Trade Setup | Things To Know Before Market Opening - 03 Feb 2023 Friday
Day trading stocks: Despite rise in global markets, Indian stocks continued to witness roller-coaster trade on Thursday. NSE Nifty ended 5 points lower at 17,610 while BSE Sensex surged 224 points and closed at 59,932 levels. Adani stocks weighed on the Nifty post withdrawal of the Adani Enterprises FPO. Bank Nifty index added 156 points and closed at 40,669 levels. Broad market indices did better than the Nifty and ended in the positive even as the advance decline ratio ended in the positive.
According to stock market experts, a small positive candle was formed on the daily chart with minor upper and lower shadows. Technically, this pattern indicates that the market is in a near-term bottom reversal mode and the Nifty is expected to show pull back rally in the coming sessions.
On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The area of 17,500 (200-day EMA) has been acting as a strong support for the market in the last few sessions and we observe an emergence of buying interest from the lows. Hence, further upside from here could pull Nifty towards the crucial overhead resistance of 17,800 levels again in the next few sessions before showing another round of downward correction from the highs."
Expecting pullback in near term, Ruchit Jain, Lead Research at 5paisa.com said, "Nifty is trading in a falling channel and prices are near to the lower end of the channel. The momentum readings on the daily chart too are in oversold zone hinting at possibility of a near term pullback if the supports remain intact." Jain went on to add that IT and the FMCG space provided support to the market as the volatility in certain segments continued amidst sharp correction in the Adani group stocks.
Unveiling 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] IndiGo: Buy at CMP, target ₹2175 to ₹2200, stop loss ₹2085
2] Havells India: Buy at CMP, target ₹1230 to ₹1240, stop loss ₹1175
3] ITC: Buy at CMP, target ₹390, stop loss ₹366
4] ICICI Bank: Buy at CMP, target ₹885, stop loss ₹834
5] Gujarat Gas: Buy at ₹474, target ₹495, stop loss ₹460
6] Axis Bank: Buy at ₹870, target ₹895, stop loss ₹850.
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.