Day trading guide for Monday: After showing a fine upside move on Thursday, the NSE Nifty shifted again into profit booking mode on Friday at the new highs and closed 30 points up at 17,853 levels. The BSE Sensex closed above 60,000 for the first time ever.
According to experts, overall positive trend of the market remains intact and expected minor weakness is unlikely to damage the uptrend status of the market. The opening upside gap has been filled completely. Technically, this action signals a formation of spinning top type candle pattern at the highs. Normally, such formations after a reasonable upside move or at the hurdle more often act as a downward reversal pattern.
Trade view on Nifty
Speaking on intraday trading strategies; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The Nifty seems to have encountered resistance again at the new highs. The overall positive trend remains intact and expected minor weakness is unlikely to damage the uptrend status of the market. Hence, any weakness down to the support of 17,600 levels could be a buy on dips opportunity. The near term upside target to be watched for NSE Nifty is around 18,200 to 18,300 for the next 1-2 weeks.”
Day trading stocks to buy
Unveiling intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Mudit Goel, Senior Research Analyst at SMC Global Securities; Sandeep Matta, Founder, TRADEIT Investment Advisors; Kapil Goenka, Founder at Eternity Financial Services; Manoj Dalmia, Director and Founder, Proficient Equities Private Limited and Dr Ravi Singh, Founder & Director, DRS Advisory — recommended 9 stocks to buy today.
Sumeet Bagadia’s day trading stocks for Monday
1] Mahindra & Mahindra or M&M: Momentum buy at CMP, target ₹800 to ₹820, stop loss ₹760
2] Eicher Motors: Buy at CMP, target ₹3050, stop loss ₹2875
Mudit Goel’s stock of the day
3] HDFC Bank: Buy at CMP, target ₹1650, stop loss ₹1590
Sandeep Matta’s intraday shares for today
4] Bharat Forge: Buy at ₹750, target ₹790, stop loss ₹725
5] Maruti Suzuki India Ltd or MSIL: Buy at ₹6950, target ₹7200, stop loss ₹6800
Manoj Dalmia’s day trading stock to buy today
6] Tata Chemicals: Buy at ₹886, target ₹915, Stop loss ₹877
Kapil Goenka’s intraday share for today
7] ITC: Buy at ₹238, target ₹250, stop loss ₹233
Ravi Singh’s shares to buy today
8] India Cements: Buy at ₹186, target ₹198, stop loss ₹182
9] Infrastructure Development Finance Company or IDFC: Buy at ₹55, target ₹60, stop loss ₹52.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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