Today’s trading guide for Thursday: A strong downward trend continued in the Indian stock market for the second straight session on Wednesday on weak global indices. Nifty 50 closed 174 points lower at 17,938 while BSE Sensex closed at 60,098 losing 656 points in Wednesday’s session. However, the Bank Nifty index showed a strong recovery and closed above the psychological levels of 38,000.
According to stock market experts, the current market signals a downward trend in the market. The formation of a long bear candle consecutively in both sessions indicates a downward trend reversal in Nifty after a sustained bullish move of the last 22-23 sessions.
Daily trading guide for the stock market today
Speaking on day trading guide for Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities, said: âThe underlying trend for Nifty continues to be down. per the daily timeframe chart remain intact.The next downside levels for NSE Nifty to watch around 17,700-17,650 levels and any pullback rally from here could find strong resistance around 18,100 levels.
Sharing his views on the Bank Nifty Index; Ruchit Jain, Head of Research at 5paisa.com, said: “The relative strength of the Nifty Bank Index indicates that this sector will continue its leadership and therefore short-term traders may look for specific buying opportunities. to actions in this space.”
On the intraday trading strategy; Ruchit Jain of 5paisa.com said the recent correction in the Indian stock market was quite possible given that Nifty saw a rally from 16,410 to 18,350 in a month without any significant correction. âThis correction will ease the overbought momentum which should be a good sign for the next leg of the rally,â Ruchit Jain said.
Day trading stocks
Speaking on today’s day trading stocks, the stock market experts – Sumeet Bagadia, Executive Director at Choice Broking; Avinash Gorakshkar, head of research at Profitmart Securities and Anuj Gupta, vice president at IIFL Securities â recommended 6 stocks to buy or sell today.
Day trading in Sumeet Bagadia shares for today
1]Gujarat Gas Ltd: Buy from CMP, objective â¹715 and â¹725, stop loss â¹675
2]United Phosphorus Ltd or UPL: Buy from CMP, objective â¹830 to â¹840, stop loss â¹790
Avinash Gorakshkar’s trading day for Thursday
3]State Bank of India or SBI: Will buy â¹516 target â¹530, stop loss â¹507
4]Tata Engines: Will buy â¹521 target â¹537, stop loss â¹513
Anuj Gupta’s day trading stocks to buy today
5]Indian Oil Corporation or IOC: Will buy â¹124 target â¹130, stop loss â¹120
6]GMR infrastructure: Will buy â¹43 target â¹49, stop loss â¹40.
Warning: The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.
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