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Trade Setup | Things To Know Before Market Opening - 10 Mar 2023 Friday
Day trading guide for today: Following weak global cues amid worries about weaker-than-expected Chinese inflation data, Indian stock market snapped three days rally and finished lower on Thursday session. NSE Nifty lost 164 points and closed at 17,589 while BSE Sensex nosedived 541 points and closed at 59,806 levels. Nifty Bank index went down 320 points and finished at 41,256 mark. Broad market indices fell less than the Nifty even as the advance decline ratio closed at 0.72:1.
"Global stock markets were mostly lower Thursday amid worries about weaker-than-expected Chinese inflation data that pointed to a sluggish economic recovery in the country and possibility of more and sharp US interest rate hikes. US government’s comprehensive monthly report on hiring is due out Friday that may give some hint about the need to raise rates and quantum thereof," said Deepak Jasani, Head of Retail Research, HDFC Securities.
On outlook for Nifty today, Rohan Patil, Technical Analyst at SAMCO Securities said, "The overall trend for Nifty still remains in a bearish to sideways mode. The support for the Nifty is placed at around 17,400 to 17,350 levels and resistance are capped at 17,800 levels. In case the Nifty breach below 17,350 levels then 17,200 will be the next support zone. A strong break above 17,800 will indicates a breakout in index."
"Nifty failed to cross 17,800 in this move and seems to have made a lower top. This does not augur well for the large-caps," Deepak Jasani of HDFC Securities said.
On 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 — recommended 6 stocks to buy today.
1] SBI Card: Buy at CMP, target ₹790 to ₹800, stop loss ₹750
2] Berger Paint: Buy at CMP, target ₹605 to ₹610, stop loss ₹575
3] TVS Motor: Buy at ₹1087, target ₹1135, stop loss ₹1065
4] HDFC Bank: Buy at ₹1630, target ₹1675, stop loss ₹1600
5] Tata Steel: Buy at CMP, target ₹114, stop loss ₹104
6] Axis Bank: Buy at CMP, target ₹895, stop loss ₹845.
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.
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