Day trading guide for Monday: After showing upside move with high volatility on Thursday the Indian stock market continued with volatile movement on Friday and finally closed in negative zone. Nifty 50 index ended 2 points lower at 18,255 whereas BSE Sensex shed 12 points and closed at 61,223 levels. Bank Nifty lost 99 points and closed at 38,370 mark.
According to stock market experts, current pattern indicates emergence of sharp buying on dips as they expect further upside in near term.
Day trading guide for stock market today
Speaking on day trading strategy for Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The near term uptrend status of Nifty remains intact and Friday’s intraday weakness has not dampen the effort of bulls to sustain the highs. The emergence of sustainable buying from the dips and overall positive daily chart pattern, signal next upside target for Nifty at 18,600 levels by end of this week. Immediate support for NSE Nifty is placed at 18,100 levels.”
On intraday trading strategy in regard to Nifty Bank index; Ruchit Jain, Lead – Research at 5paisa.com said, “In the banking index, 38000 and 37700 are the immediate supports. Considering the impulsive upside move from the recent lows, this just seems to be a short term correction within an uptrend and we should soon see the index resuming its uptrend.”
Echoing with Ruchit Jain’s views; Santosh Meena, Head of Research at Swastika Investmart Ltd said, “Bank Nifty is facing some resistance at 61.8 per cent retracement of the previous fall from the high of 41,829 to the low of 34,018. However, overall structure is bullish and if it manages to take out 38900-39100 resistance zone then we can expect a rally towards 40,000 to 40,500 levels. On the downside, 38000 is an immediate support level while 37500 and 37000 is the next support levels for Nifty Bank index.”
Day trading stocks
Sharing day trading stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Avinash Gorakshkar, Head of Research at Profitmart Securities and Mudit Goel, Senior Research Analyst at SMC Global Securities — recommended 6 stocks to buy today.
Sumeet Bagadia’s day trading stock today
1] Bharat Electronics Ltd or BEL: Buy at CMP, target ₹230, stop loss at ₹212
2] NBCC: Buy at CMP, target ₹56 to ₹58, stop loss ₹51
Avinash Gorakshkar’s day trading stocks for Monday
3] Cummins India: Buy at ₹987, target ₹1030, stop loss ₹965
4] Tata Consumer Products: Buy around ₹763, target ₹795, stop loss ₹745
Mudit Goel’s stocks to buy today
5] Info Edge (India) Ltd or Naukri: buy at CMP, target ₹5850, stop loss ₹5640
6] Adani Enterprises: Momentum buy at CMP, target ₹1900, stop loss ₹1850.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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