Day trading guide for Friday: The consolidation movement continued in the market for the second consecutive session on Thursday. Nifty 50 went off 9 points and closed at 17,203 whereas BSE Sensex shed 12 points and closed at 57,794 levels. Bank Nifty added 18 points and closed at 35,063 levels. According to stock market experts, current market pattern indicates an impending warning signal for trend reversal.
Day trading guide for stock market today
Stock market experts said that Nifty is now placed at the crucial overhead resistance of around 17,250 to 17,300 levels, which is likely to be a new lower top formation (with swing high of 17,285 of 29th December). But, the market is not showing any sharp weakness from near the key hurdle. Hence, such consolidation movements just below the important resistances more often results in a decisive upside breakout of the hurdle.
Speaking on day trading guide for Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term trend of Nifty remains choppy. The lack of selling participation at the crucial overhead resistance could give chance for bulls to make a sharp come back from the lows in the near term. Hence, the said consolidation movement could continue for the short term. Immediate support for NSE Nifty is placed at 17,120 levels.”
Echoing with Nagraj Shetti’s views; Ruchit Jain, Lead Research at 5paisa.com said, “As per our analysis, until the Nifty surpass its hurdle of 17,300 and Bank Nifty crosses its resistance of 35,500, there is a probability of a small correction, which would lead the Nifty to mark a higher low and Bank Nifty to complete its last leg of the correction. Hence, traders should look to book some profits on long positions here and form aggressive longs only if the indices give breakout above the mentioned resistances.”
Day trading stocks to buy today
Sharing day trading stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking and Mudit Goel, Senior Research Analyst at SMC Global Securities — recommended 4 stocks to buy today.
Sumeet Bagadia’s day trading stocks
1] Titan Company: Buy at CMP, target ₹2500 to ₹2525, stop loss ₹2380
2] Britannia: Buy at CMP, target ₹3675 to ₹3700, stop loss ₹3500
Mudit Goel’s day trading stocks for today
3] HDFC Ltd: Buy at CMP, target ₹2610, stop loss ₹2550
4] HDFC Bank: Buy at CMP, target ₹1490, stop loss ₹1450.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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