Day Trading Guide for Friday: The Indian stock market closed on the red mark on Wednesday due to weakness in Asian markets. NSE Nifty lost 162 points to close at 174,038 while BSE Sensex lost 537 points to close at 56m819. The Nifty Bank index ended 375 points lower at 36,028.
Volumes on the NSE were slightly above the recent average, but the forward decline ratio was severely down in the negative. The BSE Midcap index fell 0.88 percent and the Smallcap index fell 0.61 percent. according to this Share Market According to experts, the current pattern indicates indecision among market participants at lower levels.
day trading guide for stock market today
Speaking on the intraday trading strategy with respect to Nifty today, Nagraj Shetty, Technical Research Analyst, HDFC Securities said, “The market is showing a day upside and downside type formation. That Nifty is now preparing for one. Larger movement. The overall chart pattern is weighing higher on the downside. Support for Nifty 50 index at 16,800 appears to be an important base for long positions. Immediate resistance for NSE Nifty 17,150 level.”
Ruchit Jain, Lead Research at 5paisa.com said, “Voltility in global markets has created a lot of uncertainty for our markets as well. The Nifty 50 Index index has traded within a broad range of 16,800 to 17,400 with moves on both sides. Over the past few sessions. In this recent correction, 16,800 to 16,900 has been an important support range as Nifty has managed to pull back twice higher than that range. Also, it is with ‘200 DEMA’ and 50% retracement mark Matches. On the flipside, the index is not showing enough strength to show a sustained upward move as pullbacks are being sold.”
“On the short term charts, this recent movement has formed a ‘triangle’ pattern on the hourly time frame and therefore, any directional move requires a breakout from it. Being a monthly expiry day, it will be interesting to watch Whether this breakout occurs in the coming session may set the pace for the coming May series. For the day of expiry, 17000 put options have the highest open interest outstanding, indicating that the option writer expires below this level. If the market stays down this during the day, then there will be tug of war leading to higher intraday volatility,” Ruchit Jain said.
Advising traders to stay light and avoid aggressive positions, Ruchit Jain of 5paisa.com said, “From a short term perspective, the above ‘triangle’ gives a range of 16825-17200 and one can trade only after a breakout. This range. A move above 17200 would then lead to a short-term pullback towards 17600 while a breach below 16825 could lead to a sharp selloff. Therefore, until the range of 16825-17200 Till the time there is no breakout, it is advisable to stay light and avoid aggressive positions.”
day trading stocks
Sharing the intraday stocks for today, stock market experts – Rajesh Bhosale, Technical Analyst, Angel One Limited; Anuj Gupta, Vice President – Research at IIFL Securities; Mehul Kothari, AVP – Avinash Gorakshakar, Head of Technical Research and Research at Profitmart Securities at Anand Rathi Shares & Stockbrokers has a buy recommendation on 6 stocks today.
1]Buy at: Apollo Tires 210.50, target 223, stop loss 204
2]TVS Motor: Buy Here 686.60, target 716, stop loss 671
Anuj Gupta’s stock today
3]Axis Bank: Buy on CMP, Target 815, stop loss 738
Mehul Kothari’s stock pick for today
4]Endurance Technologies: Buy Nearby from 1225 1235, target 1350, stop loss 1160
Today’s intraday stock of Avinash Gorakshakar
5]Jindal Steel: Buy on CMP, Target 580, stop loss 520
6]Marico Limited: Buy on CMP, Target 560, stop loss 515.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.