Day Trading Guide: 2 stock recommendations for Friday

view original post

Markets remained choppy on Thursday, with Nifty forming another indecisive candle. Throughout the session, Nifty swung between positive and negative territory, however, it failed to surpass the prior session’s high. The appearance of multiple Doji candles indicates indecisiveness near the 17,300 level. Hence, a decisive breakthrough above 17,300 is essential to gain some positive traction. On the flip side, Nifty is expected to revisit levels of the 17,100 zone.

The metal index fell. The inability to hold current levels could result in further decline. Meanwhile, the IT index continued its northbound journey. The minor pullback can be expected to digest the recent up move.

Pharma index is trending up this week; sustenance may unlock further upside potential.

Sell UPL January future near Rs 753-757
Stop loss: Rs 772
Target: Rs 710

This week’s throwback with multiple bearish candles ensures an immediate hurdle near Rs 770. A further decline towards Rs 710 is possible.

Sell M&M Fin January future near Rs 148
Stop loss: Rs 152
Target: Rs 139

The stock continued its downward trajectory as recoveries remained short-lived. Inability to hold current levels could drag the stock below 140.

(The author is CMT, Technical Analyst –Research, YES SECURITIES.)