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Day trading guide for Friday: The weakness continued in the Indian stock market for third consecutive sessions on Thursday. NSE Nifty went down 88 points and closed at 18,178 levels whereas BSE Sensex shed 336 points and closed at 60,923 levels. However, Bank Nifty shot up 512 points and closed at 40,030 levels. On Thursday session, a massive intraday upside recovery emerged from the day’s low of 18,048 levels and closed the day by erasing most of the intraday loss. According to stock market experts, this pattern indicates an emergence of buying interest from the lows. This also signals a possible completion of recent downward correction in the market.
On a day when the volumes on the NSE were the lowest in the past 4 days, banks were the main gainers among sectors while metals, telecom, IT and realty were the main losers.
Trade view on NSE Nifty
Unveiling intraday trading strategy for Friday; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term weakness of the market seems to be ending now. Positive close in the next session could confirm higher bottom formation at Thursday's low of 18,048 levels. A sustainable upside move from here could eventually challenge the recent all time high of 18,604 levels in the near term. Immediate support for NSE Nifty is placed around 18,150 to 18,050 levels."
Day trading stocks to buy today
Sharing intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ravi Singhal, Vice Chairman at GCL Securities; Dr Ravi Singh, Head of Research & Vice President at Share India and Manoj Dalmia, Director & Founder at Proficient Equities Private Limited — recommended 6 shares to buy today.
Sumeet Bagadia's intraday stocks for today
1] Mahindra & Mahindra Financial Services: Buy at CMP, target ₹200, stop loss ₹186
2] Ashok Leyland: Buy at CMP, target ₹148, stop loss ₹136
Ravi Singhhal's stock of the day
3] Federal Bank: Buy around ₹97, target ₹111, stop loss ₹92
Ravi Singh's stocks to buy today
4] Gabriel India: Buy at ₹152, target ₹165, stop loss ₹145
5] Bank of India: Buy at ₹61, target ₹75, stop loss ₹55
Manoj Dalmia's stock pick for intraday trade
6] Tanla: Buy at ₹CMP, target ₹1068, stop loss ₹994.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
