Day trading guide for Friday: After showing a decent upside move in the last three sessions, Indian stock market shifted into a choppy movement on Thursday and closed the day in negative territory. On the day of F&O expiry of March series, NSE Nifty ended 33 points lower at 17,464 levels whereas BSE Sensex went off 115 points and closed at 58,568 levels. Nifty Bank index added 39 points and closed at 36,373 levels.
According to stock market experts, current market pattern indicate a range bound action in the market. They also maintained that a lack of sharp selling from near the crucial overhead resistance of 17,500 levels was observed, which could be considered as a positive signal for the bulls as this consolidation movement could eventually result in an upside breakout of the hurdle.
Day trading guide for stock market today
Sharing intraday trading tips in regard to Nifty 50 index; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term trend of Nifty is range bound and this consolidation or minor downward correction could continue for the next 1-2 sessions before showing another round of upside bounce. Immediate support for NSE Nifty is placed at 17,350 levels.”
On important levels in regard to Nifty and Bank Nifty; Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Broader range of NSE Nifty today lied in between 17,270 to 17,680 whereas short range of Nifty is placed between 17,350 to 17,600 levels. Likewise, broader range of Nifty Bank index is placed between 35,700 to 36,850 while short range of the 50-stock index lies in between 35,800 to 36,650 levels.”
Day trading stocks
Sharing intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Avinash Gorakshkar at Profitmart Securities; Mehul Kothari, AVP — Technical Research, Anand Rathi Shares & Stock Brokers; Anuj Gupta, Vice President at IIFL Securities and Astha Jain, Senior Research Analyst at Hem Securities — recommended 8 stocks to buy today.
Sumeet Bagadia’s day trading stocks to buy today
1] Britannia Industries: Buy at CMP, target ₹3300, stop loss ₹3140
2] Hindustan Copper: Buy at CMP, target ₹120, stop loss ₹110
Avinash Gorakshkar’s stock of the day
3] Hindustan Unilever Ltd: Buy at CMP, target ₹2120, stop loss ₹2010
Anuj Gupta’s intraday stocks for today
4] IDFC First Bank: Buy at CMP, target ₹43, stop loss ₹36
5] Ashok Leyland: Buy at CMP, target ₹124, stop loss ₹107
Mehul Kothari’s shares to buy today
6] Container Corporation of India or CONCOR: Buy at CMP, target ₹705, stop loss ₹650
7] Balrampur Chini Mills: Momentum buy at CMP, target ₹510, stop loss ₹475
Astha Jain’s stock pick for today
8] Fineotex Chemical: Buy at CMP, target ₹175, target ₹205, stop loss ₹150.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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