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Day trading guide for Thursday: Following strong global cues, Indian stock market bounced back on Wednesday after news of subsiding geopolitical tension and new hopes of stimulus in China. Nifty 50 witnessed an excellent comeback yesterday and closed at 16,975 levels with handsome gains of 312 points while BSE Sensex shot up 1039 points and closed at 56,816 levels. Nifty Bank index ascended 725 points and closed at 35,748 levels. According to stock market experts, current market pattern suggest a chances of decisive upside breakout of 17,000 levels in coming session, which is a positive indication.
Day trading guide for stock market today
Unveiling intraday trading tips for Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "Having placed at the edge of 17,000 mark, the stage is set for the Nifty to witness an excellent upside breakout of 17000 to 17050 levels in the short term. A sustainable move above this area is expected to result in a decisive follow through upside moves in the market. Any failure could result in minor weakness or consolidation at the highs. Immediate support for NSE Nifty is placed at 16830 levels."
Asking traders to know their levels in regard to Nifty and Bank Nifty index; Sumeet Bagadia, Executive Director at Choice Broking said, "Traders can keep broader range of Nifty today in between 16,600 to 17,250 whereas high risk traders can assume short range of Nifty in between 16,800 to 17,100 levels. Likewise, broader range of Bank Nifty today is 35,000 to 36,300 while short range of the banking index is placed between 35,300 to 36,000 levels."
Day trading stocks
Sharing intraday stocks for today's session, stock market experts — Sumeet Bagadia of Choice Broking; Anuj Gupta, Vice President at IIFL Securities and Avinash Gorakshkar, Head of Research at Profitmart Securities — recommended 5 stocks to buy today.
Sumeet Bagadia's day trading stocks to buy
1] UltraTech Cement: Buy at CMP, target ₹6500 to ₹6600, stop loss ₹6150
2] Grasim Industries: Buy at CMP, target ₹1630 to ₹1650, stop loss ₹1570
Anuj Gupta's intraday stocks for today
3] State Bank of India or SBI: Momentum buy at CMP, target ₹525, stop loss ₹474
4] Indian Oil Corporation Ltd or IOC: Buy at CMP, target ₹130, stop loss ₹114
Avinash Gorakshkar's stock of the day
5] HDFC Ltd: Buy at CMP, target ₹2355, stop loss ₹2260.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
