Day trading guide for Thursday: Ahead of US Fed meeting on Wednesday, key benchmark indices Sensex and Nifty broke its two days losing streak. Nifty 50 index ended 157 points up at 16,641 whereas BSE Sensex shot up 547 points and finished at 55,816 levels. Bank Nifty escalated 375 points north and closed at 36,783 levels.
According to stock market experts, the positive sequence of higher tops and bottoms is intact on the daily chart and Wednesday’s low of 16,438 could now be considered as a new higher bottom of the sequence. Now one may expect Nifty to move up and challenge recent higher top of 16,752 shortly.
Day trading guide for stock market today
“The sharp upside bounce of Wednesday opens a possibility of reversal on the upside after the higher bottom formation. Hence, one may expect Nifty to advance towards the crucial resistance zone of around 16,800 to 16,850 levels in the short term. Immediate support for NSE Nifty is placed at 16,580 levels,” said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
Unveiling day trading strategy for stock market today, Ruchit Jain, Lead Research at 5paisa.com said, “Traders are advised to look for stock specific opportunities from a short term trading perspective and trade with proper risk management.”
SGX Nifty outlook
“US Fed has increased interest rates by 75 bps and the global markets including Indian stock market is expected to react on this overnight decision of the US central bank. In early morning deals on Thursday, SGX Nifty is trading more than 100 points higher from its Wednesday close that indicates upside opening for the Indian stock market,” said Anuj Gupta, Vice President — Research at IIFL Securities.
The IIFL Securities expert went on to add that the immediate support for SGX Nifty today is placed at 16,600 whereas it has major support zone at around 16,450 levels. He said that the index is facing immediate hurdle at 16,900 while its major hurdle is place at 17,100 levels.
Day trading stocks
Sharing intraday stocks for today, stock market experts — Anuj Gupta of IIFL Securities and Mehul Kothari, AVP — Technical Research at Anand Rathi — recommended 4 stocks to buy today.
Anuj Gupta’s intraday stocks for today
1] Ashok Leyland: Buy at CMP, target ₹165, stop loss ₹132
2] ITC: Buy at CMP, target ₹322, stop loss ₹290
Mehul Kothari’s day trading stocks to buy today
3] TCS: Buy around ₹3188, target ₹3250, stop loss ₹3144
4] Bata India: Buy around ₹1829, target ₹1880, stop loss ₹1800.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
