Day trading guide for Friday: After showing range bound action with high volatility on Wednesday, Indian stock market continued with similar action on Thursday. NSE Nifty went off 17 points and closed at 17,304 whereas BSE Sensex ended 104 points lower at 57,892 levels. Nifty Bank index plunged 422 points and closed at 37,531 levels. According to experts, current pattern at Dalal Street is signaling high volatility in the markets.
Day trading guide: What global cues signal?
At Wall Street on Thursday, US stocks slid with the S&P 500 marking its biggest daily percentage drop in two weeks. Dow Jones ended 1.78 per cent lower at 34,312 whereas Nasdaq crashed 2.88 per cent and closed at 13,716 levels.
Expecting selloff heat in early morning deals at Indian stock market; Anuj Gupta, Vice President at IIFL Securities said, “US markets slid as investors shifted to defensive sectors and safe havens such as bonds and gold as geopolitical tensions between Washington and Russia over Ukraine flared. So, Indian markets may open on the lower side and continue to trade with high volatility as witnessed yesterday.”
Asking intraday traders to keep a watch on SGX Nifty Live index, Anuj Gupta of IIFL Securities said, “Small range of SGX Nifty today is 16,800 to 17,380 whereas broader range of SGX Nifty is 16,580 to 17,700 levels. As SGX Nifty has opened lower from its yesterday close, it is also signaling weakness in the Indian markets in early deals.”
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 choppy with high volatility and the similar movement is expected today. A sustainable move only above 17,650 levels at Nifty is expected to bring bulls back into action. Immediate support for NSE Nifty is placed at 17,150 levels.”
Sharing major levels for Nifty and Bank Nifty index; Sumeet Bagadia, Executive Director at Choice Broking said, “Short range for Nifty today is 17,200 to 17,400 while broader range for Nifty 50 index is 17,100 to 17,500. Likewise, small intraday range for Nifty Bank index is 37,300 to 38,000 whereas broader range of the banking index is 37,000 to 38,300.”
Day trading stocks
Sharing day trading stocks to buy today; stock market experts — Sumeet Bagadia of Choice Broking; Anuj Gupta of IIFL Securities and Avinash Gorakshkar, Head of Research at Profitmart Securities — recommended 6 stocks to buy today.
Sumeet Bagadia’s day trading stocks for today
1] REC: Sell at CMP, target ₹120, stop loss ₹130.50
2] Tata Consumer: Buy at CMP, target ₹740 to ₹750, stop loss ₹700
Anuj Gupta’s day trading stocks for Friday
3] Tata Power: Momentum buy at CMP, target ₹240, stop loss ₹220
4] HDFC Life: Buy at CMP, target ₹630, stop loss ₹565
Avinash Gorakshkar’s stock of the day
5] Cummins India: Buy at CMP, target ₹1035, stop loss ₹960.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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