Day Trading Guide: Indian stocks closed in negative territory in Tuesday’s session on the back of a rally in the dollar index and continued selling by FIIs. The NSE Nifty lost 157 points to end at 16,058, while the BSE Sensex closed at 53,886, down 508 points. Nifty Bank index closed 337 points lower at 35,1332. Volatility Index India VIX ended 1 per cent higher at 18.55. However, the BSE Midcap and Smallcap indices fell lower than the Nifty 50 index.
day trading guide for stock market today
Day Trading Guide for Speaking on nifty todayChinmoy Barve, Head of Technical and Derivatives Research at Profitmart Securities said, “Nifty is facing strong resistance around 16,250 to 16,300 repeatedly for the past two sessions and any advance towards those levels will be met with supply. Nifty has found good support near 15,900. More bears in 15,950 zone will have to make some extra efforts to decisively pull the index below 15,900. On the upside, Nifty faces resistance at 16,250 and 16,400. Might have.”
“After hitting the resistance of 16250, the index has retraced some recent gains and Nifty is now approaching 16000 mark. Correction in global markets, rise in US dollar index and selling by FIIs have been the reasons for panic In equity markets, however, the index is forming a ‘higher top higher bottom’ structure on the lower time frame charts and unless this structure changes, it should be read only as a pullback move,” Ruchit Jain , Lead Research said by 5penny.com.
day trading stocks
Speaking on intraday stocks for today, stock market experts – Anuj Gupta, Vice President – Research at IIFL Securities and Avinash Gorakshakar, Head of Research at Profitmart Securities – recommended 4 buys today.
Today’s Intraday Stock of Anuj Gupta
1]Ashok Leyland: Buying Momentum on CMP, Target 155, stop loss 128
2]State Bank of India or SBI: Buy on CMP, Target 520, stop loss 455
Will buy day trading shares of Avinash Gorakshakar today
3]Tata Power: Buy on CMP, Target 233, stop loss 216
4]Havells: Buy on CMP, Target 1270, stop loss 1190.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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