Day trading guide for Friday: After showing weakness from new all time high of 16,712 levels on Wednesday, Nifty shifted into a consolidation movement on Thursday and closed at 16,636 on a flat note. BSE Sensex closed at 55,949 without much change after making an intraday high of 56,112. Volumes on the NSE were once again below recent averages. Metals and telecom stocks came under pressure while oil & gas, power and capital goods sectors gained.
World shares tapped the brakes on Thursday as China troubles struck again. Global markets dropped on Thursday amid a retreat in technology shares and commodities as markets remained cautious ahead of a Federal Reserve gathering that may provide more clues about its approach to paring stimulus. At Wall Street, Dow Jones dipped 0.54 per cent while Nasdaq slide 0.64 per cent on Thursday.
Trade view on Nifty
Sharing day trading strategy for Friday; Deepak Jasani, Head of Retail Research at HDFC Securities said, Nifty has once again started to form flat closes day after day, like it did in August 5 to August 11 period. However, post-August 11, the Nifty broke upwards of the range closes. Advance decline ratio fell compared to the previous day but is still at 1:1, suggesting some deterioration in the broader market sentiments. As long as Nifty is not able to post healthy day on day gain, the broader market will struggle to bounce up. 16,712 to 16,603 is the band for Nifty for the near term and any breach either way could take the Nifty in that direction.
Day trading stocks for today
Revealing day trading guide for Friday, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Sandeep Matta, Founder at TRADEIT Investment Advisors and Mudit Goel, Senior Research Analyst at SMC Global Securities — recommended 5 shares to buy or sell today.
Sumeet Bagadias day trading stocks
1] Britannia: Buy at CMP, target ₹4050 to ₹4200, stop loss ₹3810
2] Hero Motocorp: Sell at CMP, target ₹2550 to ₹2500, stop loss ₹2710
Sandep Mattas day trading stock recommendations
3] Repro India: Buy at ₹430, target ₹445 to ₹475, stop loss ₹390
4] ITD Cementation India: Buy above ₹75, target ₹81 to ₹85, stop loss ₹69
Mudit Goels day trading stocks to buy today
5] Bharat Electronics Ltd or BEL: Momentum buy at CMP, target ₹187, stop loss ₹176.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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