Day Trading Guide for Friday: After showing an upside breakout of range movement on Wednesday, Nifty continued with a follow-through upside move on Thursday and closed at a record high of 17,629 – a gain of 110 points from Wednesday’s close. The BSE Sensex also closed at a record high of 59,141 with a gain of 417 points. After opening on a positive note in Thursday’s session, the market showed slight intraday decline in the early part of the session. The upward movement continued from the middle of the session into the latter part. According to experts, this action signals a decisive reversal of the range bound movement. This pattern also shows the ongoing strength of the uptrend in the market. Though Nifty has hit new highs, there is no sign of a reversal pattern at higher levels. This is a positive sign and a sign to move forward.
Banking, especially PSU Bank stocks were in the limelight on Thursday with Bank Nifty rising nearly 2.7 per cent and PSU banking sector at 5.43 per cent. By the next week, the Bank Nifty index is likely to move up some more from 38,400 to 38,500 levels.
Asian markets were largely weak as the debt crisis at China Evergrande Group and Beijing’s latest push to rein in private industries hurt sentiments. Hong Kong’s stock market plunged on Thursday for its worst week in more than a year, as investor sentiment plummeted following Beijing’s sharp dominance in sectors ranging from gambling to education.
Trade View on NSE Nifty
Speaking on intraday trading strategies; Nagraj Shetty, Technical Research Analyst, HDFC Securities, said, “Markets continue to rally and banking and financial sectors have started outperforming. The overall positive chart pattern of Nifty in the short to large time frame will see the next possible upward move near 18,000 levels. May indicate target. Next 1-2 weeks. However, intermediate intraday correction cannot be ruled out. Immediate support to watch NSE Nifty is at 17,470 levels.”
day trading stocks to buy today
Speaking on today’s Intraday Shares, stock market experts – Sumeet Bagdia, Executive Director, Choice Broking; Sandeep Matta, Founder, TRADEIT Investment Advisors; Kapil Goenka, Founder, Eternity Financial Services; Manoj Dalmiya, Director and Founder, Proficient Equities Pvt Ltd and Rohit Singre, Senior Technical Analyst, LKP Securities, recommended 7 stocks to buy today.
Today’s intraday trading stock of Sumeet Bagdia
1]Hero MotoCorp: buy speed on cmp, target ₹3000 to ₹3050, stop loss ₹2850
2]SBI Life Insurance Company: buy up ₹1184, target ₹from 1214 ₹1250, stop loss ₹1154
day trading stocks of sandeep matta
3]Indiabulls Real Estate: buy on ₹141, target ₹from 155 ₹165, stop loss ₹126
4]Phoenix: buy on ₹860, Target ₹from 940 ₹980, stop loss ₹780
kapil goenka day stock
5]ITC: buy on ₹230, target ₹246, stop loss ₹220
Will buy shares of Manoj Dalmiya today
6]TPL Plustech: buy on ₹192.50, Target ₹209, stop loss ₹184
Rohit Singre’s stock pick for today
7]Reliance Industries Limited or RIL: buy on ₹2390, target ₹from 240 ₹2490, stop loss ₹2360.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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