20 May , 2022 By : Kanchan Joshi
Indian stock market ended sharply lower on Thursday after a gap down opening. Nifty 50 index nosedived 430 points and closed at 15,809 levels whereas BSE Sensex tumbled 1416 points and closed at 52,792 levels. Nifty Bank index dipped 848 points and closed at 33,315 levels. According to stock market experts, current market pattern indicates a weak outlook for the coming sessions on the Dalal Street.
Day trading guide for stock market today
Speaking on intraday trading strategy for Nifty today, Subash Gangadharan, Senior Technical and Derivative Analyst at HDFC Securities said, "Nifty has reversed the recent pullback rally and has now closed near the recent lows of 15735. The 20 period MA on the 15 min chart is now below the 50 period MA indicating a negative moving average crossover. A fresh down move is likely once the support of 15735 is broken. While we remain open to pullback rallies in the very near term, we expect the downtrend to continue. The bears would gain more control once the recent intermediate low of 15735 is broken."
Advocating 'Sell on Rise' for traders, Ruchit Jain, Lead Research at 5paisa.com said, "We have been recently advocating a ‘Sell on Rise’ strategy on the markets and until there are any signs of reversal, one should continue with this approach for short term trading. Thursday’s gap area will now be seen as a resistance zone and we should soon see the index breaching its recent sing low of 15735. Below this previous low, the next levels to watch out will be around 15,555 followed by 15,325. Traders are advised to continue to trade with a cautious approach and look for selling opportunities from a trading perspective."
Day trading stocks
Sharing intraday stocks for today, share market experts — Sumeet Bagadia, Executive Director at Choice Broking; Mehul Kothari, AVP — Technical Research; Rohit Singre, AVP — Research and Avinash Gorakshkar, Head of Research at Profitmart securities — recommended 6 stocks to buy or sell today.
Sumeet Bagadia's day trading stocks to buy today
1] Voltas: Sell at CMP, target Rs910 to Rs900, stop loss Rs975
2] Royal Orchid Hotels Limited or ROHLTD: Buy at CMP, target Rs140 to Rs145, stop loss Rs125
Mehul Kothari's intraday stocks for today
3] ITC: Buy around Rs273, target Rs292, stop loss Rs262
4] IOC: Buy around Rs115, target Rs126, stop loss Rs110
Rohit Singre's stock of the day
5] MindTree: Sell at CMP, target Rs2750, stop loss Rs2900
Avinash Gorakshkar's intraday stock
6] Ambuja Cements: Buy at CMP, target Rs380, stop loss Rs355.
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