BackDay trading guide for Friday: 6 stocks to buy or sell today — 17th June
Day trading guide: The sharp weakness of Thursday below the crucial support of 15,600 levels indicate significant downside breakout in the market, say experts
PremiumDay trading guide for Friday: Following weak global cues and mounting fears of recession, Indian stock market extended its losing streak on fifth straight session on Thursday. Nifty 50 index dipped 331 points and closed at 15,360 levels while BSE Sensex crashed 1045 points and closed at 51,495 mark. Nifty Bank index ended 721 points lower at 32,617 levels. BSE small-cap and mid-cap indices fell 2.3 per cent and 2.9 per cent respectively, under-performing the Nifty. Global stock markets fell Thursday as fears of a recession grew after the Federal Reserve's biggest rate hike in nearly three decades and the Swiss National Bank raised its policy interest rate for the first time in 15 years in a surprise move on Thursday.
According to stock market experts, a long bear candle was formed on the daily chart after opening higher. This candle has broken decisively below the important support band of 15,700 to 15,600 levels and closed lower. This downside breakout of the support could hint more downside for the market ahead and any upside bounce from here could be a sell on rise opportunity.
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 sharp weakness of Thursday below the crucial support of 15,600 levels indicate significant downside breakout in the market. One may expect Nifty to slide down to the next lows of around 15,000 to 14,800 in the near term. Any upside bounce from here could be a sell on rise opportunity."
Expecting pullback from short term support levels, Ruchit Jain, Lead Research at 5paisa.com said, "The momentum readings on the lower time frame chart has reached the oversold zone and hence, a pullback move could be seen from the short term supports in the near term. But until there’s change in data or the structure, the trend remains bearish. The immediate supports for Nifty are placed around 15,270 and 15,080 and because the readings on lower time chart are oversold, a pullback can be seen from these levels. On pullback moves, 15,650 to 15,800 will be seen as immediate resistance zone."
Day trading stocks
Sharing intraday stocks for today, stock market experts — Mehul Kothari, AVP — Technical Research at Anand Rathi; Ravi Singh, Vice President & Head of Research at Share India Securities and Avinash Gorakshkar, Head of Research at Profitmart Securities — recommended 6 stocks to buy today.
Mehul Kothari's intraday stocks for today
1] HDFC Bank: Buy around ₹1282, target ₹1340, stop loss ₹1255
2] Indus Towers: Buy around ₹204, target ₹212, stop loss ₹198
Ravi Singh's stock picks for Friday
3] Nippon Life India Asset Management Ltd or NAM-India: Buy around ₹285, target ₹300, stop loss ₹280
4] Gabriel India: Buy around ₹116, target ₹125, stop loss ₹108
Avinash Gorakshkar's day trading stocks to buy today
5] Dabur India Ltd: Buy at CMP, target ₹530, stop loss ₹480
6] Maruti Suzuki India Ltd: Momentum buy at CMP, target ₹8200, stop loss ₹7600.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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