Day Trading Guide: 4 Swing Trading Stocks To Buy/Sell Today, 10th October

Continued weak global cues could impact our markets as well," warns analysts, advising short-term investors and traders to exercise extra caution. The benchmark index is currently displaying volatility, consistent with previous predictions that Nifty would trade within a range of 1.50% to 4% in the coming days.

Geopolitical tensions have heightened risk aversion, resulting in a sudden surge in US bond yields, increased crude oil prices, and a stronger Dollar Index. These developments are causing significant concerns for India, which is already grappling with high inflation, despite government efforts. The geopolitical situation is further exacerbating the economic challenges.

Nifty Outlook for Today:

In the last trading session, the Nifty benchmark opened with a 0.60% gap down and struggled to maintain levels above the day's opening price. This is a critical juncture, and if the price breaks below this level, the bearish sentiment may persist, leading to more selling pressure. It's worth noting that Foreign Portfolio Investors (FPIs) are withdrawing funds from Indian markets, which is a concerning trend for the long term.

Intraday traders are advised to adopt a "sell on rise" strategy and avoid trading pullbacks or maintain limited exposure. Nifty support levels for intraday trading are at 19,450, 19,370, and 19,315. This is a buying zone for those looking to buy during the selling movement and trade pullbacks, although "sell on rise" is strongly recommended. Potential resistance levels for Nifty50 in intraday trading are 19,555 and 19,650, as per V.L.A. Ambala (SEBI Registered Research Analyst) of Stock Market Today (SMT).

Bank Nifty Outlook for Today:

The banking sector exhibited greater bearishness compared to the benchmark Nifty50, with Nifty Bank declining by almost 1%. It is expected to trade within a range of 1.30% to 2.50% for the week. The intraday low level is crucial for the Banking Index, and if it breaks down again, more selling pressure is likely. Fresh buying opportunities may arise if a breakout occurs above 44,065.

Currently, Nifty Bank's nearest support levels are at 43,800 and 43,720, with a major support level at 43,500. Considering its overall movement, Nifty Bank's primary resistance levels for intraday trading are 44,120 and, subsequently, 44,245. These levels are most effective in the case of a flat or marginal gap opening, according to V.L.A. Ambala (SEBI Registered Research Analyst) of Stock Market Today (SMT).

Day trading stocks for today

On intraday and swing stocks for today, stock market experts - VLA Ambala (SEBI Registered Research Analyst)- recommended five stocks to buy today for Intraday and swing trading.

Hi-Tech Pipes

HITECH looks good to buy above 87 and has a target expectation of 90 to 100 with a stop loss of 80.

Brigade Enterprises

BRIGADE looking good buy at 600/610 range and have a target expectation of 620 to 740 with a stop loss of 560.

VIP Industries

VIPIND looks good buy in the 675 range and has a target expectation of 690 to 750 with a stop loss at 630.

Bharat Petroleum Corporation

BPCL looks good buy in the 340 range and has a target expectation of 345 to 350 with a stop loss at 332. Price is trading at its important support range which could act as a major support point for this.

"All of the recommendations are being provided here based on the price overall movement, previous behaviour and technical analysis"- said VLA Ambala (SEBI Regd. RA).

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.