Day Trading Guide for Monday: For the fourth consecutive session on Friday, the trend of sharp decline in the market continued. In Friday’s session, the NSE Nifty closed 139 points lower at 17,617 while the BSE Sensex lost 427 points to end at 59,037. Bank Nifty closed at 276 points and 37,574 levels.
According to stock market experts, the current market pattern is indicating an increase in volatility at the lower levels of the market. Generally, such (doji) pattern formations are treated as an imminent signal for a trend reversal followed by a proper upward or downward move. After a sharp decline over the past few sessions, an upside rally can be expected in the near term.
day trading guide for stock market today
Speaking on the day trading strategy for Nifty today; Nagraj Shetty, Technical Research Analyst, HDFC Securities said, “Short-term trend of Nifty remains weak with high volatility. The support area for NSE Nifty is around 17,600 to 17,500 levels and indicates formation of Doji at swing lows on Friday. Towards an upside potential or slightly lower from current levels. Confirmation of bottom reversal is likely to indicate an upside volume from current levels. Immediate hurdle for NSE Nifty placed at 17,800 levels Has been.”
Day Trading Guide for Nifty Bank Index; Ruchit Jain, Lead Research at 5paisa.com said, “Banking Index has outperformed Nifty last week relatively and the broad charts of Bank Nifty indicate an impulsive bounce. Thus, the banking space should be guided and guided to the next phase. Could lead. An upward move and therefore, traders should keep a close watch on the movement in heavyweights from this area.”
Ruchi Jain of 5paisa.com said that this week, the 17500 level will now be seen as a key support for NSE Nifty, while a move above 17,700 may again create buying interest among market participants and the index. 17,900 to 18,000. “In our view, last week’s correction is only a short-term corrective phase and our markets should now resume the uptrend to mark the pre-budget rally,” he concluded.
day trading stocks
Stock market experts – Sumeet Bagdia, Executive Director, Choice Broking and Anuj Gupta, Vice President, IIFL Securities, recommended 4 stocks for the day for buying today.
Today trading shares of Sumeet Bagdia will be bought
1]HDFC Bank: Buy on CMP, Target 1575, stop loss 1485
2]Infosys: buy speed on cmp, target 1825 and 1840, stop loss 1770
Anuj Gupta’s day trading stock today
3]Godrej Agrovet: buy on 510, target 560, stop loss 484
4]Ashok Leyland: buy on 135, target 145, stop loss 128.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
Never miss a story! Stay connected and informed with Mint.
download
Our App Now!!
,