04 Apr , 2022 By : Kanchan Joshi
After showing choppy movement in the last couple of sessions, Nifty 50 index witnessed an excellent upside breakout on Friday at 17,550 levels on closing basis and closed the day decently higher by 205 points at 17,670 levels. BSE Sensex shot up 708 points and closed at 59,276 mark while Nifty Bank index surged 774 points and closed at 37,148 levels.
According to stock market experts, a long 'bull candle' was formed on the daily chart, which indicate an upside breakout. This is positive indication and one may expect further upside in the short term.
Day trading guide for stock market today
Speaking on intraday trading strategy for Nifty today; Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, "The upside momentum seems to have picked up in the market after a small consolidation movement. The Nifty is expected to move towards 17,800 to 18,000 levels by end of this week, before showing another round of minor downward correction from the highs. Immediate support for NSE Nifty is placed at 17,550 levels."
Sharing important levels in regard to Nifty and Bank Nifty index; Sumeet Bagadia, Executive Director at Choice Broking said, "Nifty has given breakout at 17,550 levels on Friday on closing basis and this is working as immediate support for the 50-stock index whereas its immediate hurdle is placed at 17,800 levels. Day traders can take broader range of NSE Nifty in between 17,400 to 18,000 levels. Likewise, small range of Nifty Bank is placed in between 36,700 to 37,500 whereas broader range of the banking index is placed in 36,300 to 38,000 range."
Day trading stocks
Unveiling intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President at IIFL Securities; Mehul Kothari, AVP – Technical Research at Anand Rathi Shares & Stock Brokers and Avinash Gorakshkar, Head of Research at Profitmart Securities — recommended 8 stocks to buy today.
Sumeet Bagadia's day trading stocks to buy today
1] Ambuja Cements: Buy at CMP, target Rs315 to Rs320, stop loss Rs298
2] Bajaj Auto: Buy at CMP, target Rs3850 to Rs3900, stop loss Rs3650
Mehul Kothari's intraday stocks for today
3] Birlasoft: Momentum buy at CMP, target Rs490, stop loss Rs455
4] Kotak Mahindra Bank: Buy at CMP, target Rs1932, stop loss Rs1700
Anuj Gupta's day trading stocks for Mondays
5] Adani Power: Momentum buy at CMP, target Rs235, stop loss Rs189
6] Wockhardt: Buy at CMP, target Rs320, stop loss Rs264
Avinash Gorakshkar's stocks to buy today
7] HDFC Ltd: Buy at CMP, target Rs2580, stop loss Rs2400
8] GAIL: Buy at CMP, target Rs173, stop loss Rs157.
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