Day trading guide for Thursday: After gap up opening on Wednesday, Indian stock market closed in red zone as key benchmark indices witnessed profit booking at intraday highs. Nifty 50 index ended 19 points lower at 16,240 whereas BSE Sensex went off 109 points and closed at 54,208 mark. Nifty Bank index shed 138 points and closed at 34,163 levels.
According to stock market experts, though Nifty fell from higher levels, advancing shares outnumbered the declining shares on Wednesday where advance decline ratio stood at 1.32 on BSE. Advance decline ratio has been positive for last three consecutive sessions. FII’s have started covering shorts in Index future segment which augurs well for the markets going forward. They said that Nifty looks set to witness a further pullback rally in the very near term as long as the crucial support of 16,071 is not broken.
Day trading guide for stock market today
Speaking on intraday trading strategy for Nifty today, Nandish Shah, Deputy Vice President — Retail Research at HDFC Securities said, “Support for the Nifty has now shifted up to 16,000 levels while resistance for the is seen around 16,400 levels, followed by the unfilled gap area of 16,484 to 16,551. Traders are advised to hold Nifty long positions with 16,000 stop loss on closing basis.”
Day trading stocks
Sharing intraday stocks for today, share market experts — Mehul Kothari, AVP — Technical Research at Anand Rathi; Anuj Gupta, Vice President — Research at IIFL Securities; Rohit Singre, AVP — Research at Bonanza Portfolio and Avinash Gorakshkar, Head of Research at Profitmart Securities — recommended 7 stocks to buy or sell today.
Mehul Kothari’s day trading stocks to buy today
1] Aurobindo Pharma: Buy between ₹550 to ₹560, target ₹625, stop loss ₹520
2] Indus Towers: Buy between ₹195 to ₹200, target ₹218, stop loss ₹187
Anuj Gupta’s intraday stocks for today
3] Adani Power: Buy at CMP, target ₹305, stop loss ₹278
4] Tata Teleservices (Maharashtra) Limited or TTML: Buy at CMP, target ₹155, stop loss ₹128
Rohit Singre’s stock of the day
5] Gujarat Gas: Momentum buy at CMP, target ₹610, stop loss ₹560
Avinash Gorakshkar’s stocks to buy today
6] Godrej Consumer Products: Buy at CMP, target ₹880, stop loss ₹810.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.