Day Trading Guide for Friday: Indian stocks ended marginally lower on the last day of Q1FY23, which was also the F&O closing day, after heavy rate hikes and weak global cues on inflationary fears. The Nifty 50 index fell 18 points to end at 15,780 while the BSE Sensex lost 8 points to end at 53,018. Nifty Bank index climbed 155 points to close at 33,425 level. The broader markets remained under pressure as the forward drawdown ratio was negative.
mostly global market It fell again on Thursday as traders fear a steep rate hike to rein in rising inflation would trigger a recession. Global shares sank on Thursday to extend the worst first half of the year on record, as investors worry that the latest display of the central bank’s determination to tame inflation could slow economies sharply. Will give
day trading guide for stock market today
Speaking on the Day Trading Guide for Nifty today, Nagraj Shetty, Technical Research Analyst, HDFC Securities said, “Following the formation of a false upside breakout at 15,800 levels on the NSE Nifty on June 27, any sharp weakness from the close of the barrier. The last three sessions may be in favor of the bulls rebounding from lower levels. But, any decisive move below 15,600 level on Nifty is likely to negate bullish bets and result in sharp weakness towards 15,200 level. can come.”
Ruchit Jain, Lead Research, 5paisa.com said, “Immediate support for Nifty is placed at 15,700 to 15,650 levels, while resistance is seen around 15900. A breakout beyond this range is necessary for the next directional move. Below the support, the index will resume its downtrend which will have a negative impact on the overall market. On the flipside, a breakout above 15900 on NSE Nifty will take the index towards retracement resistance of 16,000 and 16,180 levels. Clear must wait until the breakout forms the range mentioned above and then trade in the direction of the breakout.”
“After the recent pullback move, several major indices like Nifty, Bank Nifty, Nifty IT, Midcap 100 and Small Cap indices are trading around their respective 20-day EMAs. Close above this average to continue the positive momentum. And till then, fresh long run risks are high and hence one should go light on positions,” said Ruchit Jain of 5paisa.com.
day trading stocks
While sharing the intraday stocks for today, stock market experts – Mehul Kothari, AVP – Technical Research at Anand Rathi and Anuj Gupta, Vice President – IIFL Securities – recommended 4 stocks to buy today.
Today’s Intraday Stock of Mehul Kothari
1]Hindustan Aeronautics Limited or HAL: Buy Nearby 1770, Target 1850, stop loss 1720
2]TVS Motor: Buy Nearby 851 Target 8880, stop loss 825
Anuj Gupta’s day trading shares buy
3]Dabur: Buying Momentum on CMP, Target 530, stop loss 465
4]Deepak Fertilizers: Buy at CMP, Target 760, stop loss 666.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.