Day trading guide for today: following strong global market sentiments, Indian stock market finished higher on fourth day in a row. NSE Nifty gained 101 points and climbed to nine week high of 17,915 levels whereas BSE Sensex shot up 348 points and finished at 60,649 levels. Nifty Bank index claimed 43,000 levels after logging 170 points gain on Thursday session. Broad market indices rose in line with the Nifty even as the advance decline ratio stayed positive at 1.75:1.
Day trading guide for stock market today
On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The underlying trend of Nifty continues to be positive. Having sustained above the important hurdle of 17,865 levels, the Nifty is expected to move towards the next upper trajectory of 18,200-18,300 levels in the near term. Immediate support for Nifty 50 index is placed at 17,800 levels.”
“Recently Nifty has witnessed a breakout of a falling channel pattern and prices have done with its throwback post that index has resumed its uptrend on the daily time frame. Presently buying the index on every dip will be a preferred strategy as prices are moving in a higher high higher low formation,” said Rohan Patil, Technical Analyst at SAMCO Securities.
Unveiling trading tips for Friday session, Ruchit Jain, Lead Research at 5paisa.com said, “The momentum readings on the hourly charts have reached the overbought zone, but the index many times continues to trend higher in the overbought zone when the trend is strong. Hence, one should not pre-empt any reversal here, but be watchful on the hourly setups for any divergence signs in the near term.” Jain said that until we see any signs of reversal, traders should continue to trade with a positive bias and stay with the trend.
Day trading stocks for today
On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities; Jigar Patel, Senior Technical Analyst at Anand Rathi — recommended 6 day trading stocks for today — UPL, JSW Steel, Tata Consumer, HCL Tech, Reliance Industries Ltd or RIL and Mahindra & Mahindra (M&M).
Sumeet Bagadia’s buy or sell stocks for today
1] UPL: Buy at CMP, target ₹745 to ₹750, stop loss ₹715
2] JSW Steel: Buy at CMP, target ₹750 to ₹760, stop loss ₹716
Anuj Gupta’s day trading stocks to buy today
3] Reliance Industries Ltd or RIL: Buy at CMP, target ₹2450, stop loss ₹2344
4] M&M: Buy at CMP, target ₹1265, stop loss ₹1185
Jigar Patel’s intraday stocks for today
5] Tata Consumer: Buy at 755, target ₹770, stop loss ₹740
6] HCL Technologies: Buy at ₹1072, target ₹1100, stop loss ₹1050.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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