Day trading guide: 2 stock recommendations for Thursday

YES Securities

The Nifty ended higher for the straight fourth session as it revisited levels of 15300-mark in today’s trade. The Nifty eventually formed a bullish candle with a close above Tuesday’s high. Positive follow-up action above 15,300 is essential to make an attempt towards an all-time higher zone. Moreover, tomorrow we have expiry for the May derivative contracts; hence, higher price volatility is plausible.

Intraday rally in the Bank Nifty remained short lived. It formed an NR4 chart pattern (i.e. narrowest high/low range as compared to prior three sessions range). It represents indecisiveness near the 35,000-mark.


Metal index resumed its recent downtrend. A decisive break below recent low could attract further price correction.

Recommendations
Sell NMDC June future near Rs 179
Stop loss: Rs 182.5
Target: Rs 172
After the prior week’s decline, recovery remained short lived. Sustenance below Rs 180 could drag the stock lower till Rs 172 zone

Buy Endurance Technologies near Rs 1,475
Stop loss: Rs 1425
Target: Rs 1,575
Sustained move above important averages and appearance of sizable bullish candle indicates more room on the upside.

Amit Trivedi is CMT, Technical Analyst - Institutional Equities, YES Securities. Views are his own.