Day Trading Guide for Monday: Last week, the Nifty 50 index consolidated in a narrow range till the day of expiry. However, after the close, the 50-stock index declined to 15,500 levels due to a sharp fall in Sensex heavyweight Reliance Industries Limited (RIL) shares. But, barring oil and gas, other sectors fared well and hence, the index bounced back from lows of around 15,750 with minor losses. Asian markets struggled again on Friday after another sell-off on Wall Street amid fears of a recession. European stocks were steady on Friday after two days of losses as investors await a busy month of earnings calls amid concerns over a slowing economy.
According to Share Market According to experts, a short downside candle with a long lower shadow was formed on the daily chart. Technically, this pattern indicates the formation of a hammer-type pattern (not a classical one). Such market action indicates a short term bottom reversal pattern for the market. It could also indicate a false negative breakout of the smaller range at the 15,700 level. This is a positive sign and further upside can be expected in the near term.
day trading guide for stock market today
Speaking on the day trading guide for Nifty today, Nagraj Shetty, Technical Research Analyst, HDFC Securities said, “Short-term trend of Nifty remains range bound. But there is need for more upside for a bullish correction from Friday’s lows.” Chances are. Markets ahead. Only a permanent upward move above 15,900 to 15,950 levels can bring back the bulls and this could possibly pull Nifty towards the next level of 16,200 to 16,300. For NSE Nifty Immediate support is placed at 15,630 levels.
day trading stocks
Intraday stocks for today unveiled, Stock market expert – Rajesh Bhosale, Technical Analyst at Angel One; Mehul Kothari, AVP – Technical Research at Anand Rathi and Anuj Gupta, Vice President – Research at IIFL Securities – recommended 6 stocks to buy today.
Rajesh Bhosale Intraday Stock for Monday
1]Federal Bank: Buy Nearby 93.50, target 101, stop loss 89.20
2]Ambuja Cements: Buy Nearby 367.55, Target 378, stop loss 361.40
Day Trading Stock of Mehul Kothari for Monday
3]Axis Bank: Buy Nearby 645, Target 665, stop loss 628
4]Sun TV: Buy Nearby 423, target 440, stop loss 415
Anuj Gupta shares selected for today
5]State Bank Of India Or SBI: Buy On CMP, Target 490, stop loss 444
6]HDFC Bank: Buy on CMP, Target 1400, stop loss 1290.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.