Day trading guide for today: On account of weak global market sentiments due to US debt ceiling crisis, Dalal Street finished lower for second straight session on Wednesday. 50-stock index Nifty corrected 104 points and ended at 18,181 levels, 30-stock index Sensex lost 371 points and finished at 61,560 mark whereas Nifty Bank index lost 205 points and closed at 43,698 levels. Except for FMCG and auto, all sectors ended in the red. However, bulls continue to bet high on small-cap stock as the small-cap index finished 0.25 per cent higher and outperformed mid-cap index that lost 0.16 per cent on Wednesday session.
Day trading guide for stock market today
On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “Immediate support for NSE Nifty has been broken on the downside at 18,250 levels and the Nifty is now sliding down to another crucial support of 20 Day EMA around 18,050 levels. The positive chart pattern like higher tops and bottoms continued as per daily timeframe chart. The recent swing high of 18,458 of 15th May could be considered as a new higher top of the sequence. The present weakness could be in line with another higher bottom formation at the lows. Immediate support for Nifty today is placed at 18,050 levels.”
On reasons for weakness in Indian stock market today, Siddhartha Khemka, Head – Retail Research at Motilal Oswal said, “Global markets are seeing a selloff as the debt ceiling negotiations continue. Investors remain cautious as the US faces the possibility of defaulting at the start of June,” adding, “We expect some consolidation over the next few days before a fresh leg of the rally starts.”
Unveiling intraday trading tips for Thursday, Ruchit Jain, Lead Research at 5paisa.com said, “Traders are advised to keep a buy on dip approach until the index breaks any important supports.”
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 five day trading stocks to buy today.
Sumeet Bagadia’s intraday stocks for today
1] UPL: Buy at CMP, target ₹690 and ₹700,, stop loss ₹670
2] Bharat Forge: Buy at CMP, target ₹788 and ₹795, stop loss ₹764
Anuj Gupta’s buy or sell stocks
3] HUDCO: Buy at CMP, target ₹60, stop loss ₹55
4] Federal Bank: Buy at CMP, target ₹137, stop loss ₹122
Ganesh Dongre’s stock of the day
5] Indian Hotels Company: Buy at ₹368, target ₹382, stop loss ₹360.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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