28 Jan , 2022 By : Kanchan Joshi
After showing a sharp intraday upside recovery from the lows on Tuesday, Indian stock market displayed deep cut with high volatility on Thursday and closed in red territory. NSE Nifty lost 167 points and closed at 17,110 whereas BSE Sensex shed 581 points and closed at 57,276 levels. However, Bank Nifty index continued to attract buyers as it ended 275 points higher at 37,982 levels.
According to stock market experts, sustainable buying has emerged from a Thursday's low and the market seems to have shifted into an upside recovery in the mid to later part of the session. The opening downside gap has been filled partially. They went on to add that a follow-through upside move from here could open a sustainable upside bounce for the short term.
Day trading guide for stock market today
Speaking on day trading guide for Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The market is making an attempt to reverse its down trend and still there is no confirmation of any bottom reversal forming at the lows. The formation of candle pattern with long lower shadows and the presence of crucial support around 16,800 to 16,900 levels are indicating a chances of a sustainable upside bounce from current levels or from the lows. Immediate resistance at NSE Nifty is placed at 17,300 levels."
Unveiling day trading strategy for stock market today; Sameer Kaul – MD & CEO at TrustPlutus Wealth said, "The Federal Reserve has indicated that they will begin hiking interest rates in the near future and that there will be multiple rate hikes this year. Along with that the Fed has also stated that they will end the asset purchase program in March and will also look to reduce the size of the Fed Balance Sheet from sometime later this year. The combination of these measures is what has spooked markets globally as it would mean moving from a scenario of easy and excess liquidity to a scenario of liquidity tightening. We suggest investors stick to their asset allocation and invest in high quality companies and also pay close attention to valuations."
Day trading stocks
Sharing day trading stocks to buy today; stock market experts — Sumeet Bagadia, Executive Director at Choice Broking and Anuj Gupta, Vice President at IIFL Securities — recommended 4 stocks to buy today.
Sumeet Bagadia's day trading stocks for Friday
1] Multi Commodity Exchange or MCX: Momentum buy at CMP, target Rs1600 to Rs1625, stop loss Rs1530
2] REC: Buy at CMP, target Rs142, stop loss Rs130
Anuj Gupta's day trading stocks to buy today
3] Punjab National Bank or PNB: Buy at Rs40, target Rs46, stop loss Rs37
4] Bank of Baroda: Buy at Rs100, target Rs110, stop loss Rs94.