06 Jun , 2022 By : Kanchan Joshi
After showing a fine upside recovery from the lows on Thursday, Nifty shifted into a higher levels weakness on Friday and closed the day in red territory. Nifty 50 index shed 43 points and closed at 16,584 mark whereas BSE Sensex lost 48 points and ended at 55,769 levels. Nifty Bank index ended 338 points lower at 35,275 levels.
According to stock market experts, current trade pattern indicate a formation of counter attack of bears at highs. However, they maintained that the formation of such pattern amidst a range movement rules out any sharp negative impact as of now.
Day trading guide for stock market today
Speaking on day trading strategy in regard to Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The near term uptrend status of Nifty remains intact and there is no sign of any reversal yet from the highs. Further weakness from current levels could find strong support around 16,400 to 16,350 levels and the Nifty could show upside bounce from the lower levels. Sustainable upside move of NSE Nifty could only resume above the hurdle of 16,800 levels."
Advising investors to avoid aggressive buying, Ruchit Jain, Lead Research at 5paisa.com said, "The divergence after the recent rally of 1000 points indicates limited upside for the time being, and hence we could see the market resuming its corrective phase. Hence, we advise traders to avoid aggressive buying as an up move led by few sectors or stocks is not a good sign." He said that traders should also be vigilant on the global markets and the US Dollar index which has shown signs of an up move again after the recent corrective phase. Since our markets have recently seen high negative correlation with this index, any upside move in this index could be a factor to worry for.
Day trading stocks
Sharing intraday stocks for today, stock market experts — Mehul Kothari, AVP — Technical Research at Anand Rathi; Avinash Gorakshkar, Head of Research at Profitmart Securities and Ravi Singh, Vice President & Head of Research at Share India Securities — recommended 6 stocks to buy.
Mehul Kothari's intraday stocks for today
1] ICICI Lombard or ICICIGI: Buy around 1218, target Rs1270, stop loss Rs1180
2] Kotak Mahindra Bank: Buy around Rs1856, target Rs1915, stop loss Rs1825
Avinash Gorakshkar's day trading stocks to buy today
3] Larsen & Toubro: Buy at CMP, target Rs1730, stop loss Rs1610
4] Wipro: Buy at CMP, target Rs515, stop loss Rs450
Ravi Singh's stock picks for today
5] Infosys: Buy around Rs1515, target Rs1545, stop loss Rs1500
6] Sun Pharma: Buy around 863, target Rs880, stop loss Rs850.
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