According to stock market experts, the recent upside breakout of triangle pattern has been negated with Nifty reaching the lower end of triangle at 17,800 levels on Wednesday. This is not a good sign, as the weakness could be intensified on the move below 17,750 levels.
Stock market today: Day trading strategy for Friday
Unveiling Pivot levels for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty has turned negative. Having placed at the important support, minor pullback rally is expected in the short term. But, the overall chart pattern indicates the higher possibility of decisive downside breakout at 17,750 levels in the near term. Such anticipated market action is likely to bring steep weakness for the market ahead."
Nagraj Shetti of HDFC Securities went on to add that Nifty is currently placed at the crucial support of previous swing lows around 17,780 to 17,800 levels.
Day trading stocks to buy today
Unveiling intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking and Anuj Gupta, Vice President — Research at IIFL Securities — recommended 4 stocks to buy today.
Sumeet Bagadia's stocks to buy today
1] Hero Motocorp: Buy at CMP, target ₹2850 and ₹2900, stop loss ₹2725
2] Bharti Airtel: Buy at CMP, target ₹790 to ₹800, stop loss ₹760
Anuj Gupta's intraday stocks for today
3] Tata Steel: Buy at CMP, target ₹130, stop loss ₹114
4] ONGC: Initiate momentum buying at CMP, target ₹163, stop loss ₹147.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
