Friday’s Daily Trading Guide: The bullish momentum in the market continued on Thursday amid high volatility and the Indian stock market closed in the green for the fifth consecutive session. Nifty 50 finished 45 pips higher at 18257 while BSE Sensex added 85 pips and closed at 61.235 levels. Nifty Bank index saw some signs of consolidation as it closed down 257 points at 38,469 levels.
According to stock market experts, the short-term trend of the Indian stock market remains positive but after a reasonable upward movement or near a hurdle may indicate a confused state of mind among the participants. This action often results in a trend reversal on the downside. Hence, trading long positions needs to be careful on rallies.
Daily stock market trading guide today
Speaking at Nifty’s Day Trading Guide today; “Nifty’s short-term trend remains positive. The emergence of high volatility and a doji formation at the barrier could signal the possibility of consolidation or slight weakness in the next few sessions Any bearish correction from the rallies could find support for,” said Nagaraj Shetty, Technical Research Analyst at HDFC Securities. Nifty is at the rising trend line around 18000 levels. However, a decisive move above 18272 is likely to negate the bearish setup in the near term.”
Suggesting a specific stock trading strategy; Ruchit Jain, trading strategist at 5paisa.com, said, “The short-term trend continues to remain positive as there are no signs of a trend reversal. However, as the momentum readings on the short-term charts are in the overbought territory, focus can now shift to The stock has momentum while indices may see some consolidation. Nifty Bank has already shown such signs of some consolidation as it underperformed relatively today. However, the trend remains positive and therefore one should continue to look for buying opportunities on any dip.” .
Rupee vs Dollar: Day Trading Strategy
On how the dollar index was used to breach the recent consolidation stage support, 5paisa.com’s Ruchit Jain said, “There was a lot of specific activity for stocks today as sectors like metals showed good upward movement. Dollar index has breached its recent consolidation stage support and is indicating negative momentum. This could support metal stocks and therefore, we can see the momentum continue in this sector.Some mid tops continue to see good volumes along with the price rally and traders should look for opportunities in such stocks, which are expected to It continues to outperform this upside.”
daily stock trading
Daily Traded Stock Exchange to Buy Today, Stock Market Experts – Sumit Baghadia, CEO, Choice Broking; Avinash Gorakshkar, Head of Research at Profitmart Securities, and Ravi Singhal, Vice Chairman of GCL Securities – both recommended buying 5 shares today.
Trade Summit Bagadia shares today
1]Indian Oil Corporation or IOC: Buy in CMP, the goal R125 to R128, stop loss R117
2]Tata Motors: Momentum buy at CMP price, target Rfrom 530 to R540, stop loss R490
Avinash gurashkar shares today
3]Sun Pharma: buy around R865, target R900, stop loss R850
Buy Ravi Singhal shares today
4]Concorporation of India or Concor: buy in R670, target R700, stop loss R660
5]Stirling and Wilson Renewable Energy or SW Solar: buy around R393, target R444, stop loss R377.
Disclaimer: The opinions and recommendations above are those of individual analysts or brokerages and are not issued by the mint.
Don’t miss any story! Stay connected and informed with Mint. Download our app now!!