- Day trading guide: Immediate hurdle for Nifty is placed at 18,300 levels, say experts
Day trading guide for today: Following weak global cues on rising Covid-19 cases in China, Indian stock market ended in red territory on second straight session. 50-stock index Nifty lost 186 points and closed at 18,199 whereas BSE Sensex shed 635 points and closed at 61,067 levels. Nifty Bank index crashed 741 points and finished at 42,617 levels. Broad market indices fell sharply as profit taking was seen across the board and the advance decline ratio on BSE fell to 0.29:1, lowest in almost 3 months.
According to stock market experts, a long negative candle was formed on the daily chart, which signal an attempt of downside breakout of the immediate support of 18,200 levels. The negative chart pattern like lower tops and bottoms continued and Tuesday’s swing high of 18,473 could now be considered as a new lower top of the sequence. Hence one may expect further weakness in coming session.
Day trading strategies for Thursday
Speaking on intraday trading tips, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “Nifty is nearing a crucial long term support around 18,100 to 18,050 levels, which is a cluster support of ascending and horizontal trend lines on the weekly chart and also weekly 10 period EMA. Hence, there is a possibility of buying emerging from the lows in the next few sessions. Immediate hurdle for Nifty 50 index is placed at 18,300 levels.”
“If the Nifty 50 index continues to correct then 18,070 would be the initial support to watch (which is the 38.2 per cent retracement level of the recent uptrend) followed by swing low support around 17,970 levels,” said Ruchit Jain, Lead Research at 5paisa.com adding, “The Pharma stocks witnessed buying interest after a long time and in such times of uncertainty; stock from this sector . Hence, traders can look for contra bets from this space while it is advisable to stay cautious on the broader markets till the data changes.”
Day trading stocks to buy today
Unveiling intraday stocks for today, share 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 intraday stocks for today
1] Sun Pharma: Buy at CMP, target ₹1030 to ₹1040, stop loss ₹980
2] Indoco Remedies: Buy around ₹402, target ₹430, stop loss ₹385
Anuj Gupta’s stocks to buy today
3] Wipro: Buy at CMP, target ₹415, stop loss ₹374
4] State Bank of India or SBI: Buy at CMP, target ₹625, stop loss ₹574
Ganesh Dongre’s shares to buy today
5] JSW Steel: Buy at ₹742, target ₹765, stop loss ₹730
6] Apollo Hospitals: Buy at ₹4760, target ₹4900, stop loss ₹4680.
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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