Day trading guide for Thursday: Nifty made a lower low compared to the previous two sessions but closed flat to mildly higher. This means sell-offs are being bought into, believe experts
Day trading guide for Thursday: After showing a range bound movement with weak bias on Tuesday, Nifty witnessed volatile session on Wednesday and closed 8 points lower at 17,353 levels. BSE Sensex went off 29 points and closed at 58,250 levels. On a day when the volumes on the NSE were just below recent averages, power and banking stocks surge the most, while IT and auto indices fell the most. BSE Small-cap and BSE Mid-cap indices outperformed Nifty rising 0.55 per cent and 0.81 per cent respectively.
In the global markets, Asian shares snapped eight successive sessions of gains on Wednesday, as fresh worries about slowing global growth prompted investors to reduce their exposure to riskier assets in a boost to safe-havens such as the US dollar (USD). European stocks retreated on Wednesday, reflecting cautious trade in global markets amid nervousness over economic growth and resurgence in Covid cases. At Wall Street, Dow Jones went off 0.20 per cent while Nasdaq shed 0.57 per cent on Wednesday trade session.
Speaking on intraday trading tips; Deepak Jasani, Head of Retail Research at HDFC Securities said, "Nifty made a lower low compared to the previous two sessions but closed flat to mildly higher. This means sell-offs are being bought into. Also advance decline ratio improved too much above 1:1 denoting some return of confidence by the participants. 17,254 to 17,437 could be the trading band for NSE Nifty over the next few sessions."
Intraday stocks for today
Speaking on day trading stocks, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Kapil Goenka, Director at C M Goenka Stock Brokers; Manoj Dalmia, Director and Founder at Proficient Equities; Mudit Goel, Senior Research Analyst at SMC Global Securities and Rohit Singre, Senior Technical Analyst at LKP Securities — recommended 6 shares to buy today.
Sumeet Bagadia's day trading stocks
1] United Phosphorus Ltd or UPL: Momentum buy at CMP, target ₹780 to ₹800, stop loss ₹745