Day trading guide for Thursday: After giving up early morning gains, Indian stocks ended in negative territory on fourth successive session on Wednesday. Nifty 50 index ended 39 points lower at 15,692 whereas BSE Sensex shed 152 points and closed at 52,541 levels. Nifty Bank index added 27 points and closed at 33,339 levels. Volumes on the NSE were at a multi month low as traders stayed away from making fresh commitments ahead of the crucial US Fed meeting.
According to stock market experts, a small negative candle was formed on the daily chart with minor upper shadow. Technically, this pattern indicate a lackluster type movement in the market. Though, Nifty placed at the crucial support of 15,600 to 15,700 levels (previous swing lows), the market is struggling to show any meaningful upside bounce from the support. The current chart pattern indicate possibility of one more leg of downside before showing a sharp upside bounce.
Day trading guide for stock market today
Speaking on day trading strategy for Thursday session , Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term trend of Nifty continues to be weak with range bound action. Such lack of strength at the important support signal chances of false downside breakout or one leg of downside before showing sharp upside bounce from the lows of around 15,500 levels in the short term. Immediate resistance for NSE Nifty is placed at 15,780 levels.”
Day trading stocks
Sharing intraday stocks for today, share market analysts — Sumeet Bagadia, Executive Director at Choice Broking; Rajesh Bhosale, Technical Analyst at Angel One; Mehul Kothari, AVP — Technical Research at Anand Rathi and Anuj Gupta, Vice President — Research at IIFL Securities — recommended 6 stocks to buy or sell today.
Sumeet Bagadia’s intraday stocks for today
1] Larsen & Toubro: Buy at CMP, target ₹1600, stop loss ₹1520
2] Cholamandalam Investment and Finance: Buy at CMP, target ₹650 to ₹660, stop loss ₹615
Rajesh Bhosale’s intraday stocks
3] LIC Housing Finance: Buy around ₹321, target ₹333, stop loss ₹314.40
4] Laurus Labs: Sell around ₹513, target ₹487, stop loss ₹526
Anuj Gupta’s stock of the day
5] State Bank of India or SBI: Momentum buy at CMP, target ₹490, stop loss ₹425
Mehul Kothari’s stock pick for Thursday
6] Hindustan Aeronautics Ltd or HAL: Buy around ₹1858, target ₹1925, stop loss ₹1860.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
