4 stocks to buy or sell today — February 9
Day trading stocks: After strong massive selling over three successive sessions, the Indian stock market finally ended in the green zone on Tuesday. NSE Nifty finished 53 points higher at 17,266 while BSE Sensex gained 187 points and closed at 57,808. The Bank Nifty Index rose 33 points and closed at 38,028 levels.
On Tuesday, after opening with a positive rating, Nifty attempted to rally shortly after the open. It failed to hold the highs and then exhibited high intraday swing movement volatility up and down midway through the session. According to market experts, a sustained intraday bullish rally was seen towards the end. Technically, a formation of such patterns after reasonable weakness signals an upward bounce in the market after confirmation of the reversal pattern.
Stock market today: what global signals signal?
Anticipation of a trend reversal on the Indian stock market; Anuj Gupta, Vice Chairman of IIFL Securities, said: “Wall Street ended strongly higher on Tuesday, led by Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT), while a jump in Treasury yields Bank stocks rose ahead of a key inflation reading This week This was taken positively by global markets as SGX Nifty opened higher today so we can expect a reversal in the market Indian stock today.
Anuj Gupta said the immediate support for Dow Jones Futures is placed at 35,180 while the strong support is at 34,900 while the immediate hurdle is at 35,550 while the strong hurdle for Dow Futures is placed at 35,850. Likewise, he advised day traders to keep an eye on SGX Nifty as it has strong support at 16,800 while its immediate support is placed at 17,100. Similarly, SGX Nifty faces an immediate hurdle at 17,480 while 17,650 is a significant hurdle for SGX Nifty. The breakout on either side should be seen as a signal for Indian markets in the upcoming sessions.
Daily trading guide for the stock market today
Speaking on day trading guide for Nifty today; Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said: “Three sessions of strong declines appear to have come to a halt and the overall chart indicates another minor bounce up from here or from lows around 17,000 points. The expected upside bounce may be short-lived and another lower upper formation can be expected below 17,800 levels.”
Echoing the views of Nagraj Shetti; Sumeet Bagadia, Executive Director of Choice Broking, said: “Immediate support for Nifty is placed at 17,100 while 17,000 can be seen as strong support for the 50-stock index. Likewise, the immediate hurdle for Nifty 50 is at 17,350 while strong hurdle for Nifty today is placed at levels of 17,450. In Bank Nifty Index, immediate support is placed at 37,500 while 37,300 works as strong support while that 38,300 and 38,700 are respective hurdles for the Bank Nifty Index.
Day Trading Strategy for Wednesday
Unveiling of the day trading strategy for the Indian stock market today; Ruchit Jain, Lead Research at 5paisa.com, said: “Traders are advised to look for buying opportunities if the Nifty breaks above Tuesday’s high of 17,306 in the upcoming session. The 17040 low would not become sacrosanct and will be seen as major support should prices reverse from current levels.”
Day trading stocks to buy today
Sharing the day trading stocks for today, Sumeet Bagadia of Choice Broking and Anuj Gupta of IIFL Securities recommended 4 stocks to buy or sell today.
Sumeet Bagadia day trading stocks
1]Reliance Industries Ltd or RIL: Buy from CMP, objective ₹2425, stop loss ₹2305
2]Volta: Sell to CMP, objective ₹1170 to ₹1150, stop loss ₹1230
Anuj Gupta’s trading day for Wednesday
3]JSW Steel: Momentum buy at CMP, objective ₹710, stop loss ₹620
4]Steel Authority of India Limited or SAIL: Buy from CMP, objective ₹122, stop loss ₹95.
Warning: The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.
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