Day trading guide for today: Despite weak global cues on the Credit Suisse crisis, the Indian stock market on Thursday broke a five-day losing streak. The NSE Nifty made a comeback from its important support levels and closed at 16,985, up 13 points. The BSE Sensex added 78 points and closed at 57,634, while the Nifty Bank index rose 81 points to close at 39,132. Broader market indices ended in the negative even as the advance/decline ratio fell to 0.69:1.
Day trading guide for stock market today
Speaking on the outlook for Nifty today, Nagaraj Shetty, Technical Research Analyst, HDFC Securities said, “Nifty continues to make larger degree lower tops and bottoms as per the daily chart and Thursday’s low of 16,850 can be considered as the new lower bottom of the range. A reversal of this pattern is likely from here onwards.” Could confirm and it may. Possibly open a sustainable upside move for the short term. A decisive move above the immediate hurdle of 17,200 is expected to trigger further strong upside in the market. Immediate support for Nifty lies at 16,850 levels “
Ruchit Jain, Lead Research, 5paisa.com, expects the bull vs bear show to continue, saying, “Nifty and bank nifty Thursday’s session saw a recovery from the first hourly low and ended with the formation of a ‘Doji’ candlestick pattern on the daily chart. In technical analysis, this pattern indicates a tug of war between the bulls and bears with no directional outcome towards the end.
Expecting a pullback move in the market, Jain said, “The overall trend remains negative, but as FIIs have less heavy positions and the index has approached its multiple support area around 16850-16900, in the near term Could be a pullback move.”
day trading stocks to buy 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 at Anand Rathi – recommends 6 stocks to buy today.
Sumit Bagadia’s shares will be bought today
1]TVS Motor: Buy at CMP, Target since 1080 1100, stop loss 1030
2]Ambuja Cements: Buy at CMP, target since 390 400, stop loss 365
Anuj Gupta intraday stock today
3]Titan Company: Buy on CMP, Target 2390 stop loss 2315
4]BPCL: Buy at CMP, Target 375 stop loss 334
Ganesh Dongre stocks of the day trading for Friday
5]Cholamandalam Finance: Buy at 748, target 770, stop loss 735
6]State Bank of India or SBI: Buy on 525, target 545 stop loss 512.
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.
Know your inner investor
Do you have guts of steel or are you a victim of insomnia regarding your investments? Let’s define your investment approach.
catch all business News, market news, today’s fresh news events and Breaking News Update on Live Mint. download mint news app To get daily market updates.