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, 5paisa.com 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.