Day Trading Guide for Thursday: Indian stocks fell sharply in Wednesday’s session, following an unscheduled sudden announcement by the RBI governor to raise the repo rate and CRR (cash reserve ratio). The Nifty 50 index lost 391 points to close at 16,667, while the BSE Sensex lost 1306 points to end at 55,669. Bank Nifty lost 899 points and closed at 35,264.
according to this Share Market According to experts, the current chart pattern also indicates a broad high low range volatility around 17400-16900 levels. This can be considered as a downside breakout of important lower support in the market. This is not a good sign and there could be more weakness in the short term.
Bull vs Bear: Day Trading Guide for the Stock Market Today
Speaking on Intraday Trading Strategy on Nifty today, Nagraj Shetty, Technical Research Analyst, HDFC Securities said, “Further downside is likely to be further weakening in the near term, once it breaks below the crucial support of 16800. This anticipated market action will open a door. Large low lows are likely to form in the next few weeks below 15670 levels. Any upside move from here may find strong resistance near 16800 to 17000 levels. Immediate downside for Nifty Target should be seen at 16200 level.”
Anticipating further weakness on Dalal Street, Ruchi Jain, Lead Research, 5paisa.com said, “Nifty was consolidating within a broad range of 16825 -17400 for the past few weeks. Our markets are looking for a directional move in the range. A breakout beyond this was needed and finally on Wednesday, we saw a breakdown from the support end. This also marked a breakdown from the ‘Bearish Flag’ pattern in Nifty on the daily chart, which triggered a short term downtrend. In the segment also, we saw fresh short formation. Position in Nifty as well as Bank Nifty. India VIX also rose and is indicating higher volatility in the short term. So looking at the chart and data, we expect that Nifty will continue its downtrend in the near term and move down towards 16400. First. The bearish pattern mentioned above indicates a possible target around 16125, which we would expect from a positional standpoint. On the flipside, 16825 and 17000. Supports that were broken today will act as a resistance if any loopholes.”
On today’s day trading strategy, Ruchit Jain of 5paisa.com said, “Traders are advised to trade with negative bias and look for shorting opportunities.”
day trading stocks
Sharing the intraday stocks for today, stock market experts – Rajesh Bhosale, Technical Analyst, Angel One Limited; Mehul Kothari, AVP – Technical Research at Anand Rathi; Avinash Gorakshakar, Research Head, Profitmart Securities and Anuj Gupta, Vice President – Research at IIFL Securities – have 8 buy or sell recommendations on the stock today.
Rajesh Bhosle Day Trading Stock for Today
1]Rain Industry: Buy Nearby 176, target 184, stop loss 171
2]Ramco Cements: Sell Nearby 752, target 714, stop loss 772
Today’s Intraday Stock of Mehul Kothari
3]LT Foods or Treats: Buy Up 88, target 97, stop loss 84
4]KRBL: Buy Nearby 233, target 156, stop loss 220
Avinash Gorakshakar shares for today
5]ONGC: Buy on CMP, Target 178, stop loss 154
6]Petronet LNG: Buy on CMP, Target 230, stop loss 205
Anuj Gupta’s Stock Pick for Thursday
7]State Bank of India or SBI: Sell on CMP, Target 435, stop loss 505
8]Bajaj Auto: Sell on CMP, Target 3370, stop loss 3565.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.