Day trading guide for today: 6 stocks to buy or sell on Thursday — 23rd February
2 min read . Updated: 23 Feb 2023, 06:10 AM IST
Premium- Day trading guide: Immediate support for Nifty is now placed at 17,353 whereas 17,719 is expected to act as immediate resistance, believe experts
Day trading guide for today: Following weak global sentiments on hawkish stance of the US Fed officials on interest rate hike, Indian stock market ended lower for fourth straight session on Wednesday. NSE Nifty corrected 272 points and closed at 17,554, which is lowest closing of the 50-stock index since 21st October 2022. BSE Sensex nosedived 927 points and finished at 59,744 whereas Nifty Bank index ended 677 points lower at 39,995 levels.
According to stock market experts, a reasonable negative candle was formed on the daily chart with minor lower shadow. They went on to add that formation of overlapping candles during present weakness and the sharp decline from the swing highs (16th Feb) is missing. This pattern indicates a possibility of an upside bounce, which is expected to emerge from the lows.
Day trading guide for stock market today
On outlook for Nifty today, Devarsh Vakil, Deputy Head Retail Research at HDFC Securities said, "By closing below 17,604 levels, Nifty has made fresh lower bottom on the daily line chart, which indicates continuation of a bearish trend. Support for the Nifty is seen at 17,353 mark, which happens to be budget day low. Previous support of 17,719 is expected to act as a resistance going forward."
On reasons that have pulled down key benchmark indices on Dalal Street, market expert Sugandha Sachdeva said, "There is a lot of wariness in the markets as the recent string of robust economic data from the US, indicating a resilient economy and hotter-than-expected inflation print has stoked worries about a higher peak rate in the US. This has rattled sentiments and with global indices witnessing a broad sell-off, we have seen a steep decline in the domestic markets."
Speaking on outlook for Bank Nifty today, Rahul Ghose, Founder & CEO at Hedged said, "If there is a gap-down opening seen in the Bank Nifty Index on Thursday, the put writers will have to run for cover propelling Bank Nifty further down and all the way up to the 39,000 level."
Day trading stocks to buy today
Unveiling intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi — recommended 6 stocks to buy today.
Sumeet Bagadia's stocks to buy today
1] Glenmark Pharmaceuticals: Buy at CMP, target ₹455 to ₹460, stop loss ₹432
2] Trent: Buy at CMP, target ₹1370 to ₹1380, stop loss ₹1320
Anuj Gupta's intraday stocks for today
3] ITC: Buy at CMP, target ₹400, stop loss ₹374
4] GAIL: Buy at CMP, target ₹104, stop loss ₹89
Ganesh Dongre's stock picks for Thursday
5] Polycab: Buy at ₹3015, target ₹3100, stop loss ₹2970
6] Tata Steel: Buy at ₹111, target ₹117, stop loss ₹107.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.