Following weak global cues on hefty rate hike and inflation fears, Indian stocks ended marginally lower on the last day of Q1FY23, which was F&O expiry day as well. Nifty 50 index ended 18 points lower at 15,780 while BSE Sensex shed 8 points and closed at 53,018 mark. Nifty Bank index surged 155 points and closed at 33,425 levels. Broader markets continued to be under pressure as advance decline ratio was in the negative.
Most of the global markets fell again on Thursday as traders fear that hefty rate hikes to rein in soaring inflation will spark a recession. Global stocks sank on Thursday to extend what is the worst first half of the year for global share prices on record, as investors worry that the latest show of central bank determination to tame inflation will slow economies rapidly.
Day trading guide for stock market today
Speaking on day trading guide for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "After the formation of false upside breakout at 15,800 levels on 27th June on NSE Nifty, the absence of any sharp weakness from near the hurdle in the last three sessions could be in favor of bulls to make a comeback from the lows. But, any decisive move below 15,600 levels on Nifty is likely to negate the bullish bet and could result in sharp weakness down to 15,200 levels."
Ruchit Jain, Lead Research at 5paisa.com said, "The immediate support for Nifty is placed in the range of 15,700 to 15,650 levels while resistance is seen around 15900. A breakout beyond this range is required for next directional move. Below the support, the index would resume its downtrend which would have a negative impact on the overall market. On the flipside, a breakout above 15900 on NSE Nifty would lead the index towards its retracement resistances of 16,000 and 16,180 levels. Short term traders should wait for a clear breakout form the above mentioned range and then trade in the direction of the breakout."
"Post the recent pullback move, many key indices such as Nifty, Bank Nifty, Nifty IT, Midcap100 and Small Cap index are all trading around their respective 20-day EMA. A closing above this average is required for a continuation of the positive momentum and until then, the risk remains high for fresh longs and hence one should be light on positions," Ruchit Jain of 5paisa.com added.
Day trading stocks
Sharing intraday stocks for today, stock market experts — Mehul Kothari, AVP — Technical Research at Anand Rathi and Anuj Gupta, Vice President — Research at IIFL Securities — recommended 4 stocks to buy today.
Mehul Kothari's intraday stocks for today
1] Hindustan Aeronautics Ltd or HAL: Buy around Rs1770, target Rs1850, stop loss Rs1720
2] TVS Motor: Buy around Rs851, target Rs8880, stop loss Rs825
Anuj Gupta's day trading stocks to buy
3] Dabur: Momentum buy at CMP, target Rs530, stop loss Rs465
4] Deepak Fertilisers: Buy at CMP, target Rs760, stop loss Rs666.