Day Trading Guide for Friday: 6 Stocks to Buy or Sell Today – May 20
Today’s trading guide for Friday: The Indian stock market ended sharply lower on Thursday after opening lower. The Nifty 50 index plunged 430 points and closed at 15,809 levels while BSE Sensex fell 1,416 points and closed at 52,792 levels. The Nifty Bank Index fell 848 points and closed at 33,315 levels. According to stock experts, the current market setup indicates weak prospects for the upcoming sessions on Dalal Street.
Daily trading guide for the stock market today
Speaking on the intraday trading strategy for Nifty today, Subash Gangadharan, Principal Technical and Derivatives Analyst at HDFC Securities, said: “Nifty has reversed the recent pullback rally and has now closed near recent lows of 15735. The 20-period MA on the 15-minute chart is now below the 50-period moving average, indicating a negative moving average crossover.Further bearish movement is likely once the support at 15735 is broken.Although we remain open to very short-term rallies, we expect the downtrend to continue and gain more control once the recent 15735 intermediate low is broken.”
Advocating ‘sell up’ for traders, Ruchit Jain, Head of Research at 5paisa.com said, “We have been advocating a ‘sell up’ strategy recently in the markets and until there are signs of a reversal, we must continue with this. Thursday’s gap zone will now be seen as a resistance zone and we should soon see the index break its recent low of 15735. Below this previous low, the next levels to watch will be around 15,555 followed by 15 325 Traders are advised to continue trading with a cautious approach and look for selling opportunities from a trading perspective.”
Day trading stocks
Sharing Intraday Stocks for Today, Stock Market Experts – Sumeet Bagadia, Executive Director at Choice Broking; Mehul Kothari, AVP — Technical Research; Rohit Singre, AVP – Research and Avinash Gorakshkar, Head of Research at Profitmart Securities – recommended 6 stocks to buy or sell today.
Sumeet Bagadia Day Trading Stocks to Buy Today
1]Voltas: sell to the CMP, objective ₹910 to ₹900, stop loss ₹975
2]Royal Orchid Hotels Limited or ROHLTD: Buy from CMP, objective ₹140 to ₹145, stop loss ₹125
Mehul Kothari Intraday Stocks for Today
3]ITC: Shop Around ₹273 target ₹292, stop loss ₹262
4]CIO: Buy around ₹115 target ₹126, stop loss ₹110
Rohit Singre’s stock of the day
5]MindTree: sell to the CMP, objective ₹2750, stop loss ₹2900
Avinash Gorakshkar Intraday Action
6]Ambuja Cements: Buy from CMP, objective ₹380, stop loss ₹355.
Warning: The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.