05 Aug , 2022 By : Kanchan Joshi
After a highly volatile session on weekly F&O expiry, Indian stock market ended flat on Thursday. Nifty 50 index ended 6 points lower at 17,382 whereas BSE Sensex lost 51 points and closed at 58,298 levels. Bank Nifty index went off 233 points and closed at 37,755 levels. Volumes on the NSE were in line with recent average. Among sectors, metals, IT and healthcare indices rose the most, while telecom and realty indices fell the most. Broad market indices performed a little better than the Nifty though advance decline ratio was much below 1:1.
According to stock market experts, a small negative candle was formed on the daily chart with long lower shadow. Technically, this pattern indicate a formation of bearish hanging man type candle pattern. But, having formed this pattern amidst a range movement, the predictive value of this pattern could be less.
Day trading guide for stock market today
"The short term uptrend status of Nifty remains intact and there is no indication of any sharp reversal pattern at the highs. The consolidation with high volatility is likely to continue for the next 1-2 sessions. Immediate support for NSE Nifty is placed at 17,200 and the strong resistance to be watched at 17,500 levels. A decisive move above the hurdle could pull Nifty towards the next upside trajectory of 17,800 levels," said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
Advising cautious stock picking, Ruchit Jain, Lead Research at 5paisa.com said, "Since the momentum readings on the daily chart are in an overbought zone, traders should look to lighten up long positions. A break of low of 17,160 will then confirm the change of trend. Also in last couple of sessions, the upside move has been concentrated to fewer stocks and sectors which is a sign of divergence. So traders should be very specific in stock picking at current levels and trade with proper risk management.
On morning cues from SGX Nifty today, Anuj Gupta, Vice President — Research at IIFL Securities said, "Overall trend of SGX Nifty is positive and one should maintain buy on dips strategy on Friday session. Immediate support for SGX Nifty is placed at 17,270 mark whereas strong support zone for the index is around 17,100 levels. Likewise, SGX Nifty is facing immediate hurdle at 17,520 while strong hurdle for the index is placed at 17,680 mark."
Day trading stocks
Sharing intraday stocks for today, share market analysts — Sumeet Bagadia, Executive Director at Choice Broking; Mehul Kothari, AVP — Technical Research at Anand Rathi and Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher — recommended 6 stocks to buy today.
Sumeet Bagadia's intraday stocks for today
1] Cipla: Buy at CMP, target Rs1075 to rs1090, stop loss Rs1015
2] Marico: Buy at CMP, target Rs540 to Rs550, stop loss Rs520
Mehul Kothari's stocks to buy today
3] Divi's Laboratories: Buy around Rs3890, target Rs4150, stop loss rs3810
4] Laurus Labs: Buy around Rs544, target Rs565, stop loss Rs530
Vaishali Parekh's day trading stocks to buy today
5] Voltas: Buy around Rs1000, target Rs1,050, stop loss Rs975
6] Wipro: Buy around Rs435, target Rs460, stop loss Rs420.