.
day trading guide for stock market today
Today speaking on Day Trading Guide for Nifty; Nagraj Shetty, Technical Research Analyst, HDFC Securities said, “The market is trying to reverse its down trend and still there is no confirmation of any bottom reversal forming at the lower levels. Formation of candle pattern with long lower shadow and presence around 16,800 to 16,900 levels indicating a possibility of a permanent upward bounce from the current levels or lower. Immediate resistance is placed at 17,300 level on NSE Nifty.
Unveiling the day trading strategy for the stock market today; Sameer Kaul, MD and CEO, TrustPlutus Wealth, said, “The Federal Reserve has indicated that they will start raising interest rates in the near future and there will be several rate hikes this year. Simultaneously, the Fed has also said that they will End the asset purchase program in March and will also look to reduce the size of the Fed balance sheet from sometime later this year.The combination of these measures has rocked markets globally as it means easing and additional liquidity. The scenario has to move forward. In the scenario of liquidity tightening. We suggest investors to stick to their asset allocation and invest in high quality companies and also pay close attention to valuations.”
day trading stocks
Sharing Day Trading Stocks to Buy Today; Stock market experts – Sumeet Bagadia, Executive Director, Choice Broking and Anuj Gupta, Vice President, IIFL Securities made 4 buy recommendations on the stock today.
Sumeet Bagadia’s Friday Trading Shares
1]Multi Commodity Exchange or MCX: buy speed on cmp, target from 1600 1625, stop loss 1530
2]Rec: Buy on CMP, Target 142, stop loss 130
Today there will be buying in Anuj Gupta’s day trading shares
3]Punjab National Bank or PNB: buy on 40, target 46, stop loss 37
4]Bank of Baroda: buy on 100, target 110, stop loss 94.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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