Day trading guide for Thursday: After showing upside move with high volatility on Tuesday, Indian stock market witnessed sharp upside bounce on Wednesday and closed in green territory for second straight session. NSE Nifty ended 197 points higher at 17,463 whereas BSE Sensex shot up 657 points and closed at 58,465 levels, Bank Nifty index also 581 points and ended at 38,610 levels. According to stock market experts, opening upside gap in the market is still unfilled. They said that there can be more upsides in the near term.
Day trading guide: What global cues signal
Speaking on day trading strategy for today; Anuj Gupta, Vice President at IIFL Securities said, “On Wednesday, Dow Jones Futures ended in positive zone for second successive session and SGX Nifty today is around 38 points up at 17,522 levels, which indicates positive opening for the Indian markets. I would recommend buy on dips and suggest investors to keep an eye on Dow Jones Futures today as it is trading in narrow range of 35,420 to ₹35,900 whereas broader range for Dow Futures is 35,180 to 36,140.”
Sharing important range for SGX Nifty, Anuj Gupta of IIFL said, “Small range of SGX Nifty today is 17,350 to 17,700 whereas broader range of SGX Nifty is 17,100 to 17,950. Breakage of either side of the range would decide bullish or bearish pattern in upcoming sessions.”
Day trading guide for stock market today
On day trading guide for Nifty today; Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, “The short term trend of Nifty has reversed up after the bullish candlestick pattern of Tuesday. There is a chance of further upside towards 17,600 to 17,700 levels in the next few sessions. But, the overall chart pattern indicates a probability of weakness from the lower top formation below 17,800 levels. Immediate support for NSE Nifty is placed at 17,350.
Sharing important levels in regard to Nifty and Bank Nifty; Sumeet Bagadia, Executive Director at Choice Broking said, “For high risk traders, short range of Nifty is 17,300 to 17,550 whereas broader range of NSE Nifty is 17,200 to 17,600. Similarly, short range of Bank Nifty is 38,100 to 38,800 whereas broader range of Bank Nifty is 37,700 to 39,300.”
Day trading strategy
Unveiling intraday trading strategy; Ruchit Jain, Lead Research, 5paisa.com said, “Whether the upside move from current levels will be a sharp move or a gradual one is a difficult call to take at current point of time. But since we have already seen a decent time-wise correction as well, it is a good opportunity for traders to look for delivery based buying opportunities. For the coming session, the market may see some higher intraday volatility due to RBI Policy outcome. But till the 17000 support is intact, one should now look for buying opportunities on intraday declines.”
Day trading stocks to buy today
Sharing day trading stocks for Thursday, stock market experts Sumeet Bagadia of Choice Broking and Anuj Gupta of IIFL Securities recommended 4 stocks to buy today.
Sumeet Bagadia’s day trading stocks
1] UPL: Buy at CMP, target ₹790 to ₹800, stop loss ₹750
2] Pidilite Industries or PIDILITE: Buy at CMP, target ₹2600 to ₹2650, stop loss ₹2380
Anuj Gupta’s day trading stocks for today
3] Shree Renuka Sugars: Buy atCMP, target ₹44, stop loss ₹34
4] Federal Bank: Momentum buy at CMP, target ₹110, stop loss ₹94.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
Never miss a story! Stay connected and informed with Mint.
our App Now!!