Day trading guide: On account of rise in dollar index and continued selling by FIIs, Indian stocks ended in negative zone on Tuesday session. NSE Nifty lost 157 points and closed at 16,058 levels whereas BSE Sensex dipped 508 points and closed at 53,886 mark. Nifty Bank index ended 337 points lower at 35,1332 levels. Volatility index India VIX ended at 18.55, up by 1 per cent. However, BSE Mid-cap and Small-cap indices fell less than the Nifty 50 index.
Day trading guide for stock market today
Speaking on day trading guide for Nifty today, Chinmay Barve, Head — Technical and Derivates Research at Profitmart Securities said, “The Nifty has been repeatedly facing strong resistance around 16,250 to 16,300 from last two sessions and any advance towards those levels met with renewed supply. Nifty has good support placed around 15,900 to 15,950 zone and the bears would have to put some extra efforts to pull the index decisively below 15,900 mark. On the upside, Nifty is likely to face resistance at 16,250 and 16,400 marks.”
“Post hitting the resistance of 16250, the index has retraced some of the recent gains and Nifty is now approaching the 16000 mark. The correction in the global markets, rise in the US Dollar Index and selling by FII’s has been the reasons for the nervousness in equity markets. However, the index has been forming a ‘Higher Top Higher Bottom’ structure on the lower time frame charts and until this structure changes, this should just be read as a pullback move,” said Ruchit Jain, Lead Research at 5paisa.com.
Day trading stocks
Speaking on intraday stocks for today, stock market experts — Anuj Gupta, Vice President — Research at IIFL Securities and Avinash Gorakshkar, Head of Research at Profitmart Securities — recommended 4 stocks to buy today.
Anuj Gupta’s intraday stocks for today
1] Ashok Leyland: Momentum buy at CMP, target ₹155, stop loss ₹128
2] State Bank of India or SBI: Buy at CMP, target ₹520, stop loss ₹455
Avinash Gorakshkar’s day trading stocks to buy today
3] Tata Power: Buy at CMP, target ₹233, stop loss ₹216
4] Havells: Buy at CMP, target ₹1270, stop loss ₹1190.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
