Day trading guide for Friday: Despite strong global cues after US Fed cooling down its hawkish stance on interest rate hike, Indian markets failed to sustain the intraday gains on Thursday as FIIs continued to remain ‘net seller.’ NSE Nifty ended 5 points higher at 16,682 mark whereas BSE Sensex nudged 32 points upside at 55,702 levels. Bank Nifty index went off 31 points and closed at 35,232.
According to stock market experts, technically current pattern indicate a lack of strength to sustain the highs. But, it also signal a halt in a sharp follow-through weakness for the day after a sharp downside breakout of the 16800 levels in previous session. Probably the impact of the RBI’s surprise rate hike on May 04 is weighing on the minds of participants, they said.
Day trading guide for stock market today
Speaking on intraday trading strategy for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term trend of Nifty continues to be negative. A slide below 16,600 levels is expected to open the next lows of 16,200 levels in the near term. Any attempt of upside rally could find strong resistance around 16,800 to 17,000 levels as per the concept of change in polarity.”
Bull vs bear: Day trading stocks
Sharing intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Mudit Goel, Senior Research Analyst at SMC Global Securities; Rohit Singre, AVP — Research at Bonanza Portfolio; Anuj Gupta, Vice President — Research at IIFL and Avinash Gorakshkar, Head of Research at Profitmart securities — recommended 8 stocks to buy or sell today.
Sumeet Bagadia’s day trading stocks to buy today
1] Tech Mahindra or TechM: Buy at CMP, target ₹1300 to ₹1320, stop loss ₹1220
2] DLF: Sell at CMP, target ₹330 to ₹325, stop loss ₹351
Mudit Goel’s stock of the day
3] UPL: Buy at CMP, target ₹845, stop loss ₹812
Rohit Singre’s stock pick for today
4] Endurance Technologies: Buy at CMP, target ₹1350, stop loss ₹1180
Anuj Gupta’s intraday stocks for today
5] Bank of Baroda: Buy at CMP, target ₹118, stop loss ₹94
6] Federal Bank: Buy at CMP, target ₹105, stop loss ₹86
Avinash Gorakshkar’s stocks to buy today
7] Ashok Leyland: Buy at CMP, target ₹138, stop loss ₹118
8] GAIL: Buy at CMP, target ₹175, stop loss ₹155.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.