Day trading guide for Friday: After showing consolidation movement on Wednesday, the choppy movement continued on Thursday. NSE Nifty closed 93 points down at 17,618 levels while BSE Sensex shed 286 points and closed at 59,126 levels. After opening on a weak note, Indian stock market continued with its weak trend for the whole session. Intraday upside recoveries were used as ‘sell on rise’ opportunity for the day. According to market experts, this pattern signal that the consolidation movement or weakness could extend for next session.
On a day when the volumes on the NSE were higher than recent average (but lower than F&O expiry day); realty and consumer durable indices rose the most while metals, telecom, auto, banks and IT fell the most. However, broader market indices like small-cap and mid-cap indices ended in the green zone.
Trade view on NSE Nifty
Speaking on intraday trading strategy for Friday; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “On Thursday, the market continued with choppy movement, but the broad market showed a resilience. Having moved below the immediate support of 17,650 levels, there is a possibility of NSE Nifty sliding down to the next support of 17,475 levels amidst a range bound action in the next 1-2 sessions. There is a higher possibility of an emergence of buying interest from the lower levels. Immediate resistance for NSE Nifty is placed at 17,750 levels.”
Intraday stocks for today
Unveiling day trading stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Mudit Goel, Senior Research Analyst at SMC Global Securities; Ravi Singhal, Vice Chairman at GCL Securities; Dr Ravi Singh, Head of Research & Vice President, Share India and Manoj Dalmia, Director & Founder, Proficient Equities Private Limited — recommended 7 shares to buy today.
Sumeet Bagadia’s day trading stocks to buy today
1] Tata Motors: Buy at CMP, target ₹345 to ₹350, stop loss ₹325
2] Indraprastha Gas Limited or IGL: Momentum buy at CMP, target ₹550, stop loss ₹515
Mudit Goel’s stock of the day
3] Deepak Nitrite: Buy at CMP, target ₹2470, stop loss ₹2370
Ravi Singhal’s stock to buy today
4] Sun Pharma: Buy at ₹820, target ₹844 to ₹877, stop loss ₹799
Ravi Singh’s shares to buy today
5] Federal Bank: Buy at ₹84.50, target ₹90, stop loss ₹82
6] Apollo Tyres: Buy at ₹226, target ₹232, stop loss ₹223
Manoj Dalmia’s intraday stock to buy
7] Canara Bank: Buy at ₹170, target ₹177, stop loss ₹166.50.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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