Today’s Trading Guide for Thursday: 6 Stocks to Buy or Sell Today – May 12

Today's trading guide for Thursday: The Indian stock market came under selling pressure again at higher levels in Wednesday's morning session, although it rebounded nicely from intraday lows. The Nifty 50 index once broke through the 16,000 mark, but as the momentum reading was quite oversold on the intraday chart, a pullback was eventually seen to recoup some of the losses. FNSE Nifty finished 72 points lower at 16,167 while BSE Sensex lost 276 points and closed at 54,088 levels. However, the Nifty Bank Index rose 210 points and closed at 34,693 points.

According to market experts, a small negative candle has formed on the daily chart with a long lower shadow. This market action indicates the chances of another short-term recovery cycle. But, there is no confirmation of a bottom reversal as of yet. Volumes on the NSE have returned to the recent average while the anticipated rate of decline is falling, suggesting that the broader markets are still under heavy pressure.

Daily trading guide for the stock market today

Speaking today on the day trading guide for Nifty, Nagaraj Shetti, technical research analyst at HDFC Securities, said: "Nifty's short-term trend continues to be negative. The recent display of a lack of strength to hold the highs could signal the presence of strong resistance around the 16250 to 16300 levels for another upside selling opportunity. Immediate support for NSE Nifty is placed at 16,000 levels.

About Nifty being outperformed by Bank Nifty Index, Ruchit Jain, Lead Research, 5paisa.com said: "Bank Nifty has shown relative outperformance against Nifty since the last two sessions. However, there is no no sign of a trend change yet and so it could only be a temporary outperformance until the pullback lasts.The mid and small cap space continues to underperform and should see more corrections in the short term. Therefore, traders should avoid bottom fishing until the trend reverses."

Advising traders and investors to stay clear of swept-up sentiment in any possible rebound from current levels, 5paisa.com's Ruchit Jain said: "The short-term trend continues to remain negative but due to the oversold sets up on the intraday charts a strong correction we will likely see a few of these between the rebounds Traders are advised not to get carried away by such a pullback and continue to trade with a cautious approach until there is a change in trend or data."

Day trading actions for today

Day trading stocks to buy today, stock market experts - Rajesh Bhosale, technical analyst at Angel One Ltd; Mehul Kothari, AVP - Technical Research at Anand Rathi; Anuj Gupta, Vice President - Research at IIFL Securities and Avinash Gorakshkar, Head of Research at Profitmart Securities - recommended 6 stocks to buy or sell today.

Rajesh Bhosale's stock day trading

1]Axis Bank: Buy around ₹672 target ₹707, stop loss ₹654

2]ABB India: Shop Around ₹2270 target ₹2410, stop loss ₹2190

Mehul Kothari Intraday Stocks for Today

3]Reliance Industries Ltd: Shop Above ₹2480 target ₹2600, stop loss ₹2420

4]Voltas: Buy above ₹995 target ₹1050, stop loss ₹965

Anuj Gupta's stock of the day

5]Shree Renuka Sugars: Shop at CMP, Target ₹54, stop-loss RS 37

Avinash Gorakshkar's stock pick for today

6]DLF: Momentum buy from CMP, objective ₹350, stop loss ₹312.

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

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