24 Jan , 2022 By : Kanchan Joshi
The sharp down trend continued in the market for the fourth consecutive sessions on Friday. NSE Nifty dipped 139 points and closed at 17,617 whereas BSE Sensex shed 427 points and closed at 59,037 levels on Friday session. Bank Nifty index 276 points and closed at 37,574 levels.
According to stock market experts, current market pattern indicate a heightened volatility in the market at the lows. Normally, such (doji) pattern formations after a reasonable upside move or down move are considered as an impending signal for trend reversal. Having declined sharply in the last few sessions, one may expect chances of upside bounce in the short term.
Day trading guide for stock market today
Speaking on day trading strategy for Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty continues to be weak with high volatility. Placement of support for NSE Nifty is around 17,600 to 17,500 levels and a formation of doji at the swing lows on Friday pointing towards a possibility of an upside bounce from current levels or slightly lows. The confirmation of bottom reversal is likely to indicate a quantum of upside bounce from current levels. Immediate hurdle for NSE Nifty is placed at 17,800 levels."
On day trading guide for Nifty Bank index; Ruchit Jain, Lead Research at 5paisa.com said, "The banking index has relatively done better than the Nifty last week and the broader charts of Bank Nifty indicate an impulsive upside move. Thus, banking space could dictate and lead the next leg of the upside move and hence, traders should keep a close tab on momentum in heavyweights from this sector."
Ruchit Jain of 5paisa,com said that this week, 17500 levels will now be seen as the important support for NSE Nifty while a move above 17,700 could again lead to a buying interest amongst market participants and take the index towards 17,900 to 18,000. "In our view, last week’s correction is just a short term corrective phase and our markets should now resume the uptrend to mark a pre-budget rally," he concluded.
Day trading stocks
On 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 to buy today
1] HDFC Bank: Buy at CMP, target Rs1575, stop loss Rs1485
2] Infosys: Momentum buy at CMP, target Rs1825 and Rs1840, stop loss Rs1770
Anuj Gupta's day trading stocks for today
3] Godrej Agrovet: Buy at Rs510, target Rs560, stop loss Rs484
4] Ashok Leyland: Buy at Rs135, target Rs145, stop loss Rs128.
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