Daily Trading Guide for Friday: 6 Stocks to Buy or Sell Today — June 17

Daily trading guide for Friday: Following weak global signals and growing recession fears, the Indian stock market extended its losing streak for a fifth consecutive session on Thursday. The Nifty 50 index fell 331 points to close at 15,360 levels, while the BSE Sensex fell 1,045 points to close at 51,495. The Nifty Bank index ended 721 points lower at 32,617 levels. The BSE small and mid-cap indices fell 2.3% and 2.9% respectively, below the Nifty. Global stock markets fell on Thursday as fears of a recession mounted after the Federal Reserve’s biggest rate hike in nearly three decades and the Swiss National Bank raised its policy interest rate for the first time in 15 years in a surprise move on Thursday.

According to stock market experts, a long bearish candlestick formed on the daily chart after opening higher. This candle has decisively broken below the important support band at 15,700 to 15,600 levels and closed lower. This break below support could hint at further downside for the market and any bounce higher from here could be a growing selling opportunity.

Day trading guide for today’s stock market.

Speaking on the daily trading guidance for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities, said: “Thursday’s sharp weakness below crucial support at 15,600 levels indicates a significant break lower in the market. One you can expect Nifty to slide down to the next low around 15,000-14,800 in the near term. Any bounce up from here could be a rising selling opportunity.”

Expecting a pullback from short-term support levels, Ruchit Jain, Research Lead at 5paisa.com, said: “Momentum readings on the lower time frame chart have reached the oversold zone and thus , a move back from short-term supports can be seen in the near-term But until there is a change in data or structure the trend remains down Immediate supports for Nifty are around 15,270 and 15,080 and because the readings on the lower timeframe are oversold, you can see a pullback from these levels. Pullback moves, 15,650 to 15,800 will look like an immediate resistance zone.”

stock trading day

Sharing intraday stocks for today, stock market experts: Mehul Kothari, AVP, Technical Research at Anand Rathi; Ravi Singh, Vice President and Head of Research at Share India Securities and Avinash Gorakshkar, Head of Research at Profitmart Securities, recommended 6 stocks to buy today.

Mehul Kothari Intraday Actions for Today

1]HDFC Bank: Shop Around $1282, target $1340, stop loss $1255

2]Indus Towers: buy $204 target $212, stop loss $198

Ravi Singh stock picks for Friday

3]Nippon Life India Asset Management Ltd or NAM-India: Shop Around $285 target $300, stop loss $280

4]Gabriel India: Shop Around $116 target $125 stop loss $108

Avinash Gorakshkar’s day trading stocks to buy today

5]Dabur India Ltd: Buy from CMP, target $530, stop loss $480

6]Maruti Suzuki India Ltd: CMP impulse buy, target $8200, stop loss $7600.

Disclaimer: The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of the Mint.

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