Day trading guide for Friday: After opening on a flat note on Thursday session, Indian stock market managed to end in green zone and Nifty 50 index closed 105 pints higher at 16,628 levels. BSE Sensex ended 436 points higher at 55,818 whereas Bank Nifty index 7 points lower at 35,613 levels.
According to stock market experts, NSE Nifty has recently given a breakout above 12,450 levels and now 12,400 to 12,450 seems good immediate support for the markets. They went on to add that short term trend of the market is expected to remain positive.
Day trading guide for stock market today
Speaking on day trading guide for Nifty today, Ruchit Jain, Lead Research at 5paisa.com said, “Recently, Nifty had given a breakout from the resistance end of the consolidation phase which was placed around 16,400 to 16,450. This resistance was broken with a gap up opening and thus this breakaway gap now would be seen as a support on intraday corrections. During the day, the index precisely corrected towards the gap area and recovered from that support zone. So broadly, till the index trades above 16,400 the short term momentum remains positive and the index could attempt to approach the resistance end, which is seen around the ‘200 DEMA’ at 16,750. Hence, traders should look to trade with a positive bias till the index trades above 16,400 and look to book profits on upside move towards 16,750. Within this broad range, stock specific moves could provide better trading opportunities and hence, short term traders should look to capitalize on the same.”
Day trading stocks
Sharing intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Mehul Kothari, AVP — Technical Research at Anand Rathi — listed out 6 stocks to buy today.
Sumeet Bagadia’s intraday stocks for today
1] Indusind Bank: Buy at CMP, target ₹960 to ₹970, stop loss ₹920
2] NMDC: Buy at CMP, target ₹135, stop loss ₹124
Mehul Kothari’s day trading stocks
3] Godrej Agrovet Ltd: Buy around ₹526, target ₹569, stop loss ₹518
4] Adani Transmission: Buy around ₹2030, target ₹2130, stop loss ₹1975
Anuj Gupta’s stocks picks for today
5] Axis Bank: Buy at CMP, target ₹735, stop loss ₹655
6] ITC: Buy at CMP, target ₹310, stop loss ₹254.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.