Investors need to watch the movement of Nifty in the first few hours of trade on Thursday as it may be volatile and the pain may intensify to lower levels of 10,610 – 10,600.

The Nifty5o formed a Bearish Belt Hold pattern on Wednesday as it closed below 10,700 after nearly three weeks of consolidation. A close below the short-term 50-day moving average signals bearishness in sentiments in the short-term.

Considering the fact that we have June expiry on Thursday we saw aggressive writing at 10,700 strikes from 10,800 strike which indicate bearishness.

Further, a rise in volatility has made traders opting for Puts. With a close below 50-SMA, we expect the bearish momentum to continue.

Investors need to watch the movement of Nifty in the first few hours of trade on Thursday as it may be volatile and the pain may intensify to lower levels of 10,610 – 10,600.

Here is a list of top three intraday trading ideas for Thursday:

Tech Mahindra Ltd: Buy| Target: Rs 730| Stop Loss: Rs 700| Return 2%

The stock was up nearly 4 percent in an intraday trade on Wednesday with good volumes in a one-sided bearish market. It closed near today’s high which is a bullish sign.

The stock is trading at trend line resistance level on the daily chart. We expect it will continue the rally and recommend buying the stock at the current level for the target of Rs 730 and a stop loss below Rs 700.

Dabur India Ltd: Buy| Target: Rs 400| Stop Loss: Rs 390| Return 1.78%

The stock has given a breakout from its 52-weeks high with huge volumes on closing basis in a bearish market today. We recommend buying the stock at the current level for a target of Rs 400 and a stop loss of Rs 390.

Dr Reddy's Laboratories Ltd: Buy| Target: Rs 2,330| Stop Loss: Rs 2,245| Return 1.9%

The stock was up with good volumes which is a sign of strength in an otherwise weak market. The stock took the support at its 200-EMA & SMA on the daily chart.

We recommend buying the stock at the current level for a target of Rs 2,330 and a stop loss of below Rs 2,245 on a closing basis on the daily chart.

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Disclaimer:- The views and investment tips expressed by investment experts are their own. Ripples Advisory advises users to check with certified experts before taking any investment decisions.