Day trading guide for today: Despite weakness in other Asian stock markets on soft US economic data and China fuelled concerns of a global slowdown, Indian stock market finished higher on Friday last week. NSE Nifty added 17 points and closed at 18,314 whereas BSE Sensex went up 123 points and closed at 62,027 levels. Nifty Bank index shot up 318 points and finished at 43,793 mark. However, broad market indices ended lower on the weekend session as mid-cap index lost 0.33 per cent while small-cap index ended marginally lower after finishing near 25 points lower.
Day trading guide for stock market today
On outlook for Nifty today, Rohan Patil, Technical Analyst, SAMCO Securities said, “Nifty has broken out of its intermediate resistance which was placed at 18,100 levels and witnessed a horizontal trendline breakout on the daily time frame. Prices have just shown a single candle retracement and trend resumption candle signal the bulls are in control of the momentum and this may prolong towards higher levels. Having moved above the hurdle and the overall positive chart pattern indicates the next upside for Nifty between 18,500 to 18,600 levels in the coming week. Immediate support for Nifty is placed at 18,000 levels. On the flip side, if the 18,000 level is getting breached then 17,850 will be the level to watch out for.”
Speaking on Nifty call put ratio, Rahul Ghose, Founder & CEO at Hedged said, “The Nifty Index has entered the new expiry week with 18,300 short straddles. The highest put writing through the day moved from the 18,000 level to the 18,200 level which led to the rally in the index from the lows of the day. For the monthly expiry of May, the range remains between 18,000 and 18,500 and the Index will not find it very easy to sustain over the 18,500 mark. There has to be a decisive break over 18,550 for this level to get taken out. For this week as well the texture remains buy on dips and any fall below 18,200 to the 18,000 level should be considered as a buying opportunity.”
Day trading stocks for today
On 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 six day trading stocks to buy today. Those six buy or sell stocks for today are Lupin, Astral, Ujjivan SFB, Tata Motors, HDFC and REC.
Sumeet Bagadia’s intraday stocks for today
1] Lupin: Buy at ₹773.60, target ₹796, stop loss ₹758
2] Astral: Buy at ₹1573.50, target ₹1645, stop loss ₹1530
Anuj Gupta’s buy or sell stocks
3] Ujjivan SFB: Buy at CMP, target ₹35, stop loss ₹27
4] Tata Motors: Buy at ₹500 to ₹510, target ₹570 to ₹580, stop loss ₹460 (weekly outlook)
Ganesh Dongre’s day trading stocks
5] HDFC: Buy at ₹2776, target ₹2830, stop loss ₹2750
6] REC: Buy at ₹133, target ₹136, stop loss ₹131.
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.
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