Day Trading Guide for Friday: The Indian stock market fell for the second consecutive session amid fears about the impact of rising commodity prices on inflation, currency, interest rates and corporate performance. The Nifty 50 index closed 107 points lower at 16,498 while the BSE Sensex closed 366 points lower at 55,102. Bank Nifty index lost 428 points to end at 34,944. According to secondary market analysts, Dalal Street is witnessing lack of buying as the Nifty is facing strong hurdles in a pullback from 16,700 to 16,800. The market sentiment is expected to remain weak till this hurdle is broken.
Day Trading Guide: What do global signals indicate?
Weak opening expected on Dalal Street; “Dow Jones Futures and SGX Nifty are in a sell-off phase and hence Indian markets may show weakness in morning trades,” said Anuj Gupta, Vice President, IIFL Securities. He said that today the broad range of SGX Nifty will be in the range of 15,450 to 16,800 whereas for the high risk traders today the short range of SGX Nifty can be considered in the range of 15,800 to 16,450 today.
day trading guide for stock market today
Today speaking on Day Trading Guide for Nifty; Ruchit Jain, Lead Research, 5paisa.com said, “For the past few sessions, our market is clearly witnessing a lack of buying as the pullback in NSE Nifty is moving from 16,700 to 16,800 levels. Facing a hurdle. Unless the index crosses this hurdle, we expect the momentum to remain weak and hence, avoid aggressive positions at the current turn. Traders await a move above 16,800 with wider market share And till then it should remain bearish. Immediate support for Nifty is placed near 16,350 and 16,200 levels.”
Ruchit Jain further said that the banking sector has been underperforming and the banking and financial sector stocks have also seen short formations in the derivatives segment. Unless the trend reverses, the sector is likely to continue underperforming.
Sharing short and wide range of Nifty and Bank Nifty for intraday traders; Sumeet Bagadiya, Executive Director, Choice Broking said, “The broad range of NSE Nifty today is 16,200 to 16,800 while the short range of Nifty for high risk traders is 16,400 to 16,650. Similarly, the broad range of Bank Nifty is 34,300 to 35,800 whereas A high risk trader can take the short range of the Bank Nifty index from 34,700 to 35,300.”
day trading stocks to buy today
Sharing Day Trading Stocks for Intraday Traders, Stock Market Experts — Sumeet Bagdia of Choice Broking; Anuj Gupta, IIFL Securities and Avinash Gorakshakar, Head of Research, Profitmart Securities put forth 6 buy or sell recommendations on the shares.
Sumeet Bagadiya Day Trading Stocks
1]ICICI Prudential: Sell on CMP, Target from 450 440, stop loss 480
2]Wipro: Buying momentum on CMP, Target from 590 600, stop loss 550
Today buy in shares of Anuj Gupta
3]Cipla: Buy on CMP, Target 970, stop loss 885
4]Coal India: Buy on CMP, Target 215, stop loss 174
avinash gorakshakar today trading stock
5]National Aluminum Company or NALCO: Momentum procurement on CMP, Target 136, stop loss 125.50
6]HCL Technologies: Buy on CMP, Target 1180, stop loss 1120.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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