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Day trading stocks: Aided by the outcome of RBI MPC meet at which the accommodative stance was maintained and policy rates were kept unchanged, Indian stock market rose for third straight session on Thursday. NSE Nifty ended 142 points higher at 17,605 whereas BSE Sensex shot up 460 points and closed at 58,926 levels. Nifty Bank index gained 400 points and closed at 39,010 levels.

According to stock market experts, current trade pattern at Dalal Street indicate a continuation of upside momentum amidst high volatility. This is signaling that the selling pressure could emerge from the higher levels.

Day trading guide for Friday: What global cues signal?

At Wall Street on Thursday, Dow Jones ended 1.47 per cent lower at 35,241 whereas Nasdaq shed 2.10 per cent and closed at 14,185 levels. Market experts are of the opinion that such selloff in US markets was mainly due to the disappointing US inflation data.

Speaking on stock market opening bell for Friday; Anuj Gupta, Vice President at IIFL Securities said, “Overall trend is positive but due to correction at US markets following disappointing US inflation data fueling speculation of 50 bps interest rate hike by Fed sooner than expected, Indian markets may feel some selling pressure in the opening bell. One should maintain buy on dips at support levels.”

Anuj Gupta of IIFL Securities said that SGX Nifty has opened flat and Indian traders should keep an eye on the small SGX Nifty range of 17,350 to 17,700 as breakage of either level would work as bullish or bearish trend in Indian markets. He said that broader range of SGX Nifty for today is 17,100 to 17,950.

Day trading guide for stock market today

Speaking on day trading guide for stock market today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The underlying short term trend of Nifty continues to be positive. The overall chart pattern indicate small upside for the short term, but higher possibility of Nifty reversing down from near 17,700- to 17,750 levels in the next couple of sessions. Immediate support for NSE Nifty is placed at 17,450 levels.”

Unveiling important levels for Nifty and Bank Nifty index; Sumeet Bagadia, Executive Director at Choice Broking said, “NSE Nifty has immediate support at 17,500 levels whereas its strong support is placed at 17,400 levels. Likewise, immediate resistance for NSE Nifty is at 17,700 while its strong hurdle is placed at around 17,750 levels. For traders interested in Bank Nifty, its broader range is 38,500 to 39,500 whereas its small range is 38,700 to 39,300.”

Day trading stocks for today

Sharing day trading stocks for Friday, stock market experts — Sumeet Bagadia of Choice Broking and Anuj Gupta of IIFL Securities — recommended 4 stocks to buy today.

Sumeet Bagadia’s day trading stocks

1] Sun Pharma: Buy at CMP, target 925, stop loss 880

2] Firstsource Solutions Ltd or FSL: Momentum buy at CMP, target 160 to 165, stop loss 143

Anuj Gupta’s day trading stocks for Friday

3] Adani Power: Buy at CMP, target 140, stop loss 113

4] Hindalco Industries: Buy at CMP, target 585, stop loss 522.

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

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