Day trading guide for Thursday: 6 stocks to buy or sell today — 3rd March – Mint - Stock Villa News

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Thursday, 3 March 2022

Day trading guide for Thursday: 6 stocks to buy or sell today — 3rd March – Mint

Day trading guide for Thursday: On account of steady escalation of Russia-Ukraine war, Indian stock market slipped into weakness amidst a range movement on Wednesday. NSE Nifty shed 187 points and closed at 16,605 whereas BSE Sensex ended 778 points lower at 55,468 levels. Bank Nifty crashed 832 points and closed at 35,372 levels. According to Indian secondary market experts, current trade pattern at Dalal Street indicates high volatility in the markets. They said that on Wednesday session, technical chart pattern indicates that a small body of positive candle was formed at the lows with upper and lower shadow. Normally, a formation of such candles after a reasonable upside move or down move could signal impending trend reversals. Having formed this candle within a high low range of Monday, the predictive value of this candle pattern could be less. Hence, this could be a part of narrow range movement at the hurdle of 16,800 levels.

Day trading guide for stock market today

Speaking on day trading guide for Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The market continued with choppy trend on Wednesday. Having, placed below the important resistance the upside recovery from the lows is lacking its strength. A decisive move below the immediate support of 16,480 for Nifty 50 index could open further weakness towards 16,200 levels in the short term. A sustainable buying could emerge only above 17,000 mark.”

Expecting high volatility to continue at Indian secondary market; Ruchit Jain, Lead Research at 5paisa.com said, “India VIX continues to be at a higher level around 30 which indicates that volatility may continue to remain high in the short term. Day traders are advised to look for such a thematic approach which is outperforming the market and trade in such pockets with proper risk management.”

Suggesting day traders to keep major levels in mind in this highly volatile market; Sumeet Bagadia, Executive Director at Choice Broking said, “Broader range for Nifty today is 16,300 to 16,850 whereas short range for high risk traders will be 16,450 to 16,700. Likewise, broader Bank Nifty range for day traders will be 34,500 to 36,300 while short range for high risk intraday traders will be 34,700 to 35,700.” He advised day traders to maintain strict stop loss and hold position till their levels are sustained.

Day trading stocks

On stocks to buy or sell today, stock market experts — Sumeet Bagadia of Choice Broking; Anuj Gupta, Vice President at IIFL Securities and Avinash Gorakshkar, Head of Research at Profitmart Securities — recommended 6 shares to buy today.

Sumeet Bagadia’s day trading stocks to buy today

1] NBCC (India): Buy at CMP, target 42 and 45, stop loss 35

2] Axis Bank: Buy at CMP, target 760 to 775, stop loss 725

Anuj Gupta’s intraday stocks

3] Tata Power: Buy at CMP, target 240, stop loss 209

4] National Aluminium Company or NALCO: Momentum buy at CMP, target 135, stop loss 114

Avinash Gorakshkar’s day trading stocks for today

5] Vedanta: Buy at CMP, target 400, stop loss 380

6] ONGC: Buy at CMP, target 174, stop loss 158.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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