Day Trading Guide for Monday: Indian stocks ended in the red zone in four out of five sessions last week on fears of an economic slowdown after the dollar index climbed to a 20-year high and US inflation hit a 41-year high. The Nifty 50 index recorded a weekly decline of 1.06 per cent while the BSE Sensex ended last week with a fall of 1.32 per cent. Volatility Index India VIX fell 4 per cent on Friday and closed at 17.60.
According to Share Market Experts, short body of positive candle was formed with long lower shadow on daily chart. Technically, this pattern refers to the Hammer type candle pattern (not classical). In general, the formation of a hammer after a reasonable reversal or decline can indicate a possible trend reversal on either side. Hence, one can expect an upward rally from here.
day trading guide for stock market today
Today’s Day Trading Guide for Nifty, Head of Technical and Derivatives Research, Profitmart Securities, Chinmoy Barve said, “In the last two trading sessions Nifty has managed to bounce back from its crucial support area of 15,800 to 15,850. However, Nifty declined. Strong resistance is placed in the 16,250 to 16,300 zones, which needs to be crossed to move in any decisive direction.”
“The positive chart pattern like higher top and bottom remains intact and Thursday’s swing low at 15,858 can now be considered as a new high of the sequence. The said high low is formed on the major lower support of the ascending trend line near 15,850 Nagraj Shetty, Technical Research Analyst, HDFC Securities, said (linked to swing lows of June 17 and July 1. Hence, it could mean further upside potential in the short term.”
Elaborating on the Nifty Bank chart pattern, Mehul Kothari, AVP – Technical Research at Anand Rathi said, “The Nifty Bank index underperformed the benchmark by dropping 1.25 per cent and closing below the 35,000 mark. Earlier we discussed That going forward; 35500 – 36000 zone will be a real test for the bulls as we also have 200 day moving average. Consistent with the view, the index took a turn from 35500 and so we maintain our stance. Just above 35500. The move may bring some optimism in the markets. On the downside, the trigger point could be 34300 which is the gap zone and its breach could bring some softening or profit booking in banking stocks.”
day trading stocks
Sharing the intraday stocks for today, stock market experts – Sumeet Bagdia, Executive Director, Choice Broking; Mehul Kothari of Anand Rathi and Avinash Gorakshakar, Head of Research, Profitmart Securities recommend 6 stocks to buy today.
Today’s Intraday Stock of Sumeet Bagadiya
1]Chambal Fertilizer: Buy at CMP, Target from 320 325, stop loss 290
2]Tata Power: Buy on CMP, Target from 232 235, stop loss 220
Will buy today’s day trading shares of Mehul Kothari
3]Godrej Properties: Buy Nearby 1343, target 1380, stop loss 1310
4]Deepak Fertilizers: Buy Nearby 638, target 655, stop loss 628
Buying in the shares of Avinash Gorakshakar today
5]Tata Steel: Buy on CMP, Target 970, stop loss 880
6]Bharat Forge: Buy at CMP, Target 705, stop loss 635.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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