Day Trading Guide: After a highly volatile session at the end of the weekly F&O session, the Indian stock market ended flat on Thursday. The Nifty 50 index fell 6 points to end at 17,382 while the BSE Sensex lost 51 points to end at 58,298. Bank Nifty index lost 233 points to close at 37,755. Volumes on the NSE were in line with the recent average. Among the sectors, metal, IT and healthcare indices were the biggest gainers, while telecom and realty were the biggest losers. The broader market indices outperformed the Nifty, although the forward downside ratio was well below 1:1.
According to Share Market According to experts, a short downside candle was formed with a long lower shadow on the daily chart. Technically, this pattern signals the formation of a bearish dangling man type candle pattern. However, after forming this pattern in the midst of a range movement, the predictive value of this pattern may decrease.
day trading guide for stock market today
“Short term uptrend position of Nifty remains intact and there is no sign of any sharp reversal pattern at higher. Consolidation with high volatility is likely to continue for next 1-2 sessions. Immediate support for NSE Nifty placed at 17,200 Further strong resistance should be seen at 17,500 level, said Nagraj Shetty, Technical Research Analyst, HDFC Securities. A decisive move above the hurdle could pull Nifty to the next upward move towards 17,800.
Ruchit Jain, Lead Research at 5paisa.com, recommends cautious stock picks saying, “As the momentum readings on the daily chart are in an overbought zone, traders should lighten long positions. A break above the low of 17,160 will then be confirmed. Change of trend. Over the past few sessions, the focus of the uptrend has been focused on fewer stocks and areas indicating divergence. Therefore traders are very specific in choosing stocks at current levels and trading with proper risk management Should be.
On this morning’s cues from SGX Nifty, Anuj Gupta, Vice President – Research, IIFL Securities said, “The overall trend of SGX Nifty is positive and should maintain buy on Dips strategy in Friday’s session. Immediate support for SGX Nifty at 17,270 While the strong support area for the index is around 17,100 levels. Similarly, SGX Nifty is facing immediate hurdle at 17,520, while the strong hurdle for the index is at 17,680.
day trading stocks
Sharing the intraday stock for today, stock market analyst – Sumeet Bagdia, Executive Director, Choice Broking; Mehul Kothari, AVP – Technical Research at Anand Rathi and Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher – recommended 6 stocks to buy today.
Today’s Intraday Stock of Sumeet Bagadiya
1]Cipla: Buy on CMP, Target from 1075 1090, stop loss 1015
2]Marico: Buy on CMP, Target from 540 550, stop loss 520
Buying in the shares of Mehul Kothari today
3]Divi’s Laboratories: Buy Nearby 3890, Target 4150, stop loss 3810
4]Laurus Labs: Buy Nearby 544, Target 565, stop loss 530
Will buy day trading shares of Vaishali Parekh today
5]Voltas: Buy Nearby 1000, target 1,050, stop loss 975
6]Wipro: Buy Nearby 435, target 460, stop loss 420.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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