Day trading guide for Thursday: On account of strong global cues, Indian stock market ended its five days losing streak and ended in green zone. Nifty 50 index ended 177 points higher at 17,136 whereas BSE Sensex surged 574 points and closed at 57,037 levels. However, the banking space relatively underperformed throughout the day and the banking index ended marginally negative. According to stock market experts, current market pattern raise hopes for a pull back rally in the market.
Day trading guide for stock market today
Speaking on intraday trading strategy for Nifty today; Ruchit Jain, Lead Research at 5paisa.com said, “If we look at Nifty, the index has formed an ‘Inside Bar’ today at the support zone. Such a pattern signals some consolidation, but many times they set up indications for trend reversals in technical analysis. Since this pattern is formed at the support, the follow up move will be very important now and a move above Tuesday’s high of 17275 will lead to a confirmation of the resumption of the uptrend in Nifty. On the flipside, this support of 16800-16850 will be crucial as if this is breached, then the index will continue the correction towards the next support of 16600.”
On his suggestion to intraday traders, Ruchit Jain of 5paisa.com said, “At this juncture, we advice traders to look for follow up move and trade aggressively only on a breakout beyond 16800-17275 range. Till then, focusing on stock specific approach could be a better strategy for trading.”
Sharing important levels in regard to Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The relief rally of Wednesday post sharp weakness of previous session could be a cheering factor for the bulls to make a comeback. A decisive move above 17,300 levels is likely to confirm a reversal pattern post higher bottom at 16,825 levels and that could possibly pull Nifty towards further upside. Immediate support for NSE Nifty is placed at 17,000 levels.”
Day trading stocks
Sharing intraday stocks for today, stock market experts — Anuj Gupta, Vice President — Research at IIFL Securities; Mehul Kothari, AVP – Technical Research, Anand Rathi Shares & Stock Brokers; Avinash Gorakshkar, Head of Research at Profitmart Securities and Rahul Sharma, Research Head at Equity 99 — recommended 8 stocks to buy today.
Anuj Gupta’s day trading stocks to buy today
1] Pidilite Industries: Buy at CMP, target ₹2440, stop loss ₹2318
2] HDFC Bank: Buy at CMP, target ₹1420, stop loss ₹1310
Mehul Kothari’s intraday stocks for today
3] HDFC Ltd: Buy at CMP, target ₹2300, stop loss ₹2110
4] Sunteck Realty: Buy at CMP, target ₹525, stop loss ₹470
Avinash Gorakshkar’s stock picks for Thursday
5] Tata Motors: Momentum buy at CMP, target ₹465, stop loss rs 427
6] Cummins India: Buy at CMP, target ₹1180, stop loss ₹1080
Rahul Sharma’s stocks for today
7] Paytm: Buy around ₹639, target ₹690, stop loss ₹615
8] Mangalore Refinery & Petrochemicals Ltd or MRPL: Buy around 68, target ₹78, stop loss ₹62.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.