30 May , 2022 By : Kanchan Joshi
Indian stock market recovered from the lows last week and NSE Nifty ended around 0.50 per cent higher on the expiry date i.e. on Friday session. the 50-stock index consolidated within a broad range of 15,900 to 16,400 during the last week sessions as Nifty 50 index resisted around its ‘20 day-EMA’ on pullback moves and it has ended marginally above that average on Friday.
According to stock market experts, traders should should trade with a positive bias and avoid 'sell on rise' as 'buy on dips' looks better trade strategy in current market pattern.
Day trading guide for stock market today
Speaking on day trading strategy for Nifty today, Subash Gangadharan, Senior Technical and Derivative Analyst at HDFC Securities said, "Upside momentum will pick up if the Nifty can cross the recent swing high of 16,415, which has been acting as a strong resistance recently. We recommend a stock specific approach and recommend buying stocks from sectors that are showing relative strength."
Advising 'buy on dips' strategy for traders, Ruchit Jain, Lead Research at 5paisa.com said, "In the recent corrective phase, Nifty has resisted around its ‘20 day-EMA’ on pullback moves and it has ended marginally above that average on Friday. Looking at the other sectoral indices, we expect the index to continue its pullback in the coming week as well and thus we could see some larger retracement of the previous correction. The initial retracement resistance will be seen around 16550 which we expect to get tested soon."
On suggestion to traders for market this week, Ruchit Jain of 5paisa.com said, "Traders are advised to trade with a positive bias for the coming week and look for stock specific approaches where we could see good opportunities."
Day trading stocks
Sharing intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Rohit Singre, AVP — Research at bonanza Portfolio and Mudit Goel, Senior Research Analyst at SMC Global Securities — recommended 6 stocks to buy.
Sumeet Bagadia's intraday stocks for today
1] Tech Mahindra: Buy at CMP, target Rs1160 to Rs1180, stop loss Rs1090
2] Bandhan Bank: Buy at CMP, target Rs340, stop loss Rs315
Rohit Singre's stocks to buy today
3] State Bank of India or SBI: Momentum buy at CMP, target Rs500, stop loss Rs455
4] Tata Steel: Buy at CMP, target Rs1100, stop loss Rs1010
Mudit Goel's day trading stocks to buy today
5] Larsen & Toubro or LT: Buy at CMP, target Rs1630, stop loss Rs1585
6] Hero Motocorp: Buy at CMP, target Rs2760, stop loss Rs2705.
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