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Day trading guide: Key benchmark indices Sensex and Nifty ended in positive territory on second successive session on Thursday. NSE Nifty ended 287 points north at 16,929 levels while BSE Sensex skyrocketed 1041 points and closed at 56,857 levels. Nifty Bank index shot up 594 points and finished at 37,378 mark. Broad market underperformed as the mid-cap and small-cap indices rose less than the key benchmark indices. Volumes on the weekly derivatives expiry day on the NSE was higher than recent averages but advance decline ratio though positive (at 1.50) was not euphoric.

Stock market today: SGX Nifty signals strong opening

According to stock market experts, after fall in the US GDP data in second straight quarter, Indian markets may have a positive opening today. They said that a long bull candle was formed on the daily chart with gap up opening, which display sharp upside momentum in the market. Nifty witnessed upside breakout of the crucial overhead resistance of 16800 levels (resistance as per the concept of change in polarity) and is now trading higher.

"The short term trend of Nifty has turned sharply on the upside. As per the theories of upside breakout of crucial resistance, unfilled opening gaps and the positive chart pattern like higher tops and bottoms are all indicating more upside ahead for the market. Next upside target to be watched around 17500 levels. Immediate support is placed at 16800-16750 levels," said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

"Indian markets may have a strong opening today as SGX Nifty is up by more than 170 points after the US GDP data falling in second straight quarter. This is good for the emerging markets as weak US GDP numbers will put pressure on the rising dollar index. We can now expect FIIs' to put breaks on their selling spree and turn net buyers," said Anuj Gupta, Vice President — Research at IIFL Securities. He said that weak dollar is expected to provide support to Indian economy as FIIs and FPIs may look at India as an investment hub in the wake of looming slowdown fears in the US economy.

Day trading stocks

Sharing intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking, Anuj Gupta of IIFL Securities and Mehul Kothari, ABP — Technical Research at Anand Rathi — recommended 6 stocks to buy today.

Sumeet Bagadia's intraday stocks for today

1] TVS Motor: Buy at CMP, target 900 to 910, stop loss 840

2] Vedanta: Buy at CMP, target 255 to 260, stop loss 235

Anuj Gupta's day trading stocks to buy today

3] ITC: Momentum buy at CMP, target 320, stop loss 288

4] Axis Bank: Buy at CMP, target 760, stop loss 698

Mehul Kothari's stocks to buy today

5] Interglobe Aviation or Indigo: Buy around 1846, target 1900, stop loss 1815

6] Berger Paints: Buy around 617, target 640, stop loss 600.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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