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Trade Setup | Things To Know Before Market Opening - 02 Feb 2023 Thursday
Day trading stocks to buy: After a roller-coaster day on Wednesday session, Indian stocks ended up losing its post-budget mid-session gains. NSE Nifty finished 45 points lower at 17,616 while BSE Sensex ended 158 points higher at 59,708 levels. Bank Nifty index lost 142 points and closed at 40,513 mark. Broad market indices fell more as nervousness spread across the board as Adani group stocks once again came under pressure. Metal and IT sectors ended in positive territory as these were viewed as defensive under the current situation.
According to stock market experts, after opening with a positive note on Wednesday, the market shifted into a range bound movement in the early-mid part of the session. Sharp intraday buying emerged in the mid part and the steep intraday weakness triggered in the mid to later part of the session. The recovery emerged again from the lows of 17,350 levels towards the end and the market closed off the days low.
Unveiling intraday trading tips for Thursday session, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty is highly volatile. Having moved up smartly from the lows in the last few occasions, there is a possibility of Nifty retesting the crucial resistance of 17,800 levels in the near term. Further sustainable upside on Nifty could occur only above this hurdle."
"A long bear candle was formed on the daily chart with long upper and lower shadow. Technically, this pattern indicates high volatility in the market. The formation of long lower shadows in the last four daily candles signal presence of strong support at 17,400 to 17,300 levels and the market could once again show upside bounce in the coming sessions. The important support of 200 day EMA was into scene on Wednesday after a downside violation at 17,550 levels. This is positive indication," Nagraj Shetti said.
Sharing intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi — listed out 6 shares to buy today.
1] Tata Consumer: Buy at CMP, target ₹755 to ₹760, stop loss ₹725
2] Infosys: Buy at CMP, target ₹1580 and ₹1600, stop loss ₹1520
3] ITC: Buy at CMP, target ₹380, stop loss ₹345
4] ICICI Bank: Buy at CMP, target ₹890, stop loss ₹818
5] HDFC Ltd: Buy at ₹2620, target ₹2750, stop loss ₹2600
6] Larsen & Turbo or LT: Buy at ₹2145, target ₹2300, stop loss ₹2060.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of PickStock. We advise investors to check with certified experts before taking any investment decisions.
Coal India Ltd
Punjab National Bank
Gujarat State Petronet Ltd