30 Jun , 2022 By : Kanchan Joshi
Following weak global cues, Indian stocks ended in negative territory on Wednesday after two days of gains. Nifty 50 index ended 51 points lower at 15,799 while BSE Sensex shed 150 points and closed at 53,026 levels. Nifty Bank index dipped 372 points and closed at 33,269 mark. However, despite ending in red zone, Indian stock market was among the best performers in Asian markets.
According to stock market experts weakness in global markets is mainly due to growing fears that policymakers bent on dampening inflation will tip their economies into recession. They said that minor degree of positive sequence like higher tops and bottoms is intact on the daily chart and current weakness could in line with the formation of new higher bottom of the sequence. There is no confirmation of any higher bottom reversal as of now.
Day trading strategy for stock market today
Speaking on day trading strategy for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty continues to be choppy with negative bias. The present range bound movement could continue for the next 1-2 sessions and immediate supports for NSE Nifty to be watched around 15,600 to 15,650 levels. On the flip side, a decisive move above 15,850 to 15,900 levels is likely to open a sustainable upside for the market."
"The Bank Nifty index has relatively underperformed in last few sessions to the benchmark. However, the crucial support in the index is placed around the 33000 mark and if the index manages to hold this support, then a recovery could be expected in the banking space as well in the near term. On the other hand, the Nifty Midcap100 index is trading around its crucial hurdle of ’20 DEMA’ and hence one should keep a close tab on the same. Above 26900, the midcap space too could then witness participation on the long side," said Ruchit Jain, Lead Research at 5paisa.com.
Day trading stocks
Sharing intraday stocks for today, stock market experts — Rajesh Bhosale, Technical Analyst at Angel One Ltd; Mehul Kothari, AVP — Technical Research at Anand Rathi and Avinash Gorakshkar, Head of Research at Profitmart Securities — recommended 6 stocks to buy today.
Rajesh Bhosale's intraday stocks for today
1] Sobha: Buy around Rs556, target Rs581, stop loss Rs537
2] Gujarat State Petronet Ltd or GSPL: Buy around Rs216, target Rs228, stop loss Rs210
Mehul Kothari's stocks to buy today
3] Tata Power: Buy around Rs208, target Rs218, stop loss Rs201
4] HDFC Bank: Buy around Rs1345, target Rs1380, stop loss Rs1320
Avinash Gorakshkar's stocks picks for Thursday
5] ONGC: Buy at CMP, target Rs168, stop loss Rs147
6] Ashok Leyland: Momentum buy at CMP, target Rs160, stop loss Rs140.