Day trading guide for Friday: The short term trend of Nifty seems to have reversed up, but the momentum on the upside is yet to pick up, say stock market experts
Day trading guide for Friday: Indian benchmark equity indices broke a three day losing streak on Thursday and closed higher led mainly by metal stocks. The BSE Sensex went up 209 points and closed at 52,653 while NSE Nifty shot up 69 points and closed at 15,778 levels. According to stock market experts, the NSE Nifty as per weekly time-frame chart is showing a larger range movement. They are expecting an upside bounce from the lows and advised ‘buy on dips’ strategy for traders as overall sentiment of the markets is positive to neutral.
As the US markets, especially Dow Jones, closed on the higher side on Thursday and SGX Nifty today opening with a downside gap of neat 82 points, market trend is expected to remain choppy in the opening bell today.
Asked about trade view on Nifty; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty seems to have reversed up, but the momentum on the upside is yet to pick up. A decisive move above 15,810 levels is likely to pull the market towards 15,900 in the next couple of sessions. Intraday support is placed at 15,715."
Day trading stocks to buy today
On the basis of these facts and figures, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Sandeep Matta, Founder at TRADEIT Investment Advisors and Kapil Goenka, Director at C M Goenka Stock Brokers — have recommended following shares to buy today.
Sumeet Bagadia's trade view chart
1] NMDC: Buy at ₹180, target ₹190 to ₹200, stop loss ₹174