Day trading guide for Thursday: On account of heavy sell-off pressure in energy, services, private bank and financial services stocks, Indian stock market ended in weak zone on third successive day on Wednesday trade session. The NSE Nifty lost 91 points and closed at 15,966 levels while BSE Sensex went down 372 points and closed at 53,514 mark. Nifty Bank index went 304 southward at 34,827 levels.
According to stock market experts, a long negative candle was formed on the daily chart, that has overlapped the previous negative candle. Technically, this market action signal continuation of downside momentum and a lack of strength to sustain the highs. They said that after the upside breakout of crucial resistance of down sloping trend line at 16100 levels on 8th of July, the market has failed to sustain the gains and slipped into weakness since then. The current pattern suggest a false upside breakout of the trend line resistance. On the other side; smaller degree of higher tops and bottoms is intact and present weakness seems to be in line with the new higher bottom formation. But, there is no confirmation of any higher bottom reversal as of now.
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 short term trend of the market continues to be weak. Nifty is currently placed at the key lower support of 16000 levels. A decisive move below this support could drag Nifty down to the next support of 15700 levels. A sustainable upside could resume above 16150 levels.”
“SGX Nifty today is trading in negative zone as the US inflation has hit fresh 41 years high. Overall trend for the index seems sideways to negative. Smaller range of SGX Nifty today is 15,800 to 16,080 whereas broader range is placed between 15,620 to 16,220 levels,” said Anuj Gupta, Vice President — Research at IIFL Securities.
Day trading stocks
Sharing intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Brokling; Rohit Singre, AVP- Technical Research at Bonanza Portfolio; Avinash Gorakshkar, Head of Research at Profitmart Securities and Rajesh Bhosale, Technical Analyst at Angel One — recommended 7 stocks to buy today.
Sumeet Bagadia’s intraday stocks for today
1] JSW Steel: Buy at CMP, target ₹601 and 621, stop loss ₹571
2] Cipla: Buy at CMP, target ₹971 and ₹981, stop loss ₹931
Rohit Singre’s day trading stocks to buy today
3] Dalmia Bharat: Momentum buy at CMP, target ₹1540, stop loss ₹1430
4] Escorts: Buy at CMP, target ₹1650, stop loss ₹1575
Avinash Gorakshkar’s stock of the day
5] Lupin: Buy at CMP, target ₹690, stop loss ₹625
Rajesh Bhosale’s stock picks for Thursday
6] Voltas: Buy around ₹984, target ₹1042, stop loss ₹960
7] SBI Cards: Buy around ₹854, target ₹881, stop loss ₹844.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
