Trade Setup | Things To Know Before Market Opening - 16 Mar 2023 Thursday

Day trading guide for today: As worries over banking contagion in the developed world continued to hurt sentiments, Indian stock market fell for the fifth straight session on Wednesday. NSE Nifty lost 71 points and closed at 16,972 whereas BSE Sensex nosedived 344 points and closed at 57,555 levels. Nifty Bank index finished 359 points lower at 39,051 mark. Broad market indices did better than the Nifty even as the advance decline ratio remained at 0.78:1.

On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty continues to be weak. Having moved into oversold region, there is a possibility of an upside bounce from around 16,900 to 16,800 levels in the short term. Immediate resistance for Nifty 50 index is placed at 17,200 levels."

Speaking on outlook for Nifty Bank index today, Ruchit Jain, Lead Research at 5paisa.com said, "The Bank Nifty has breached its important swing low support and hence, the trend for the banking index remains down. The momentum readings for both Nifty as well as Bank Nifty are in sell mode indicating a negative momentum."

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 5 stocks to buy today.

1] Asian Paints: Buy at CMP, target ₹2900 and ₹2950, stop loss ₹2770

2] Glenmark: Buy at CMP, target ₹445 to ₹450, stop loss ₹415

3] Tata Steel: Buy at CMP, target ₹113, stop loss ₹104

4] Power Grid: Buy at CMP, target ₹238, stop loss ₹222

5] ITC: Buy at ₹389, target ₹398, stop loss ₹372.

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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