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Trade Setup | Things To Know Before Market Opening - 17 Mar 2023 Friday
Day trading guide for today: Despite weak global cues on Credit Suisse crisis, Indian stock market snapped five days losing spree on Thursday. NSE Nifty bounced back from tis crucial support levels and finished 13 points higher at 16,985 levels. BSE Sensex added 78 points and closed at 57,634 levels whereas Nifty Bank index surged 81 points and finished at 39,132 mark. Broad market indices ended in the negative even as the advance decline ratio fell to 0.69:1.
Speaking on outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, "The larger degree lower tops and bottoms continued in the Nifty as per daily chart and Thursday's swing low of 16,850 levels could be considered as a new lower bottom of the sequence. Further upside from here could confirm this reversal pattern and that could possibly open a sustainable upside bounce for the short term. A decisive move above the immediate hurdle of 17,200 is expected to bring strong bounce in the market ahead. Immediate support for Nifty is at 16,850 levels."
Expecting bull vs bear show to continue, Ruchit Jain, Lead Research at 5paisa.com said, "Both Nifty and Bank Nifty witnessed a recovery from the first hour lows in Thursday’s session, and ended with formation of a ‘Doji’ candlestick pattern on the daily chart. In Technical Analysis, this pattern indicates a tug-of-war between bulls and the bears with no directional result towards the end.
Jain expected a pullback move in the market citing, "The overall trend remains negative but since the FII’s have short heavy positions and the index has approached its multiple support zone around 16850-16900, a pullback move could be there in the near term."
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] TVS Motor: Buy at CMP, target ₹1080 to ₹1100, stop loss ₹1030
2] Ambuja Cements: Buy at CMP, target ₹390 to ₹400, stop loss ₹365
3] Titan Company: Buy at CMP, target ₹2390, stop loss ₹2315
4] BPCL: Buy at CMP, target ₹375, stop loss ₹334
5] Cholamandalam Finance: Buy at ₹748, target ₹770, stop loss ₹735
6] State Bank of India or SBI: Buy at ₹525, target ₹545, stop loss ₹512.
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