- Day trading guide: Nifty seems headed towards 18,127 to 18,256 band over the next few sessions provided the 17,774 level is protected, say experts
Day trading guide for today: After defying positive global cues for three days in a row, Dalal Street bears finally bowed down to strong global sentiments and Indian stock market managed to finished higher on Friday last week. Nifty 50 index gained 98 points and closed at 17,956, BSE Sensex surged 303 points and finished at 60,261 whereas Bank Nifty index ended 289 points higher at 42,371 levels. IT stocks rose post the recent encouraging results and guidance from frontline companies.
According to stock market experts, global stocks were largely up and at multi month highs on the prospect of a less hawkish Federal Reserve this year after data showed U.S. consumer inflation eased as expected in December. Stronger than expected GDP growth for November from UK also helped. China’s exports fell further in December as global demand continued to drop off, adding to pressure on the economy as it charts a hasty, uncertain path out of Covid Zero.
Exports in US dollar terms fell 9.9 per cent in December from a year earlier beating economists’ estimate for a 11.1 per cent drop. Imports shrank 7.5 per cent, better than the median estimate of a 10 per cent drop. That left a wider trade surplus of $78 billion last month.
Day trading strategy for stock market today
On triggers that helped Dalal Street to bounce back after three days selling, market expert Sugandha Sachdeva said, “The soft US inflation print for December lifted risk sentiments last week as CPI rose in line with expectations at 6.5 per cent (YoY) down from 7.1 percent the prior month. Markets are now anticipating the Fed to pursue a less aggressive policy stance and downshift to a 25 bps rate hike at its next meeting. On the domestic front, retail inflation eased to a one-year low of 5.72 per cent in December and factory output climbed to a five-month high of 7.1 per cent on an annual basis in November, which shall further cheer the markets.”
On stock market triggers for this week, Sugandha Sachdeva said, “For the week ahead, a slew of economic data will dictate the trajectory of the markets. Domestic WPI reading for December and Q3 earnings by heavyweights would remain on the investors’ radar. Furthermore, the US retail sales, UK CPI, China’s Q4CY22 GDP numbers as well as BOJ’s monetary policy decision would take the centre stage.” However, she maintained that Nifty is expected to trade in 17,800 to 18,500 range and bullish or bearing trend can be assumed on breakage of either side of this range.
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Speaking on intraday trading tips, Deepak Jasani, Head of Retail Research at HDFC Securities said, “Nifty once again took support from 17,774 levels, raising the importance of that level. Despite relentless selling by FPIs, Nifty has been able to remain stable in a wide band, helped by local flows. Nifty seems headed towards 18,127 to 18,256 band over the next few sessions provided the 17,774 level is protected.”
Day trading stocks to buy today
On intraday stocks for today, share market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager – Technical Research at Anand Rathi and Rajesh Bhosale, Technical Analyst, Angel One recommended 5 buy or sell stocks for today.
Sumeet Bagadia’s stocks to buy today
1] NTPC: Buy at CMP, target ₹172 to ₹175, stop loss ₹164
2] Canara Bank: Buy at CMP, target ₹335 to ₹340, stop loss ₹316
Ganesh Dongre’s intraday stocks for today
3] IndusInd Bank: Buy at ₹1235, target ₹1290, stop loss ₹1200
4] Infosys: Buy at ₹1505, target ₹1570, stop loss ₹1475
Rajesh Bhosale’s stock of the day
5] Rain Industries: Buy around ₹183.50, target ₹195, stop loss ₹176.
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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