Day Trading Guide for Friday: Despite rising interest rates across the world and fears of a recession, the Indian stock market recovered from a sell-off in the early hours of Thursday afternoon. Volumes on the NSE were in line with the recent average. The forward drawdown ratio reached well above 1:1. The Nifty 50 index closed 143 points higher at 15,556 while the BSE Sensex closed 443 points higher at 52,265. The Nifty Bank index rose 289 points to end at 33,135.
According to stock market experts, the current Dalal Street Pattern Indicates an upward move in the market with high volatility. He added that after Wednesday’s weakness, an upward move in the market could be a positive sign and a minor high is expected to form at a low of 15,367 as per the daily chart. This should be confirmed with a follow-through to the upside move in a later session.
day trading guide for stock market today
Speaking on the day trading guide for Nifty today, Nagraj Shetty, Technical Research Analyst, HDFC Securities said, “Nifty 50 index has been placed within a broad high low range of 15,700 to 15,350 levels. It is expected to bounce back from the high low on Thursday. Thereafter, there is a possibility of a move towards the important upper resistance level of 15,700 to 15,800 level in the next 1-2 sessions, before showing another round of minor weakness from higher highs.”
Unveiling the day trading strategy, Ruchit Jain, Lead Research, 5paisa.com said, “Given that the market breadth is positive and some sectors and stocks are also showing signs of pullback from their oversold territory, we are looking forward to seeing Nifty soon. Only break above the higher hurdle. Hence, holding till 15,180, short term traders should look for stock specific buying opportunities and trade with a positive bias.”
day trading stocks
Sharing the intraday stocks for today, stock market experts – Sumeet Bagdia, Executive Director, Choice Broking; Mehul Kothari, AVP – Technical Research at Anand Rathi; Anuj Gupta, Vice President – Research at IIFL Securities and Avinash Gorakshakar, Head of Research at Profitmart Securities – made a buy recommendation of 8 shares today.
Sumeet Bagadiya shares for Friday
1]Indian Hotels: Buy on CMP, Target 235, stop loss 215
2]Pidilite: Buy on CMP, Target 2250, stop loss 2075
Today’s Intraday Stock of Mehul Kothari
3]ITC: Buy Nearby 265, target 272, stop loss 260
4]Kotak Mahindra Bank: Buy Nearby 1680, target 1740, stop loss 1640
Anuj Gupta’s day trading shares buy
5]Axis Bank: Buy on CMP, Target 700, stop loss 590
6]State Bank of India or SBI: Buy momentum on CMP, target 490, stop loss 418
Shares of Avinash Gorakshakar selected for Friday
7]Tata Motors: Buy on CMP, Target 437, stop loss 393
8]ICICI Bank: Buy on CMP, Target 730, stop loss 684.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.