08 Aug , 2022 By : Kanchan Joshi
The choppy movement continued in the market on Friday after display of high volatility of Thursday session. Nifty 50 index finished at 17,397 logging 1.39 per cent weekly gain whereas BSE Sensex closed at 58,387 with 1.42 per cent weekly gain. Bank Nifty index recorded 1.14 per cent weekly gain and closed at 37,920 mark. Broad market indices also closed marginally in the positive and the advance decline ratio was positive at 1.28:1.
According to stock market experts, a small negative candle was formed on the daily chart with minor upper and lower shadow, which indicates a range bound action in the market. Technically, this pattern signal high wave type formation and such pattern at range movements shows less predictive value.
Day trading guide for stock market today
"The short term trend of Nifty continues to be choppy with high volatility. As long as Nifty stays below the hurdle of 17,500 levels, there is a possibility of muted movement in the market. A sustainable move above 17,500 could open the next upside targets of 17,800 to 17,900 levels in the near term. Immediate support for Nifty is placed at 17,200 levels," said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
Asking day traders to follow SGX Nifty, Anuj Gupta, Vice President — Research at IIFL Securities said, “Overall trend for SGX Nifty today is positive. One should maintain buy on dips strategy avoid taking short position in current trade setup." He said that shorter range of SGX Nifty today is placed in between 17,200 to 17,520 levels whereas broader range of the index lies between 16,980 to 17,680 mark.
"The midcap 100 index has reached its important trendline resistance and hence, some profit booking could be seen in the broader markets. The momentum could get concentrated to fewer stocks and sectors and hence, traders need to be very selective in stock picking for trading," said Ruchit Jain, Lead Research at 5paisa.com.
"The Nifty Bank index remained volatile during the week gone by with many ups and downs but closed a per cent higher from previous close. Eventually it ended near 38,000 mark. At this juncture the index is hovering near the potential reversal zone of bearish SHARK harmonic pattern. Thus we expect some profit booking from the zone of 38,000 to 38,500 during the coming week. On the downside, 37,000 to 36,500 might prove to be an important supports for the coming week," said Mehul Kothari, AVP — Technical Research at Anand Rathi.
Day trading stocks
Unveiling intraday stocks for today, stock market experts — Mehul Kothari of Anand Rathi; Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher and Rajesh Bhosale, Technical Analyst at Angel One — recommended 6 stocks to buy today.
Mehul Kothari's intraday stocks for today
1] Mahindra & Mahindra Financial Services: Buy around Rs196, target Rs205, stop loss Rs190
2] HCL Tech: Buy around Rs958, target Rs980, stop loss Rs940
Vaishali Parekh's stocks to buy today
3] Minda Corp: Buy around Rs242, target Rs265, stop loss Rs232
4] Castrol India: Buy around Rs116, target Rs120, stop loss Rs114
Rajesh Bhosale's day trading stocks to buy today
5] Jyothy Labs: Buy around Rs181, target Rs197, stop loss Rs173
6] Godrej Consumer Products: Buy around Rs873, target Rs920, stop loss Rs854.