Day trading guide for today: After showing a consolidation-type pattern at higher levels on Tuesday, the Indian stock market on Wednesday moved into an upside recovery following a minor intraday weakness and closed higher for the third day in a row. The NSE Nifty ended 49 points higher at 18,315 while the BSE Sensex closed 178 points higher at 61,940. The Bank Nifty index closed at 43,331 points with a gain of 132 points. In the broad market, the Small Cap index rose 0.33 per cent, while the Mid Cap index rose 0.34 per cent.
Day trading guide for stock market today
on outlook for nifty todayNagaraj Shetty, Technical Research Analyst, HDFC Securities said, “Though, Nifty is placed on strong overhead resistance of 18,250-18,300 levels, yet there is no sign of any reversal pattern at higher levels. Avoid any weakness from here.” Support may be found. Around 18200-18200 band. A decisive move above 18,300-18,400 levels could open up the next upside target around 18,600-18,700 levels in the near term.
Expecting further upside Rohan Patil, Technical Analyst, SAMCO Securities said, “Technically the prices traded within the range of the previous day’s candle and have formed a dragonfly doji candle stick pattern on the daily time frame. Indicators and Oscillators. Its reading above the dotted lines and indicating a bullish momentum on the daily time frame. Bullish candles, retracements, and trend resumption candles indicate that the bulls are in control of the momentum and it is headed for higher levels. Could
SAMCO Securities expert further said that the structure has shifted towards the bulls and the index is currently in buy-on-dips mode.
US inflation data
speaking out US CPI data (Consumer Price Inflation data), Apoorva Sheth, Head of Market Perspectives & Research at SAMCO Securities said, “The US Consumer Price Inflation (CPI) for the month of April on a year-on-year basis fell below 5 per cent to 4.9 per cent. The number is lower than the consensus estimate of 5 per cent. This will come as welcome relief for the US Fed amid growing concerns of a regional banking crisis. The inflation number is expected to drop even lower with crude oil and natural gas prices falling. This should help the US Fed keep interest rates unchanged as per its expectations. Financial markets celebrate fall in US inflation with spike in Dow futures. Domestic markets should also open on a positive note following this development “
day trading stocks for today
On intraday stocks for today, Stock Market Experts – Sumeet Bagadia, Executive Director, Choice Broking; Anuj Gupta, Vice President – Research at IIFL Securities and Ganesh Dongre, Senior Manager – Technical Research – recommend six day trading stocks to buy today. Those six buy or sell stocks are ONGC, Eicher Motors, BPCL, Jindal Saw, HAL and Axis Bank.
sumit bagadia intraday stock for today
1]ONGC: Buy at CMP, target from 170 172, Stop Loss 164
2]Eicher Motors: Buy on CMP, Target since 3475 3500, stop loss 3370
Buy or sell Anuj Gupta shares
3]BPCL: Buy at CMP, Target 400, stop loss 354
4]Jindal Saw: Buy at CMP, Target 190, Stop Loss 157
Ganesh Dongre day trading stocks
5]HAL : Buy on 2955, target 2995 stop loss 2925
6]Axis Bank: Buy on 890, target 910 stop loss 875.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint. We advise investors to do due diligence with certified experts before making any investment decision.
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