Day trading guide for today: 6 stocks to buy or sell on Thursday — 19th January
Day trading guide for today: Following dovish signals from Bank of Japan and strong Asian markets, Indian stock market ended higher for second straight session on Wednesday. Nifty 50 index surged 112 points and closed at 18,165 levels whereas BSE Sensex shot up 390 points and ended at 61,045 mark. Bank Nifty index shot up 222 points and finished at 42,458 levels. Metal stocks continued to rise on China reopening. Broad market indices rose less than the Nifty even as the advance decline ratio was up at 1.2:1.
According to stock market experts, in the last few sessions, Nifty displayed strength on the upside and surpassed couple of resistances (18,020 and 18,100 levels) and such market action was not visible in the past. Presently, the Nifty is likely to encounter next hurdle at 18,265 levels and the upside move above this resistance could strengthen upside momentum for the market ahead.
Day trading strategy for Thursday
Speaking on intraday trading tips for today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short-term trend of Nifty is positive and the market is now in an attempt of decisive upside breakout of the hurdles. One may expect Nifty to surpass the next overhead resistance of 18,265 levels in the coming sessions. Immediate support for NSE Nifty is placed at 18,020 levels.”
“If we look at the data, the recent data such as falling Dollar Index, appreciating Rupee, Global market momentum etc. have been in favor of a rally in equities, but the FIIs selling was creating pressure on the index and hence the upside move was restricted. However, finally FIIs have started unwinding their short positions and thus it’s a relief for our markets. The technical pattern indicates a breakout and hence the corrective phase seems to be over,” said Ruchit Jain, Lead Research at 5paisa.com.
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Day trading stocks to buy today
Unveiling intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Ganesh Dongre, Senior Manager – Technical Research at Anand Rathi — recommended 6 stocks to buy today.
Sumeet Bagadia’s stocks to buy today
1] Pidilite Industries: Buy at CMP, target ₹2550 to ₹2600, stop loss ₹2410
2] Ramco Cements: Buy at CMP, target ₹730 to ₹740, stop loss ₹700
Anuj Gupta’s intraday stocks for today
3] Wipro: Momentum buy at CMP, target ₹440, stop loss ₹388
4] Ashok Leyland: Buy at CMP, target ₹158, stop loss ₹142
Ganesh Dongre’s stock picks for Thursday
5] Max Financial Services Ltd or MFSL: Buy at ₹830, target ₹865, stop loss ₹810
6] Eicher Motors: Buy at ₹3170, target ₹3330, stop loss ₹3070.
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.