Day trading guide for today: Six buy or sell stocks for Monday — May 8
Day trading stocks: Market experts have recommended six stocks to buy today — Britannia, Ambuja Cements, IRFC, Ircon, Nocil and SBI Card
PremiumDay trading guide for today: On account of heavy beating due to HDFC twins share rebalancing, Dalal Street witnessed weak bias throughout the Friday session last week. 50-stock Nifty lost a little over one per cent whereas 30-stock index BSE Sensex dipped 1.13 per cent. Nifty Bank index nosedived 2.34 per cent by losing over 1,000 points in single session. In broad markets, mid-cap index lost 0.50 per cent while small-cap index went off 0.39 per cent on last session of the week gone by.
Day trading guide for stock market today
Speaking on outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The positive chart pattern like higher tops and bottoms is still intact and present weakness could be in line with the formation of new higher bottom. Hence, further weakness from here could signal higher bottom reversal around the next important support of 17,800 levels. Nifty on the weekly chart formed a small negative candle with long upper shadow. This chart pattern hints at a possibility of more weakness in the coming sessions."
Expecting bounce back from support levels, Rohan Patil, Technical Analyst, SAMCO Securities said, "The weekly momentum indicator still has a positive crossover, a buy signal. We believe that the uptrend is still intact, and this dip should be used as a buying opportunity." He said that Nifty continues to trade in a higher high higher bottom and prices are sustained above its short and medium-term averages.
On why Nifty Bank crashed more than double of Sensex and Nifty, Siddhartha Khemka, Head - Retail Research at Motilal Oswal said, "HDFC twins were major losers on Friday, dragging benchmark and banking indices down." In the week ahead, the Motilal Oswal expert predicted that Indian stock market would take cues from inflation, state election outcome and ongoing earning season.
On outlook for Nifty Bank index, Ruchit Jain, Lead Research at 5paisa.com said, "The readings on the Bank Nifty chart have given a negative crossover and thus there could be some deeper retracement in the banking index. The important support for this index is around 42,350 which needs to be closely watched. Below this, the Bank Nifty index could approach its next support towards 41,800."
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 — recommended six day trading stocks to buy today.
Sumeet Bagadia's buy or sell stocks for today
1] Britannia: Buy at CMP, target ₹4750 to ₹4800, stop loss ₹4510
2] Ambuja Cements: Buy at CMP, target ₹425 to ₹430, stop loss ₹385
Ganesh Dongre's intraday stocks for today
3] Nocil: Buy at ₹232, target ₹245, stop loss ₹222
4] SBI Card: Buy at ₹800, target ₹825, stop loss ₹785
Anuj Gupta's day trading stocks
5] IRFC: Buy at CMP, target ₹48, stop loss ₹29
6] Ircon: Buy at CMP, target ₹105, stop loss ₹77.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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