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Day trading guide for Thursday: The upside momentum continued in the Indian stock market for the third consecutive sessions on Wednesday and Nifty 50 closed the day with handsome gains of around 120 points at 17,925 levels. BSE Sensex gained 367 points and closed at 60,223 whereas Nifty Bank index surged 855 points and closed at 37,695 levels. According to stock market experts, technically current market pattern indicates continuation of uptrend. They went on to add that the broad market indices have started to consolidate at the higher levels. The nullifying of bearish pattern recently could mean sharp trend reversal on the upside and any dips from here could be a buying opportunity.

Day trading guide for stock market today

On day trading guide for NSE Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “Indian stock market continued with upside momentum on Wednesday, but the pace of the market seems to have reduced and the volatility has started to occur at the higher levels. There is a possibility of consolidation movement or minor weakness on NSE Nifty near 18,000 levels in the next 1-2 sessions, before showing further upside movement from dips. Immediate support for NSE Nifty is placed at 17,760 levels.”

Expecting rally in Bank Nifty index to further continue; Ruchit Jain, Lead Research at 5paisa.com said, “The Bank Nifty index is on a roll and most of the shorts which were rolled from December series are now out of the system. The trend continues to be positive and we continue with our positive bias and advise to keep a buy-on-decline approach for this sector.”

However, Ruchit Jain of 5paisa.com said that Nifty IT index may further remain under the selloff heat citing, “After a long time, the IT index witnessed some profit booking. On the daily chart, the Nifty IT index had formed a ‘Hanging Man’ candlestick pattern and has breached its short term support today. So in the near term, we expect some profit booking in this space.”

Day trading stocks for today

Sharing day trading stocks for Indian stock market today, market experts — Sumeet Bagadia, Executive Director at Choice Broking and Mudit Goel, Senior Research Analyst at SMC Global Securities — recommended 3 stocks to buy today.

Sumeet Bagadia’s day trading stocks

1] Hindustan Unilever Ltd or HUL: Buy at CMP, target 2500, stop loss 2350

2] Bandhan Bank: Buy at CMP, target 285, stop loss 245

Mudit Goel’s day trading stock for Thursday

3] Godrej Properties: Momentum buy at CMP, target 1950, stop loss 1900.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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