Stock market day trading update: The Indian stock market is anticipated to respond to this overnight trigger, which comes amid robust global market sentiments following the completion of the US Fed meeting on Wednesday. It is anticipated that today’s downplaying of the US Fed rate hike talk by US Fed chairman Jerome Powell will provide some respite to global markets, particularly the stock markets in Asia and India.
The US dollar index fell below 106 during Wednesday’s trading as sell-off pressure mounted on US dollar rates. This encouraged purchasing on Wednesday in the US stock markets. On Wednesday, the Dow Jones index ended the day 0.23 percent higher while the Smallcap 2000 index ended the day 0.12 percent higher. The tech-heavy Nasdaq and the S&P 500, meanwhile, ended in the red zone.
The day trading stock recommendations from Anand Rathi
According to Anand Rathi’s Ganesh Dongre, Senior Manager of Technical Research, the Nifty 50 index is overbought and there may be some profit-booking in the 50-stock index on Thursday trades. The Indian stock market trends may stay sideways to positive as long as the 50-stock leading index stays around the 22,500 to 22,900 range, according to Ganesh Dongre of Anand Rathi. The Nifty is currently confronting a hurdle at the 22,800 to 22,900 levels. Ganesh Dongre gave three stock recommendations for day trading today: Adani Power, IndusInd Bank, and PNB.
Shares to purchase right now
1} Adani Power: Purchase at ₹613, aim for ₹640, and halt loss at ₹600.
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About 600 rupees worth of Adani Power shares have experienced significant support. Therefore, the Adani Power share has once again formed a reversal price action pattern at the ₹613 price level. This suggests that the share may continue to rise till it reaches its next resistance level, which is ₹640. Consequently, investors can purchase and hold this stock for the short term goal price of ₹640, using a stop loss of ₹600.
2] IndusInd Bank: Purchase at ₹1512, aim for ₹1550, and halt losses at ₹1490.
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The share of IndusInd Bank has exhibited a bullish reversal pattern in the short term trend; theoretically, a reversal might occur up to ₹1550. Thus, if the stock maintains its support level at $1490, it may rise in the near future to $1550. For the target price of ₹1550, the trader can therefore proceed with a stop loss of ₹1490.
3] PNB, or Punjab National Bank: Purchase at ₹140, aim for ₹148, and halt loss at ₹134.
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The price of PNB shares has recently surged to almost 140 rupees. Currently, the stock is showing signs of a bullish candlestick pattern formation and a reversal in price action at the ₹140 price level. This suggests that the stock may continue to rise until it reaches its next resistance level of ₹148. As a result, investors can purchase and hold this stock with a ₹134 stop loss in order to reach the ₹148 short-term goal price.
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