08 Apr , 2022 By : Kanchan Joshi
Following weak global cues and overnight losses in the US markets, Indian stock market ended in red territory for thirds successive session on Thursday. Nifty 50 index fell 168 points and closed at 17,639 whereas BSE Sensex ended 575 points lower at 59,034 levels. Nifty Bank index shed 75 points and closed at 37,557 levels.
According to stock market experts, currently secondary market is led by the non-institutional players who have begun to aggressively take profits in the face of balance sheet reduction by the US Fed. They expected little build-up for Friday session as today's RBI Monetary Policy meeting may not bring in any positive surprise.
Day trading guide for stock market today
On ideal day trading strategy for today; Deepak Jasani, Head of Retail Research at HDFC Securities said, "Nervousness spread to the broader markets on Thursday as advance decline ratio fell to below 1:1 after 4 days. Currently, the markets are led by the non-institutional players who have begun to aggressively take profits in the face of balance sheet reduction by the US Fed and ahead of the RBI policy meet. Nifty should now take support from 17,442 to 17,519 band. Friday’s RBI MPC meet may not bring in any positive surprise and hence there seems to be little build-up ahead of it."
Speaking on day trading guide in regard to Nifty and Nifty Bank index; Mehul Kothari, AVP — Technical Research at Anand Rathi Shares & Stock Brokers said, "Broader range for Nifty today is placed between 17,600 to 17,850 band whereas small range for 50-stock index is placed between 17,550 to 17,800 band. Similarly, broader range for Nifty Bank index is placed between 37,200 to 38,300 band whereas short range for Bank Nifty index can be taken between 37,500 to 38,000 levels."
Day trading stocks
Sharing intraday stocks for today, stock market experts; Mehul Kothari of Anand Rathi Shares & Stock Brokers; Avinash Gorakshkar, Head of Research at Profitmart Securities and Anuj Gupta, Vice President — Research at IIFL Securities — recommended 6 stocks to buy today.
Mehul Kothari's intraday stocks for today
1] HDFC Bank: Buy at CMP, target Rs1625, stop loss Rs1450
2] Sunteck Realty: Buy at CMP, target Rs530, stop loss Rs450
Avinash Gorakshkar's day trading stocks for today
3] Axis Bank: Momentum buy at CMP, target Rs825, stop loss Rs778
4] LIC Housing Finance: Buy at CMP, target Rs410, stop loss Rs385
Anuj Gupta's stocks to buy today
5] Yes Bank: Buy at CMP, target Rs23, stop loss Rs9
6] Indian Hotels: buy at CMP, target Rs290, stop loss Rs224.
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