Day Trading Guide for Thursday: The Indian stock market continued its downward trend for the second consecutive session on Wednesday on weak global cues. In Wednesday’s session, the Nifty 50 closed 174 points lower at 17,938 while the BSE Sensex ended 656 points lower at 60,098. However, the Bank Nifty index showed a sharp recovery and closed above the psychological 38,000 level.
According to stock market experts, the current market indicates the continuation of the downward trend in the market. Consecutive long bear candle formation in two sessions indicates a trend reversal down in Nifty after the permanent upside move of last 22-23 session.
day trading guide for stock market today
Today speaking on Day Trading Guide for Nifty; Nagraj Shetty, Technical Research Analyst, HDFC Securities said, “Intrinsic trend of Nifty continues to decline. Short term top reversal has been confirmed at higher high of 18,350 and bearish pattern remains intact as per daily time frame chart. Next downside”. Levels for NSE Nifty can be seen near 17,700 to 17,650 levels and any pullback rally from here may find strong resistance near 18,100 levels.”
Sharing his views on Bank Nifty Index; Ruchit Jain, Lead Research, 5paisa.com said, “The relative strength of the Nifty Bank index indicates that the sector will continue its leadership and thus, short term traders can look for stock specific buying opportunities from this space. “
On intraday trading strategy; Ruchi Jain of 5paisa.com said the recent fall in the Indian stock market was very much on the cards, as Nifty saw a rally from 16,410 to 18,350 within a month without any meaningful correction. “This correction will provide relief from overbought momentum which should be a good sign for the next leg of the rally,” said Ruchi Jain.
day trading stocks
Speaking on today’s day trading stocks, stock market experts – Sumeet Bagdia, Executive Director, Choice Broking; Avinash Gorakshakar, Head of Research, Profitmart Securities and Anuj Gupta, Vice President, IIFL Securities gave a buy or sell recommendation on 6 stocks today.
Sumit Bagadiya trading stock today
1]Gujarat Gas Limited: Buy on CMP, Target 715 more 725, stop loss 675
2]United Phosphorous Limited or UPL: Buy on CMP, Target from 830 840, stop loss 790
Thursday’s trading shares of Avinash Gorakshakar
3]State Bank of India or SBI: buy on 516, target 530, stop loss 507
4]Tata Motors: buy on 521, target 537, stop loss 513
Today’s purchase in Anuj Gupta’s day trading shares
5]Indian Oil Corporation or IOC: buy on 124, target 130, stop loss 120
6]GMR Infrastructure: buy on 43, target 49, stop loss 40.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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