PremiumDay trading guide for Friday: After showing higher level weakness from around 17,400 on Wednesday, Nifty 50 index continued with choppy movement on Thursday and closed 22 points lower at 17,222 levels whereas BSE Sensex shed 89 points and closed at 57,595 levels. Nifty Bank index dipped 620 points and closed at 35,527 levels.
According to stock market experts, a long positive candle was formed at the lows on the daily chart with minor upper shadow. Technically this pattern indicate broader range movement for Nifty around 17,400 to 17,100 levels. Having placed at the lows, there is a possibility of an upside bounce in the coming sessions.
Day trading guide for stock market today
Unveiling intraday trading strategy for Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The broader uptrend status remains intact for Nifty and we observe positive sequence like higher tops and bottoms on the daily chart. The significant upside breakout of important resistance zone for NSE Nifty is intact around 16,800 to 17,000 levels. Any decline at Nifty from current levels could find strong support at 17,000 to 16,900 levels and there is a possibility of market advancing towards the upper trajectory of 17,400 to 17,500 levels in the near term."
Advising day traders to know important levels in regard to Nifty and Bank Nifty index; Rajesh Bhosale, Technical Analyst at Angel One Ltd said, "Broader range for Nifty today can be ascertained in 17,000 to 17,450 range whereas high risk traders can assume short range of the 50-stock index in between 17,100 to 17,375 levels. Similarly, Nifty Bank's broader range for Friday would remain in between 35,000 to 36,150 levels while small Nifty bank index range is placed in between 35,300 to 35,900 levels."
Day trading stocks
Sharing intraday trading stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Mehul Kothari, AVP — Technical Research, Anand Rathi Shares & Stock Brokers; Rajesh Bhosale of Angel One Ltd; Anuj Gupta, Vice President at IIFL Securities and Avinash Gorakshkar, Head of Research at Profitmart Securities — recommended 8 stocks to buy today.
Sumeet Bagadia's day trading stocks to buy today
1] Indian Hotels: Buy at CMP, target ₹230 to ₹235, stop loss ₹210
2] Firstsource Solutions Ltd or FSL: buy at CMP, target ₹140 to ₹145, stop loss ₹125
Anuj Gupta's stock of the day today
3] State Bank of India or SBI: Momentum buy at CMP, target ₹520, stop loss ₹454
Rajesh Bhosale's intraday stock for today
4] Lupin: Buy at around ₹774.60, target ₹810, stop loss ₹758
5] Persistent Systems: Buy around ₹4640, target ₹4990, stop loss ₹4450
Mehul Kothari's stock pick for today
6] VIP Industries: Buy at CMP, target rs 690, stop loss ₹640
Avinash Gorakshkar's day trading stocks for Friday
7] Tata Chemicals: Buy at CMP, target ₹1010, stop loss ₹950
8] Bharat Forge: Buy at CMP, target ₹735, stop loss ₹675.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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