Today’s Trading Guide for Thursday: 6 Stocks to Buy or Sell Today – May 26
Today’s trading guide for Thursday: Due to the sell-off in the IT index and other key benchmarks, the Indian stock market ended in negative territory for the third consecutive session on Wednesday. The Nifty 50 index ended down 99 points at 16,025 levels, while BSE Sensex lost 303 points and closed at 53,749 levels. The Nifty Bank Index was the sole gainer while IT, Capital Goods, Oil & Gas and Real Estate were the big losers among the sectors. The major markets were very weak, as evidenced by the low rate of decline anticipated (at the lowest since February 24, 2022) and the significant losses of the mid and small cap indices.
According to market experts, the Nifty daily calendar indicates that the index hit a double bottom around the 15,735 levels and rallied strongly last Friday. Nifty however failed to convincingly break the recent swing record of 16,400 and is showing fatigue and correcting over the past three sessions.
Daily trading guide for the stock market today
Speaking on the day trading strategy for Nifty today, Subash Gangadharan, Principal Technical and Derivatives Analyst at HDFC Securities, said: “While we remain open to further rallies in the very short term, we must remember that the intermediate trend remains to the downside. The bears would gain more control once the recent intermediate low of 15,735 is breached.”
Advising traders to remain cautious and avoid long positions, Ruchit Jain, Lead Research, 5paisa.com said, “The Nifty Mid-Cap Index was unable to break above its moving average hurdle and resumed its “Lower Top Lower Bottom” structure.Thus, the downtrend has resumed after a consolidation phase in the mid-cap space and it may well spill over to the indices as well in the short term.Therefore, investors are advised to traders to remain cautious and avoid long positions until the Nifty clears its ’20 DEMA’ hurdle, which is now around 16,350.”
Suggesting a ‘sell up’ strategy to traders, Ruchit Jain said, “One can continue to trade with a ‘sell up’ strategy and use intraday pullbacks to lighten long positions as well.
Day trading stocks
Sharing Intraday Stocks for Today, Stock Market Experts – Rajesh Bhosale, Technical Analyst at Angel One; Mehul Kothari, AVP – Technical Research at Anand Rathi and Avinash Gorakshkar, Head of Research at Profitmart – recommended 6 stocks to buy or sell.
Rajesh Bhosale’s daily trading actions for today
1]Balkrishna Industries: Shop Around ₹2161 target ₹2290, stop loss ₹2097
2]Exide Industries: selling around ₹138 target ₹133, stop loss ₹141.60
Mehul Kothari Intraday Stocks for Today
3]Container Corporation of India: Buy on ₹623 target ₹645, stop loss ₹610
4]HDFC Bank: Buy on ₹1328 target ₹1380 stop loss ₹1300
Avinash Gorakshkar’s actions for Thursday
5]ONGC: Buy from CMP, objective ₹166, stop loss ₹145
6]Bharti Airtel: buy from CMP, objective ₹720, stop loss ₹673.
Warning: The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/cmg/DKZ7E7YNMG7ZE3OFXFQLTGCVKY.jpg)
