Guide to Friday Day Trading: 6 Stocks to Buy Today
Indian stocks fell more than 1% on Thursday, snapping three sessions of gains. The BSE Sensex plunged 770 points to close at 58,788 while Nifty lost 1.24% to end the session at 17,560. Both indices had added 4% over the past three sessions, with a rally sparked by the budget 2022.
HDFC was the biggest laggard, followed by Infosys, L&T, Bajaj Finserv, Bajaj Finance, Tech Mahindra and Kotak Bank. Only five stocks, ITC, Maruti, Titan, SBI and Asian Paints, closed in the green.
Day trading strategy for the stock market today
“Nifty’s short-term uptrend status appears to have reversed. Intense follow-on weakness from here may open further to the downside in the short-term. Confirmation of the reversal is likely to send Nifty lower at the 17000-16800 levels Immediate resistance is placed at 17650 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
On Nifty Bank, Ruchit Jain, Lead Research, 5paisa.com said “it would be crucial to see Bank Nifty’s behavior in the next session as a break below 38860 could dampen the ongoing momentum. these scenarios mentioned in both indices, we advise traders to avoid aggressive positions and let Nifty as well as Bank Nifty break above Thursday’s high, which would then signal a continuation of the uptrend. to trade with an equity-specific approach and to trade with appropriate risk management.
Stock picks for today according to analysts’ recommendations –
Sumeet Bagadia, Executive Director, Choice Broking
Praj Industries: Buy PrajInd, target ₹455-465, stop-loss 425
Biocon: Buy Biocon, target ₹405-410, stop-loss 385
Anuj Gupta, Vice President, IIFL Securities
Equitas: Buy Equitas, aim ₹123, stop-loss 108
GAIL: Buy Gail, target ₹155, stop-loss 139
Avinash Gorakssakar, Head of Research, Profitmart Securities
Nalco: Buy NationalAlum, objective ₹124, stop-loss 113
Tata Power: Buy Tata Power, target ₹262, stop-loss 247
The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.
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