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Business News/ Markets / Stock Markets/  Day trading guide for today: Six buy or sell stocks for Friday — June 9

Day trading guide for today: On account of weak global market sentiments, Indian stock market snapped its four days rally and finished lower on Thursday session. 50-stock index Nifty ended 91 points down at 18,634 whereas 30-stock index BSE Sensex finished 294 points lower at 62,848 levels. Bank Nifty index slashed 280 points and closed at 43,995 levels. In broad market, mid-cap index shed 0.87 per cent while small-cap index corrected 0.47 per cent.

Day trading guide for stock market today

On Outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The Nifty has been moving up as per bullish pattern like higher tops and bottoms in the last few weeks on the daily timeframe chart. Thursday's swing high could be considered as a new higher top of the sequence and further weakness for short term is expected to be a higher bottom of the sequence. At the lows, Nifty could find cluster support like ascending trend line, 10 day and 20 day EMA around 18560-18450 levels."

On Nifty call put ratio, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "The maximum call and put open interest for Nifty is placed at 18,700 Strike for the 15th June expiry. The option activity at 18,700 Strike needs to be monitored for any cues about Nifty Intraday direction. The downside support for Nifty is placed at 18,600." He said that Bank Nifty is facing hurdle at 44,500 whereas it has support placed at 43,700 levels.

Stocks to watch today

A good numbers of dividend stocks will be under the lens of intraday traders as focus has shifted towards dividends after the closure of Q4 results season. More than a dozen stocks are going to trade ex-dividend today. These dividend payin stocks include Voltas, Indian Hotels Company, HDFC AMC, NFL and Asian Paints. Apart from these, Tips Films, Cartrade Tech Limited, Anmol India and BCL Industries would also be one of the stocks in focus today after bulk deals execution on Thursday.

Intraday trading tips for Friday

On reason for dip in Indian stocks after rate-pause stance by RBI MPC, Sugandha Sachdeva, Executive Director & Chief Strategist at Acme Investment Advisors said, "The Reserve Bank of Australia and the Bank of Canada have hiked interest rates while the RBI maintained a status quo on policy rate on expected lines as inflation cooled off to 4.7% in April (YoY) as compared to 5.7% in March, well within RBI’s tolerance band of 2-6% for the second consecutive month. However, the RBI sounded hawkish and maintained that it’s a pause and not a pivot which has led to a lot of concerns about the path of monetary policy going ahead. Expectations of a rate cut have now receded in the backdrop of elevated inflation risks and the central bank’s hints of tighter monetary conditions."

"Besides, the ECB is expected to hike rates by 25bps, while eyes are now on the US Fed monetary policy outcome next week and the US CPI data just before that which will influence the policy stance," Sugandha added.

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 six stocks to buy today.

Sumeet Bagadia's intraday stocks for today

1] ONGC: Buy ONGC @ 156.10 SL 151 TGT 164.

ONGC share price has consolidated since last 6 days. The stock has strong base near to 151.5 levels which is also 200-day EMA. The RSI has bounced from lower levels and currently trading around 41 levels which indicates strength. A small resistance is witnessed near 159 levels which is also 20- and 50-day EMA. Once stock surpasses the above-mentioned levels it can move towards the target of 164 levels and above.

2] Ashok Leyland: Buy ASHOKLEY @ 153 SL 148 TGT 162.

Ashok Leyland share price chart pattern is forming higher high higher low formation since last 5 days. The stock has bounced after consolidation on lower side and have crossed a resistance of rs 149. A small resistance is placed around 154 levels and once stock surpasses the mentioned levels it can move towards the target of 162 and above. We can witness a strong support near 149 which is also 20-day EMA levels. Based on the above analysis ASHIKLEY can be purchased at CMP with a SL of 148 for the target of 162.

Anuj Gupta's intraday stocks for today

3] South Indian Bank: Buy at CMP, target 21, stop loss 16.50.

Scrip is bouncing back from oversold zone and it has formed higher top higher bottom on chart that signals further uptrend.

4] NTPC: Buy at CMP, target 190, stop loss 174.

The stock has given fresh breakout on chart pattern with substantial rise in trade volume.

Ganesh Dongre's day trading stocks

5] LT: Buy at 2340, target 2400, stop loss 2300.

LT share price is showing strength on the daily chart pattern, a bullish engulfing pattern has been formed, holding the support level of 2280 could drag the stock toward the 2400 level in the short term. So, one can go long with a stop loss of 2280 for the target price of 2400.

6] Reliance Industries Ltd or RIL: Buy at 2500, target 2550, stop loss 2470.

Reliance share price is showing strength on the short-term hourly chart pattern, holding the support level of 2470 could drag the stock toward the 2540 level in the short term. So, one can go long with a stop loss of 2470 for the target price of 2550.

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.

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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.
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Updated: 09 Jun 2023, 07:47 AM IST
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