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Day Trading Guide For Thursday: 6 Stocks To Buy Or Sell Today — 26th May | Mint – Mint

Day trading guide for Thursday: Due to sell-off in the IT index and other key benchmark indices, Indian stock market ended in negative territory on third successive session on Wednesday. Nifty 50 index ended 99 points lower at 16,025 levels whereas BSE Sensex shed 303 points and closed at 53,749 levels. Nifty Bank index was the sole gainer while IT, capital goods, oil & gas and realty were the large losers amongst sectors. Broad markets were very weak as reflected form the poor advance decline ratio (lowest since 24th February 2022) and large loses in mid-cap and small-cap indices.

According to stock market experts, the daily time frame of Nifty indicates that index has made a double bottom around the 15,735 levels and rallied sharply last Friday. Nifty has however failed to convincingly cross the recent swing high of 16,400 and is showing tiredness and has corrected in the last three sessions.

Day trading guide for stock market today

Speaking on day trading strategy for Nifty today, Subash Gangadharan, Senior Technical and Derivative Analyst at HDFC Securities said, “While we remain open to further pullback rallies in the very near term, we must remember that the intermediate trend remains down. The bears would gain more control once the recent intermediate low of 15,735 is broken.”

Advising traders to remain cautious and avoid long positions, Ruchit Jain, Lead Research, said, “The Nifty mid-cap index was unable to surpass its moving average hurdle and has resumed its ‘Lower Top Lower Bottom’ structure. Thus, the downtrend has resumed post a consolidation phase in the mid-cap space and it could well spill over to the indices as well in the near term. Hence, traders are advised to stay cautious and avoid longs until the Nifty cross its ’20 DEMA’ hurdle, which is now around 16,350.”

Suggesting ‘Sell on Rise’ strategy for traders, Ruchit Jain said, “One can keep trading with a ‘Sell on Rise’ strategy and use intraday pullbacks to lighten up longs as well.”

Day trading stocks

Sharing intraday stocks for today, stock market experts — Rajesh Bhosale, Technical Analyst at Angel One; Mehul Kothari, AVP — Technical Research at Anand Rathi and Avinash Gorakshkar, Head of Research at Profitmart — recommended 6 stocks to buy or sell.

Rajesh Bhosale’s day trading stocks for today

1] Balkrishna Industries: Buy around 2161, target 2290, stop loss 2097

2] Exide Industries: Sell around 138, target 133, stop loss 141.60

Mehul Kothari’s intraday stocks for today

3] Container Corporation of India: Buy at 623, target 645, stop loss 610

4] HDFC Bank: Buy at 1328, target 1380, stop loss 1300

Avinash Gorakshkar’s stocks picks for Thursday

5] ONGC: Buy at CMP, target 166, stop loss 145

6] Bharti Airtel: buy at CMP, target 720, stop loss 673.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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