Day trading guide: The short-term trend of Nifty continues to be negative, say experts
Day trading guide for Wednesday: Indian stock market could not hold on to the intraday bounce after a weak opening on Tuesday and closed in red territory. Nifty 50 index ended 61 points lower at 16,240 whereas BSE Sensex shed 105 points and closed at 54,346 levels. However, Nifty Bank index 207 points upside at 34,482 levels. Volumes on the NSE were much lower than recent average suggesting lower activity levels from FPIs. However advance decline ratio was deeply in the negative suggesting a mild panic on the part of local traders.
According to stock market experts, current trade pattern indicates a lack of strength in the market to sustain the upside bounce. This is negative indication and signal possibility of further weakness in the market ahead.
Day trading guide for stock market today
Speaking on intraday trading strategy for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short-term trend of Nifty continues to be negative. An attempt of upside bounce from the lows seems to have completed in the last two sessions and the market is placed for further weakness. The near term downside target remains at 15,700 levels. On the upper side, 16400-16500 levels could be a strong overhead resistance for NSE Nifty."
Day trading stocks for today
Sharing intraday stocks for today, share market experts — Sumeet Bagadia, Executive Director at Choice Broking; Mehul Kothari, AVP — Technical Research at Anand Rathi and Anuj Gupta, Vice President — Research at IIFL Securities — recommended 6 stocks to buy or sell today.
Summet Bagadia's day trading stocks
1] L&T Finance Holdings or L&TFH: Sell at CMP, target ₹76 to ₹74, stop loss ₹83
2] Titan Company: Sell at CMP, target ₹2100 to ₹2080, stop loss ₹2180
Mehul Kothari's intraday stocks for today
3] Canara Bank: Buy around 198, target ₹204, stop loss ₹194
4] Godfrey Phillips: Buy around ₹1190, target ₹1280, stop loss ₹1140
Anuj Gupta's stock picks for today
5] State Bank of India or SBIN: Buy at CMP, target ₹505, stop loss ₹458
6] Equitas Holdings: Buy at CMP, target ₹130, stop loss ₹197.