Thursday’s Daily Trading Guide: The sharp downtrend in the Indian stock market continued for the second consecutive sessions on Wednesday due to weak global signals. Nifty 50 stock closed down 174 points at 17,938, while BSE Sensex stock closed at 60,098 points, losing 656 points in the Wednesday session. With that said, Bank Nifty showed a sharp recovery and closed above the 38000 psychological levels.
According to stock market experts, the current market indicates a continuation pattern of a downtrend in the market. The formation of a long bear candle back to back in the two sessions indicates a reversal of the bearish trend in Nifty after a sustained upward movement in the last 22 to 23 sessions.
Daily stock market trading guide today
Speaking in Nifty’s Day Trading Guide today; Nagaraj Shetty, Technical Research Analyst at HDFC Securities, said, “The primary trend for Nifty continues lower. The short-term upper reversal is confirmed at the high of 18350 and the bearish patterns on the daily time frame chart are still the same. The next downtrend is NSE Nifty levels which It should be watched around 17.700 to 17650 levels and any rally pulling back from here could find strong resistance around 18100 levels.”
He shares his view on the Bank Nifty Index; “The relative strength in the Nifty Bank Index indicates that this sector will continue to lead, and therefore, short-term traders can look for specific buying opportunities for stocks from this space,” said Ruchit Jain, Head of Research at 5paisa.com.
In the day trading strategy; Ruchit Jain of 5paisa.com said that the recent correction in the Indian stock market was on the table as Nifty saw a rise from 16410 to 18350 in a month span without any meaningful correction. “This correction will dampen the overbought momentum which should be a good signal for the next stage of the rally,” said Ruchit Jain.
daily stock trading
Talking about stock trading today, stock market experts – Sumit Bajjadia, CEO, Choice Broking; Avinash Gorakshkar, Head of Research at Profitmart Securities, and Anuj Gupta, Vice President at IIFL Securities recommended buying or selling 6 shares today.
Trade Summit Bagadia shares today
1]Gujarat Gas Ltd: Buy in CMP, the goal R715 and R725, stop loss R675
2]United Phosphorus Ltd or UPL: Buy in CMP, the goal R830 to R840, stop loss R790
Avinash Gorakshkar shares traded for Thursday
3]State Bank of India or SBI: buy in R516, target R530, stop loss R507
4]Tata Motors: buy in R521, target R537, stop loss R513
Anuj Gupta stock trading day to buy today
5]Indian Oil Corporation or IOC: buy in R124, target R130, stop loss R120
6]GMR Infrastructure: buy in R43, target R49, stop loss R40.
Disclaimer: The opinions and recommendations above are those of individual analysts or brokerages and are not issued by the mint.
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