Stock market today: The Indian stock market snapped its seven-day winning streak on Thursday due to weak global sentiments after a retreat on Wall Street. While the Nifty 50 index ended 36 points lower, Bank Nifty finished marginally higher, and both the small-cap and mid-cap indices climbed to a new high.
Day trading guide for stock market today
Laxmikant Shukla, Technical Research Analyst at Yes Securities, suggests that the Nifty 50 may weaken due to the appearance of a doji candle near the psychological levels of 21,000-21,100 zone. However, sustainability above 20,700-20,500 zone is crucial to maintain the positive tone.
Day trading stocks for today
1] Kotak Mahindra Bank: Buy at ₹1825, target ₹1850, stop loss ₹1800.
Kotak Mahindra Bank share has a bullish reversal pattern in the short-term, and a retracement till ₹1850 is possible. If the stock holds the support level of ₹1800, it could bounce towards the ₹1850 level. Traders can go long with a stop loss of ₹1800 for the target price of ₹1850.
2] NAM-India: Buy at ₹442, target ₹460, stop loss ₹430.
According to the short-term chart, the stock has shown a bullish reversal pattern, and holding the support level of ₹430, it could bounce towards the ₹460 level in the short term. Traders can go long with a stop loss of ₹430 for the target price of ₹460.
3] JSW Energy: Buy at ₹456 to ₹458, target ₹488, stop loss ₹440
JSW Energy share is breaking out of a resistance zone and closing in green with a bullish candlestick, which has led to a buy recommendation being initiated for targets up to ₹488. Traders can initiate a buy on dip in the range of ₹456 to ₹458 with a stop loss below ₹440 on a daily closing basis.
4] Zydus Life: Buy at ₹655 to rs 657, target ₹670, stop loss ₹645.
Zydus Life’s share price is showing a pattern of higher highs and higher lows on the daily timeframe, with a bullish candlestick after breakout. Buying is recommended with a target of up to ₹670. Consider a buy trade between ₹655 to ₹657, with a stop loss of ₹645 on daily closing basis.
