Day trading guide for Friday: 6 stocks to buy or sell today — 13th May
According to stock market experts, a long bear candle was formed on the daily chart on Thursday session, which is indicating steep selling in the market. Nifty is now nearing an important support, the previous important bottom of 15671 made on 8th March and the overall chart pattern indicate possibility of Nifty reaching down to the support in the short term or could move below it. They said that present weakness signal a type of selling climax and normally such extreme selling participations are part of important bottom reversals.
Day trading guide for stock market today
Speaking on intraday trading strategy for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty continues to be negative. There is a possibility of further weakness down to 15,670 and one may expect downside breakout of it in the coming sessions. There is a higher possibility of Nifty forming lower bottom reversal around 15,500 levels. Confirmation of reversal pattern could open upside bounce in the market."
"The global cues continue to be negative and hence our markets too have been trading under pressure. The short term trend remains negative and such sharp corrections are usually a normal course in a down trend. Since last few days, we have not seen any pullback or respite for the bulls which clearly signals a strong trended phase. The index has been resisting around the ’20 EMA on the hourly charts’ in recent pullbacks and this average has now declined to 16,040. Thus, for any up move Nifty needs to cross this hurdle first and until then, one should avoid any aggressive buy trades," said Ruchit Jain, Lead Research at 5paisa.com.
Ruchit Jain of 5 paisa.com went on to add, "In case there’s any up move due to oversold readings, one should just consider it as a pullback move. The intraday supports for Nifty for the coming session are placed around 15,681 and 15,555 and resistances are seen around 15,925 and 16,040 levels."
Day trading stocks
Sharing intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Mehul Kothari, AVP — Technical Research at Anand Rathi and Avinash Gorakshkar, Head of Research at Profitmart Securities — recommended 6 day trading stocks for today.
Sumeet Bagadia's stock recommendations for Friday
1] Gujarat State Petronet Ltd or GSPL: Buy at CMP, target ₹280, stop loss ₹250
2] Pidilite Industries: Sell at CMP, target ₹2075 to ₹2050, stop loss ₹2155
Mehul Kothari's day trading stocks for today
3] TCS: Buy around ₹3409, target ₹3500, stop loss ₹3350
4] Polycab: Buy around ₹2430, target ₹2520, stop loss ₹2360
Avinash Gorakshkar's intraday stocks
5] Ambuja Cements: Buy at CMP, target ₹396, stop loss ₹360
6] Indian Oil Corporation or IOC: Buy at CMP, target ₹136, stop loss ₹115.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.