BackDay trading guide for Thursday: 6 stocks to buy or sell today — 24th February
Day trading guide: Small range for Nifty today is 17,000 to 17,200 whereas broader range is 16,800 to 17,300 levels. Likewise, small range for Nifty Bank index is 37,000 to 37,700 while broader range is 36,700 to 38,000 levels, say experts
PremiumDay trading guide for Thursday: After showing a sustainable upside bounce from the lower support levels on Tuesday, Indian secondary market failed to show follow-through upside move on Wednesday as Indian stock market closed in red zone for sixth straight session. NSE Nifty went off 28 points and closed at 17,063 whereas BSE Sensex shed 68 points after ending at 57,232 levels. Nifty Bank index nudged 20 points north and ended at 37,392 levels.
According to stock market experts, current market trend indicate counter attack of bears type pattern. Expecting highly volatile session at stock market today, they suggested intraday traders to keep quantity in check and avoid aggressive positions until there’s a breakout from the given range.
Day trading guide: What global cues signal?
At Wall Street on Wednesday, Dow Jones ended 464 points or 1.38 per cent lower at 33,131 whereas Nasdaq shed 344 points or 2.57 per cent and closed at 13,037 levels.
Expecting high volatility with negative bias; Anuj Gupta, Vice President at IIFL Securities said, "Yesterday US markets ended lower whereas SGX Nifty today is also in red territory. Traders are advised to keep an eye on latest developments in Russia-Ukraine crisis as Ukraine declared state of emergency on Wednesday and told its citizens in Russia to flee, while Moscow began evacuating its Kyiv embassy in the latest ominous signs for Ukrainians who fear an all-out Russian military onslaught. So, market may open on the lower side today."
Expecting global triggers to dictate terms in stock market today; Ruchit Jain, Lead Research, 5paisa.com said, "FII’s have recently trimmed their short positions, which were seen during the first half of the series while they have formed bullish positions in stock futures. Although the global news flows would dictate the market moves, we advise traders to look for buying opportunities on dips near the support and keep stop loss below 16,800 on positional longs. However, given higher volatility, one should keep quantity in check and avoid aggressive positions until there’s a breakout from the current range."
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 underlying short term trend of stock market remains choppy and the it is struggling to sustain the higher levels. There is a possibility of sideways range movement with weak bias for the next 1-2 sessions and eventually the Nifty could retest crucial lower support of 16,800 levels in the near term. Immediate resistance for NSE Nifty is placed at 17220 levels."
Suggesting intraday traders to remember important levels at Nifty and Bank Nifty; Sumeet Bagadia, Executive Director at Choice Broking said, "Small range for Nifty today is 17,000 to 17,200 whereas broader range is 16,800 to 17,300 levels. Likewise, small range for Nifty Bank index is 37,000 to 37,700 while broader range is 36,700 to 38,000 levels."
Day trading stocks
Sharing intraday stocks for today, 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 6 stocks to buy or sell today.
Sumeet Bagadia's day trading stocks for today
1] MCX: Sell at CMP, target ₹1250, stop loss ₹1320
2] Shriram Transport Finance: Sell at CMP, target ₹1140 to ₹1120, stop loss ₹1220
Anuj Gupta's intraday stocks
3] IOC: Buy at CMP, target ₹124, stop loss ₹109
4] Vishwaraj Sugar Industries: Buy at CMP, target ₹26, stop loss ₹18
Avinash Gorakshkar's day trading stocks for Thursday
5] Titan Company: Buy at CMP, target ₹2570, stop loss ₹2460
6] United Spirits: Buy at CMP, target ₹895, stop loss ₹835.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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