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These 8 stocks to buy or sell today

09 May , 2022   By : Kanchan Joshi


These 8 stocks to buy or sell today

Following weak global cues and Wall Street rout, Indian stock market witnessed sharp sell-off on Friday. Nifty 50 index tumbled 271 points and closed at 16,411 mark whereas BSE Sensex crashed 866 points and closed at 54,835 levels. Nifty Bank index nosedived 641 points and closed at 34,591 levels.


According to stock market experts, a small body candle was formed on the daily chart with almost identical open and close. Technically this pattern indicate a formation of doji type candle pattern after a gap down opening. Nifty seems to have taken support of 16,350 levels, before showing intraday consolidation. Normally, a formation of doji after a reasonable weakness alerts regarding trend reversal on the upside. The confirmation by the way of a sustainable close above 16,500 levels could open upside bounce in the market.


Day trading guide for stock market today


Speaking on intraday trading strategy for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty continues to be negative. Having formed a doji and unfilled opening downside gap signal a possibility of minor upside bounce from here or from the lows in the next 1-2 sessions. Any upside from current levels could encounter strong resistance around 16,650 levels on Nifty 50 index. Eventually Nifty could decline from the highs and reach down to the next support of 16,200 levels in the near term."


Day trading stocks


Sharing intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Avinash Gorakshkar, Head of Securities at Profitmart Securities; Rajesh Bhosale, Technical Analyst at Angel One Ltd and Mehul Kothari, AVP – Technical Research at Anand Rathi — recommended 8 shares to buy or sell today.


Sumeet Bagadia's intraday stocks for today


1] Tata Power: Buy at CMP, target Rs255 to Rs260, stop loss Rs238


2] State Bank of India or SBIN: Buy at CMP, target Rs495 to Rs500, stop loss Rs470


Avinash Gorakshkar's day trading stocks to buy today


3] Tata Chemicals: Buy at CMP, target Rs1090, stop loss Rs1005


4] Colgate-Palmolive or COLPAL: Buy at CMP, target Rs1680, stop loss Rs1540


Rajesh Bhosale's intraday picks for today


5] Hero Motocorp: Buy around Rs2563, target Rs2720, stop loss Rs2480


6] Tata Motors: Sell around Rs408, target Rs385, stop loss Rs420


Mehul Kothari's stocks to buy today


7] RCF: Buy around Rs88, target Rs95, stop loss Rs84


8] ITC: Buy around 264, target Rs280, stop loss Rs255.


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