Active Stocks
Mon Sep 25 2023 10:50:40
  1. Tata Steel share price
  2. 127.35 0.51%
  1. ITC share price
  2. 439.95 -0.73%
  1. Wipro share price
  2. 414.6 -0.97%
  1. Tata Motors share price
  2. 620.45 -0.1%
  1. Power Grid Corporation Of India share price
  2. 197.8 -0.65%
Business News/ Markets / Stock Markets/  Day trading guide for today: Five buy or sell stocks for Friday — June 2

Day trading guide for today: Indian stock market ended in red territory on Thursday as foreign institutional investors (FII) turned net sellers on first trade session of the month. 50-stock index Nifty corrected 46 points and ended at 18,487 levels, 30-stock index BSE Sensex tumbled 193 points and finished at 62,428 mark while Bank Nifty index nosedived 337 points and ended at 43,790 levels. Broad market indices ended in the positive once again even as the advance decline ratio remained positive at 1.63:1.

Day trading guide for today

On outlook for Nifty today, Subash Gangandharan, Senior Technical and Derivative Analyst at HDFC Securities said, "The intermediate trend of Nifty remains Up. We expect the Nifty to find support around the previous swing high of 18,459 before resuming the uptrend again. Of course, if this support fails to hold, then a further correction is likely."

Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said that call writers continued to strengthen their position at 18,600, which will continue to act as an immediate resistance for Nifty.

On outlook for Bank Nifty today, SAMCO Securities expert said, "Bank Nifty broke the key support level of 44,000 on account of put writers exiting and call writers aggressively building positions. The support for Bank Nifty now shifts to 43,400."

Intraday trading tips for Friday

Unveiling day trading strategy for stock market today, Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas said, "The daily momentum indicator has a positive crossover and thus this dip should be used as a buying opportunity."

On how strong US job data will impact Indian markets, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "After strong US job data and US House of Representatives passing the US debt ceiling bill, US Fed will feel the heat to raise interest rate to contain inflation. In that case, US dollar and treasury yield may go up for short, which may impact the FIIs' inflows." However, he advised investors to look at quality stocks in auto, banking and capital goods if the weakness on Dalal Street further widens.

Stocks to watch today

Shares of Infosys, Havells India, Steelcast, IndusInd Bank, JSW Steel and Mahindra CIE Automotive would be stocks to watch today as these shares are going to trade ex-dividend today. Sylph Tech shares are going to trade ex-splot today as the stock has declared stock split in 1:10 ratio. DUGLOBAL shares will be in focus as the stock is going to trade ex-bonus for issuance of bonus shares in 3:1 ratio.

In major corporate actions, board of directors of Anmol India is going to consider and announce bonus shares in its scheduled meeting today.

Day trading stocks for today

On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi — recommended five stocks to buy today.

Sumeet Bagadia's intraday stock for today

1] Glenmark Pharmaceuticals: Buy GLENMARK in cash @ 609 SL 585 TGT 660 to 675.

Glenmark share price is presently trading at 609 and demonstrating a highly favorable consolidation pattern. The stock is positioned above all its short-term (20-day), mid-term (50-day), and long-term (100-day and 200-day) moving averages. This indicates strong bullish momentum across various time frames.

Furthermore, Glenmark is finding support at the Bollinger Band mean, which adds further credibility to its positive outlook. With the Relative Strength Index (RSI) currently at 66, there is considerable room for an upward movement in the stock.

Based on these indicators, there is a strong possibility that Glenmark could ascend towards the range of 660 to 675. However, it is important to note that our bullish stance will be invalidated if the stock drops below 585.

Anuj Gupta's buy or sell stocks for today

2] Tata Motors: Buy at CMP, target 570, stop loss 515.

Tata Motors shares have given breakout at 515 on chart pattern and it has formed higher top higher bottom formation, which signals further upside in near term.

3] Wipro: Buy at CMP, target 440, stop loss 392.

Bullish chart structure is still visible after breakout at 400 apiece levels. The It major is witnessing substantial trade volume as well.

Ganesh Dongre's day trading stocks

4] AU Bank: Buy at 770, target 790, stop loss 755.

Short term reversal pattern is seen on hourly chart and RSI indicator is showcasing further uptrend.

5] Tata Chemicals: Buy at around 970, target 1000, stop loss 950.

Short-term reversal pattern is seen in this stock from 945-955 low made, so RSI still on the buy side. Hence, possible short-term bounce is possible till 995.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Updated: 02 Jun 2023, 07:46 AM IST
Next Story
Recommended For You

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App