6 stocks to buy or sell today — 10th March
Day trading guide for Thursday: After showing sharp upside recovery from the swing lows on Tuesday, Indian stock market witnessed an excellent follow-through upside move on Wednesday and closed the day with handsome gains. Nifty 50 index gained 331 points and closed at 16,345 levels whereas BSE Sensex ended 1223 points higher at 54,647 levels. Bank Nifty index shot up 657 points and closed at 33,815 levels.
According to stock market experts, a long bull candle has formed on the daily chart, back to back for the second consecutive sessions. Technically, this pattern indicate a sharp upside reversal in the market from the lows. Hence, a recent swing low of 15,671 at NSE Nifty could now be considered as an important bottom reversal pattern.
Day trading guide: What global cues signal?
Expecting short-covering in the equity market to continue; Anuj Gupta, Vice President at IIFL Securities said, “Ukraine leadership going soft on the Russian condition for ceasefire and United Arab Emirates agreeing to call on fellow OPEC members to boost production may further boost the equity market sentiments across globe. Both Dow Jones Futures and SGX Nifty live index are showing buying interest of bulls that may get extended for today’s session as well. In domestic markets, 5 state assembly poll results may also work as a trigger for DIIs and FIIs. I am expecting positive opening for Indian stock market today.”
Day trading guide for stock market today
Speaking on day trading guide for Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term trend of Nifty seems to have reversed up. The overall positive chart pattern signal a possibility of Nifty moving towards the important resistance of 16,800 levels in the next few sessions. Immediate support for NSE Nifty is placed at 16,200 to 16,150 levels.”
Unveiling important levels in regard to Nifty and Bank Nifty; Sumeet Bagadia, Head of Research at Choice Broking said, “Broader range of NSE Nifty today is 16,000 to 16,600 whereas for high risk traders, short Nifty range can be considered between 16,150 to 16,450 levels. Likewise, short range at Nifty Bank index today can be assumed at 33,000 to 34,000 while broader range can be assumed in between 32,700 to 34,500 levels.”
Day trading stocks to buy today
Speaking on intraday stocks for today, stock market experts — Sumeet Bagadia of Choice Broking; Anuj Gupta, Vice President at IIFL Securities and Avinash Gorakshkar, Head of Research at Profitmart Securities — recommended 6 stocks to buy today.
Sumeet Bagadia’s day trading stocks
1] Asian Paints: Buy at CMP, target ₹3000 to ₹3100, stop loss ₹2750
2] Poonawalla Fincorp: Momentum buy at CMP, target ₹255 to ₹260, stop loss ₹225
Anuj Gupta’s intraday stocks for today
3] Equitas Holdings: Buy at CMP, target ₹120, stop loss ₹97
4] Adani Wilmar Ltd or AWL: Buy at CMP, target ₹380, stop loss ₹318
Avinash Gorakshkar’s stocks to buy today
5] State Bank of India or SBI: Buy at CMP, target ₹468, stop loss ₹440
6] Tata Chemicals: Buy at CMP, target ₹930, stop loss ₹870.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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