According to stock market experts, a small body candle was formed on the daily chart with almost identical open and close. Technically this pattern indicate a formation of doji type candle pattern after a gap down opening. Nifty seems to have taken support of 16,350 levels, before showing intraday consolidation. Normally, a formation of doji after a reasonable weakness alerts regarding trend reversal on the upside. The confirmation by the way of a sustainable close above 16,500 levels could open upside bounce in the market.
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. Having formed a doji and unfilled opening downside gap signal a possibility of minor upside bounce from here or from the lows in the next 1-2 sessions. Any upside from current levels could encounter strong resistance around 16,650 levels on Nifty 50 index. Eventually Nifty could decline from the highs and reach down to the next support of 16,200 levels in the near term."
Day trading stocks
Sharing intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Avinash Gorakshkar, Head of Securities at Profitmart Securities; Rajesh Bhosale, Technical Analyst at Angel One Ltd and Mehul Kothari, AVP – Technical Research at Anand Rathi — recommended 8 shares to buy or sell today.
Sumeet Bagadia's intraday stocks for today
1] Tata Power: Buy at CMP, target ₹255 to ₹260, stop loss ₹238
2] State Bank of India or SBIN: Buy at CMP, target ₹495 to ₹500, stop loss ₹470
Avinash Gorakshkar's day trading stocks to buy today
3] Tata Chemicals: Buy at CMP, target ₹1090, stop loss ₹1005
4] Colgate-Palmolive or COLPAL: Buy at CMP, target ₹1680, stop loss ₹1540
Rajesh Bhosale's intraday picks for today
5] Hero Motocorp: Buy around ₹2563, target ₹2720, stop loss ₹2480
6] Tata Motors: Sell around ₹408, target ₹385, stop loss ₹420
Mehul Kothari's stocks to buy today
7] RCF: Buy around ₹88, target ₹95, stop loss ₹84
8] ITC: Buy around 264, target ₹280, stop loss ₹255.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
