2 min read . Updated: 07 Oct 2021, 07:29 AM IST Edited By Asit Manohar
- Day trading guide: Nifty has formed a lower top on a short term basis. It has also formed an engulfing top on daily charts, which has bearish connotations, believe stock market experts
Day trading guide for Thursday: Indian stock market snapped its two day winning streak on Wednesday driven lower by weak global cues. NSE Nifty dipped 176 points and closed at 17,646 levels whereas BSE Sensex shed 555 points and closed at 59,189 levels. Bank Nifty index ended 219 points lower at 37,521 levels. On a day when the volumes on the NSE were higher than recent average, all the sectoral indices ended in the red with metals, realty, healthcare and consumer durables leading the pack on the downside. S&P BSE Mid-cap index shed 1.2 per cent and S&P BSE Small-cap index fell 0.5 per cent.
Day trading guide on Nifty
Unveiling intraday trading strategy in regard to NSE Nifty; Deepak Jasani, Head of Retail Research at HDFC Securities said, “Nifty has formed a lower top on a short term basis. It has also formed an engulfing top on daily charts, which has bearish connotations. The weak advance decline ratio also suggests wide spread profit taking. Even if the global markets show some recovery, Nifty could after a small recovery again run into profit taking. Investors may take a part of their profits and raise cash, while traders can keep strict stop losses and reduce their positions till the sentiment improves.”
Day trading stocks for today
Sharing intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ravi Singhal, Vice Chairman at GCL Securities; Rohit Singre, Technical Research Analyst at LKP Securities; Dr Ravi Singh, Head of Research & Vice President at Share India and Sandeep Matta, Founder at TRADEIT Investment Advisors — recommended 9 intraday shares for today.
Sumeet Bagadia’s intraday stocks for today
1] Tata Consumer Products: Momentum buy at CMP, target ₹840 to ₹850, stop loss ₹799
2] Britannia Industries: Buy at CMP, target ₹4050 to ₹4100, stop loss ₹3825
Sandeep Matta’s day trading stocks to buy today
3] HDFC Asset Management Company: Buy at ₹2900, target ₹3000 to ₹3100, stop loss ₹2800
4] Ashok Leyland: Buy at ₹130, target ₹137, stop loss ₹123
Ravi Singhal’s stock of the day
5] Reliance Industries: Sell at ₹2570, target ₹2500, stop loss ₹2588
Ravi Singh’s shares to buy today
6] Bharti Airtel: Sell at ₹695, target ₹680, stop loss ₹700
7] Bharat Petroleum Corp Ltd or BPCL: Buy at ₹445, target ₹455, stop loss ₹442
Rohit Singre’s stocks to buy today
8] Navin Fluorine International Limited: Buy at CMP, target ₹4100 to ₹4150, stop loss below ₹3980
9] Piramal Enterprises Ltd or PEL: Buy at ₹CMP, target ₹2900 to ₹2940, stop loss below ₹2805.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Never miss a story! Stay connected and informed with Mint. Download our App Now!!