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Day trading guide for Friday: 6 stocks to buy or sell today — 22st July | Mint – Mint

Day trading guide for Friday: Following the US markets’ overnight rally, Indian stocks ended positive on fifth straight session on Thursday. Capital goods, telecom, oil & gas and power sector stocks attracted maximum buyers while healthcare stocks received maximum beating. Nifty 50 index ended 84 points up at 16,605 whereas BSE Sensex went up 284 points and finished at 55,681 mark. Bank Nifty index gained 228 points and ended at 36,201 levels.

According to stock market experts, a reasonable positive candle was formed on the daily chart, which has engulfed the small negative candle of previous session on the upper side. Minor negativity created after a range movement at the hurdle on Wednesday was negated and the Nifty closed the day above 16,600 levels.

Day trading guide for stock market today

“Nifty managed to sustain above the crucial hurdle of 200 day EMA around 16520 levels on Thursday. The opening upside gap of 20th July around 16360-16490 levels is intact after 2 days of its formation. As per gap theory, if the said gap remains unfilled in the next couple of sessions, then that gap could be considered as a bullish runaway gap and that could possibly suggest market is in midway of trend,” said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

Nagaraj Shetti further added, “The short term trend of Nifty remains positive. The intact of recent opening upside gap and a negation of small negative candle of Wednesday signal a possibility of further upside in the short term. The next upside resistance to be watched around 16,800 levels. Immediate support for NSE Nifty is placed at 16,480 levels.”

Unveiling day trading strategy, Ruchit Jain, Lead Research at said, “Traders should now avoid aggressive positions here and look to book profits on the long positions. Trading with a stock specific approach and a proper risk management should ideally be the trading strategy in such scenario.”

Day trading stocks

Sharing intraday stocks for today, stock market experts — Mehul Kothari, AVP — Technical Research at Anand Rathi; Anuj Gupta, Vice President — Research at IIFL Securities and Avinash Gorakshkar, Head of Research at Profitmart Securities — recommended 6 stocks to buy today.

Mehul Kothari’s intraday stocks for today

1] Wipro: Buy around 410, target 422, stop loss 402

2] Cummins India: Buy around 1200, target 1260, stop loss 1160

Anuj Gupta’s day trading stocks

3] ITC: Momentum buy at CMP, target 315, stop loss 284

4] Stata Bank of India or SBI: Buy at CMP, target 540, stop loss 488

Avinash Gorakshkar’s stocks to buy today

5] Dabur: Buy at CMP, target 610, stop loss 550

6] Tata Consumer: Buy at CMP, target 865, stop loss 795.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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