Day trading guide for Thursday: After showing a fine upside bounce on Tuesday, Indian stock market witnessed immediate turn down in the subsequent session and closed in negative territory. Nifty 50 index lost 225 points and closed at 15,413 levels whereas BSE Senses ended 709 points lower at 51,822 mark. Nifty Bank index dipped 346 points and closed at 32,845 levels.
According to stock market experts, reasonable negative candle was formed as per daily chart, which signal a possibility of bull trap in the market. After a sustainable upside bounce on Tuesday, Nifty showing immediate reaction on the downside in the subsequent session indicate a lack of strength in the market to sustain the upside bounces.
Day trading guide for stock market today
Speaking on day trading guide for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The market showing immediate reversal of upside bounce is not a good sign for the bulls to sustain the highs. Now, one may expect Nifty to slide down to the important support area of 15,200 levels in the next few sessions. Immediate resistance for NSE Nifty is now placed at 15,560 levels.”
Day trading stocks
Sharing intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Rajesh Bhosale, Technical Analyst at Angel One; Mehul Kothari, AVP — Technical Research at Anand Rathi and Avinash Gorakshkar, Head of Research at Profitmart Securities — recommended 8 stocks to buy or sell today.
Sumeet Bagadia’s intraday stocks
1] Hindustan Petroleum Corporation Limited or HPCL: Momentum buy at CMP, target ₹235, stop loss ₹214
2] Gujarat Gas: Sell at CMP, target ₹395 to ₹390, stop loss ₹421
Rajesh Bhosale’s stock picks for Thursday
3] Bharat Petroleum Corp Ltd or BPCL: Buy around ₹306, target ₹324, stop loss ₹296
4] Trent: Sell around ₹1021, target ₹975, stop loss ₹1052
Mehul Kothari’s stock of the day
5] Polyplex: Buy around ₹2050, target ₹2240, stop loss ₹1950
Avinash Gorakshkar’s stocks to buy today
6] TCS: Buy at CMP, target ₹3370, stop loss ₹3170
7] IGL: Buy at CMP, target ₹385, stop loss ₹340.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.