Day trading guide for Thursday: After showing a sustainable upside move in the last couple of sessions, Indian stock market slipped into minor weakness amidst volatility on Wednesday and closed in negative territory. Nifty 50 went off 19 points and closed at 17,213 whereas BSE Sensex shed 90 points and closed at 57,806 levels. Nifty Bank index lost 138 points and closed at 35,045 levels. According to stock market experts, current market pattern indicates lackluster type movement at the crucial overhead resistance. This could hint at a possibility of downward correction in the market from the highs.
Day trading guide for stock market today
Speaking on day trading guide for Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The market seems to have placed at the crucial overhead resistance and lacking its strength to surpass above the hurdle. There is a higher possibility of further consolidation or downward correction in the next 1-2 sessions before showing further upside bounce again from the lows. Immediate support for NSE Nifty is placed at 17,100 levels.”
On day trading strategy for Nifty Bank index; Ruchit Jain, Lead Research at 5paisa.com said, “As per our analysis, until the Nifty surpass its hurdle of 17,300 and Bank Nifty crosses its resistance of 35,500, there is a probability of a small correction, which would lead the Nifty to mark a higher low and Bank Nifty to complete its last leg of the correction. Hence, traders should look to book some profits on long positions here and form aggressive longs only if the indices give breakout above the mentioned resistances.”
Day trading stocks for today
Sharing day trading stocks to buy today; stock market experts — Sumeet Bagadia, Executive Director at Choice Broking and Avinash Gorakshkar, Head of Research at Profitmart Securities — recommended 4 stocks to buy today.
Sumeet Bagadia’s day trading stocks
1] Indusind Bank: Buy at CMP, target ₹900 and ₹940, stop loss ₹840
2] Maruti Suzuki India Ltd or MSIL: Buy at CMP, target ₹7500 and ₹7600, stop loss ₹7150
Avinash Gorakshkar’s day trading stocks to buy
3] Titan Company: Buy around ₹2400, target ₹2470, stop loss ₹2370
4] ICICI Bank: Buy around ₹736, target ₹765, stop loss ₹721.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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