Day trading guide for today: 6 stocks to buy or sell on Friday — 27th January
Day trading guide for today: Despite Asian equities climbing to seven months high, Indian stock market crashed on Wednesday after short seller Hindenburg raised concerns over the Adani group’s debt position. NSE Nifty nosedived 226 points and closed at 17,891 levels whereas BSE Sensex tumbled 773 points and finished at 60,205 mark. Bank Nifty index crashed 1,085 points and ended at 41,647 levels. Small-cap index fell less than the 50-stock Nifty though the advance decline ratio fell to 0.34:1.
According to stock market experts, the recent upside breakout of triangle pattern has been negated with Nifty reaching the lower end of triangle at 17,800 levels on Wednesday. This is not a good sign, as the weakness could be intensified on the move below 17,750 levels.
Stock market today: Day trading strategy for Friday
Unveiling Pivot levels for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term trend of Nifty has turned negative. Having placed at the important support, minor pullback rally is expected in the short term. But, the overall chart pattern indicates the higher possibility of decisive downside breakout at 17,750 levels in the near term. Such anticipated market action is likely to bring steep weakness for the market ahead.”
Nagraj Shetti of HDFC Securities went on to add that Nifty is currently placed at the crucial support of previous swing lows around 17,780 to 17,800 levels.
Day trading stocks to buy today
Unveiling intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking and Anuj Gupta, Vice President — Research at IIFL Securities — recommended 4 stocks to buy today.
Sumeet Bagadia’s stocks to buy today
1] Hero Motocorp: Buy at CMP, target ₹2850 and ₹2900, stop loss ₹2725
2] Bharti Airtel: Buy at CMP, target ₹790 to ₹800, stop loss ₹760
Anuj Gupta’s intraday stocks for today
3] Tata Steel: Buy at CMP, target ₹130, stop loss ₹114
4] ONGC: Initiate momentum buying at CMP, target ₹163, stop loss ₹147.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.