Day trading guide for today: 6 stocks to buy or sell today — 5th January
By The livemint
Day trading guide for today: On account of heavy selling in banking, financial and metal stocks, Dalal Street ended its two day wining streak on Wednesday.
Nifty 50 index lost 189 points and closed at 18,042 levels, BSE Sensex dipped 636 points and finished at 60,657 whereas Nifty Bank index nosedived 466 points and closed at 42,958 mark.
Broad market came under severe pressure as advance decline ratio fell to 0.42:1.
According to stock market experts, the negative chart pattern of lower tops and bottoms is intact and further weakness from here could drag index down to the lower bottom in the near term.
Nifty on the weekly chart is indicating a possible completion of lower top near the trend line resistance around 18,250 levels.
Day trading strategy for Thursday
Speaking on intraday trading strategy, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term trend of Nifty seems to have reversed down after a small pull back rally.
Further weakness from here could take Nifty down to the recent swing low of 17,775 levels in the short term. Any pull back rally could find resistance around 18,150 levels.”
Advising traders to remain cautious, Ruchit Jain, Lead Research at 5paisa.com said, “FII’s started the January series with rollover of some bullish positions but in last few sessions they have formed fresh short positions and their ‘Long Short Ratio’ has declined to below 50 percent.
This indicates that they have more short positions in the index futures segment which is not a good sign.
The US markets too are trading around important levels as Dow Jones is hovering around its 89 EMA support while the Nasdaq Index is trading close to the October lows.
Thus, the global cues could determine the near term moves for our markets too and hence, traders should stay cautious and look for breakout from the range for directional bets,” said Ruchit Jain of 5paisa.com.
Day trading stocks to buy today
Unveiling intraday stocks for today, share market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Mudit Goel, Senior Research Analyst at SMC Global Securities — recommended 6 stocks to buy today.
Sumeet Bagadia’s intraday stocks for today
1] Divi’s Laboratories: Buy at CMP, target ₹3550, stop loss ₹3360
2] UPL: Buy at CMP, target ₹730 to ₹750, stop loss ₹700
Ganesh Dongre’s stocks to buy today
3] India Cement: Buy at ₹220, target ₹235, stop loss ₹214
4] Bharti Airtel: Buy at ₹812, target ₹840, stop loss ₹795
Mudit Goel’s stock picks for Thursday
5] Schneider Electric: Buy around ₹172, target ₹190 to ₹195, stop loss ₹below ₹162
6] Gujarat State Fertilizers & Chemicals or GSFC: Buy at ₹140.50, target ₹155 to ₹160, stop loss ₹below ₹135.
