Day trading guide for Thursday: After showing upside move with range bound action on Tuesday, Indian stock market witnessed another decent rise on Wednesday and closed in green territory for fourth straight session. NSE Nifty gained 156 points and closed at 18,212 whereas BSE Sensex shot up 533 points and closed at 61,150 levels. Nifty Bank index continued to scale upside and closed at 38,727 — 285 points higher from its previous close.
According to stock market experts, current pattern indicate a continuation of sharp upside momentum in the market. Hence, there is a possibility of another gap up in the coming sessions. They said that reason for such bullish expectation can be attributed to positive global cues, receding Omicron threat and resumption in FPI flows.
Day trading guide for stock market today
Speaking on day trading guide for Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term trend of Nifty continues to be positive. There is a possibility of Nifty reaching other crucial resistances of around 18,340 and 18,600 levels in the next one week. The formation of unfilled opening upside gap of Wednesday could hint at another 1-2 such upside gaps in the short term. Immediate support for NSE Nifty is placed at 18,090 levels.”
Day trading stocks
On day trading stocks to buy today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking and Mudit Goel, Senior Research Analyst at SMC Global Securities — recommended 4 stocks to buy today.
Sumit Bagadia’s day trading stocks for today
1] Grasim Industries: Buy at CMP, target ₹1925 to ₹1950, stop loss ₹1830
2] TVS Motor Company: Buy at CMP, target ₹675 to ₹680, stop loss ₹640
Mudit Goel’s day trading stocks for today
3] Coromandel International: Buy at CMP, target ₹790, stop loss ₹766
4] Chambal Fertilisers: Momentum buy at CMP, target ₹465, stop loss ₹446.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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