Home Correction trading Thursday’s Daily Trading Guide: 8 Stocks to Buy or Sell Today – July 21

Thursday’s Daily Trading Guide: 8 Stocks to Buy or Sell Today – July 21


Today’s trading guide for Thursday: Due to strong buying in IT, FMCG, metals, multinationals, energy and banking stocks, the Indian stock market ended in positive territory for the fourth consecutive session on Wednesday. NSE Nifty closed 180 points north at 16,520 while BSE Sensex jumped 630 points and finished at 55,398 levels. The Nifty Bank Index ended up 252 points and closed at 35,972 levels. Broad equity indices underperformed, with mid and small cap indices up less than 0.5%. The India VIX volatility index lost 2.20% and ended at 16.82 on Wednesday.

According to stock market experts, a small negative candle body has formed on the daily chart with an upward opening signaling the market’s reluctance to capture new highs after the strong positive open. This market action could potentially lead to further consolidation/minor short-term downside correction before continuing higher.

The positive streak as higher highs and lows continued on the daily chart and the current chart pattern signals a likelihood of further formation of higher highs at 16,588 levels. There is still no confirmation of a higher upper reversal at this time. Nifty is currently placed at the edge of the 200-day EMA hurdle around 16,520 levels.

Daily trading guide for the stock market today

“Nifty’s short-term trend continues to be positive. Although Nifty’s fatigue at the tops/hurdles is visible, but there is still no solid evidence of a reversal pattern taking place at the tops. A Sustained move above the 16,550-16,600 levels could pull Nifty towards another 16,800-level hurdle in the short-term Any declines from here could find support around 16,300-16,250 levels in the short-term” , said Nagaraj Shetti, technical research analyst at HDFC Securities.

At important levels when it comes to the Nifty Bank Index, Chinamy Barve, Head of Technical and Derivative Research at Profitmart Securities, said: “The important levels, which will serve as crucial support for the Bank Nifty Index, are placed in the 35,450 and 35,500 price area while on the upside; key resistance levels are placed at 36,400 and 36,650 levels.”

Day trading stocks

Sharing the intraday stocks for today, equity analysts – Mehul Kothari, AVP – Technical Research at Anand Rathi; Mudit Goel, senior research analyst at SMC Global Securities; Avinash Gorakshkar, Head of Research at Profitmart Securities and Santosh Meena, Head of Research at Swastika Investmart — recommended 8 stocks to buy or sell today.

Mehul Kothari Intraday Stocks for Today

1]TCS: Shop Around 3165 target 3250, stop-loss 3100

2]Hikal: Shop around 257 target 270, stop loss 250

Mudit Goel day trading stocks to buy

3]Firstsource Solutions Ltd or FSL: buy from CMP, objective 114, stop loss 108

4]Dixon Technologies: Buy from CMP, objective 3980 stop loss 3870

Avinash Gorakshkar’s stock picks for Thursday

5]Cipla: Buy from CMP, objective 1025, stop loss 960

6]National Aluminum Company: Buy from CMP, objective 83, stop loss 72.50

Santosh Meena Day Trading Stocks

7]MCX: Buy roughly 1406 target 1436 stop loss 1383

8]Asian paintings: sell around you 3006 target 2925 stop loss 3045.

Disclaimer: The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.

Catch all the trade news, market news, breaking news and latest updates on Live Mint. Download the Mint News app to get daily market updates.

More less

To subscribe to Mint Bulletins

* Enter a valid email

* Thank you for subscribing to our newsletter.