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These 8 stocks to buy or sell today

05 May , 2022   By : Kanchan Joshi


These 8 stocks to buy or sell today

Following an unscheduled sudden announcement by the RBI Governor raising repo rate and CRR (Cash Reserve Ratio), Indian stocks fell sharply on Wednesday session. Nifty 50 index lost 391 points and closed at 16,667 mark whereas BSE Sensex crashed 1306 points and closed at 55,669 levels. Bank Nifty tumbled 899 points and closed at 35,264 levels.


According to stock market experts, the present chart pattern also indicate a downside breakout of the broader high low range movement of around 17400-16900 levels. This could be considered as a downside breakout of crucial lower support in the market. This is not a good sign and could have more weakness for the short term.


Bull vs bear: Day trading guide for stock market today


Speaking on intraday trading strategy on Nifty today, Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, "Having broken below the important support of 16800, the chances of further steep weakness in the near term are high. This anticipated market action could open a possibility of larger degree of lower bottom formation below 15670 levels in the next few weeks. Any upside bounce from here could find strong resistance around 16800 to 17000 levels. Immediate downside targets to be watched for Nifty around 16200 levels."


Expecting further weakness at Dalal Street, Ruchit Jain, Lead Research, 5paisa.com said, "Since last couple of weeks, Nifty was consolidating within a broad range of 16825 -17400. Our markets needed a breakout beyond the range for a directional move and finally on Wednesday, we witnessed a breakdown from the support end. This also marks a breakdown from a ‘Bearish Flag’ pattern in Nifty on the daily chart, which triggered a short term downtrend. In derivative segment too, we saw formation of fresh short positions in Nifty as well as Bank Nifty. India VIX too surged and is hinting at higher volatility in the short term. So looking at the charts and the data, we expect the Nifty to continue its downtrend in the near term and head lower towards 16400 first. The above mentioned bearish pattern indicates a probable target around 16125, which we would expect from a positional perspective. On the flipside, the supports of 16825 and 17000 which were breached today will act as a resistance on any pullbacks."


On day trading strategy for today, Ruchit Jain of 5paisa.com said, "Traders are advised to trade with a negative bias and look for shorting opportunities."


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; Avinash Gorakshkar, Head of Research at Profitmart Securities and Anuj Gupta, Vice President — Research at IIFL Securities — recommended 8 stocks to buy or sell today.


Rajesh Bhosale day trading stocks for today


1] Rain Industries: Buy around Rs176, target Rs184, stop loss Rs171


2] Ramco Cements: Sell around Rs752, target Rs714, stop loss Rs772


Mehul Kothari's intraday stocks for today


3] LT Foods or DAWAT: Buy above Rs88, target Rs97, stop loss Rs84


4] KRBL: Buy near Rs233, target Rs156, stop loss Rs220


Avinash Gorakshkar's stocks for today


5] ONGC: Buy at CMP, target Rs178, stop loss Rs154


6] Petronet LNG: Buy at CMP, target Rs230, stop loss Rs205


Anuj Gupta's stock picks for Thursday


7] State Bank of India or SBI: Sell at CMP, target Rs435, stop loss Rs505


8] Bajaj Auto: Sell at CMP, target Rs3370, stop loss Rs3565.




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