Day trading guide for today: 6 stocks to buy or sell today — 2nd January
Day trading guide for today: After showing a sustainable upside bounce from the lows on Thursday, Indian stock market witnessed weakness from the highs on Friday and closed the final session of 2022 in negative zone. NSE Nifty ended 85 points lower at 18,105, BSE Sensex shed 293 points and closed at 60,840 whereas Bank Nifty index went off 265 points and closed at 42,986 levels. Broad market indices outperformed key benchmark indices as both mid-cap and small-cap ended in positive territory as the advance-decline ratio was up at 1.8:1.
According to stock market experts, a long negative candle was formed on the daily chart, which indicates a formation of bearish dark cloud cover type candle pattern. Formation of such pattern after a reasonable upside bounce could indicate reversal pattern at the highs. Having moved in a broader range of 18,200 to 17,950 levels in the last few sessions the probability of further consolidation is likely.
Day trading strategy for stock market today
On intraday trading tips, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “Nifty is currently facing resistance at around 18,250 levels. After the upside breakout of said hurdle, the market has failed to sustain the highs and slipped into weakness. A reasonable long bullish candle was formed on the weekly chart, which signal pullback rally in the market post sharp weakness. After the downside breakout of the important trend line support around 18200 levels in the last week, Nifty showing immediate upside bounce could be a positive sign. But, a decisive upside momentum could only occur on a sustainable move above the hurdle of 18,250 levels. Immediate support for NSE Nifty is placed at 17,960 levels.”
Speaking on Bank Nifty outlook, Mehul Kothari, AVP — Technical Research at Anand Rathi said, “At current juncture, we have a bearish wolf wave pattern in the Nifty Bank index and that would be negated above 44,150 levels. Till the time this is not negated we remain cautious or bearish on the banking index. On the downside; support is at 42,500 and a close below the same might start a fresh crack in the index towards 41,000 to 40,000 levels.”
Day trading stocks to buy today
Unveiling intraday stocks for today, share 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 intraday stocks for today
1] ONGC: Buy at CMP, target ₹150 to ₹154, stop loss ₹142
2] Bajaj Finserv: Buy at CMP, target ₹1600 to ₹1620, stop loss ₹1510
Anuj Gupta’s stocks to buy today
3] UCO Bank: Buy at CMP, target ₹39, stop loss ₹26
4] GMR Infra: Buy at CMP, target ₹45, stop loss ₹34
Ganesh Dongre’s stock picks for Monday
5] Reliance: Buy at ₹2550, target ₹2650, stop loss ₹2500
6] Gujarat State Fertilizers & Chemicals or GSFC: Buy at ₹140, target ₹155, stop loss ₹132.
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.