Day Trading Guide for Monday: The Indian stock market remained flat on Friday after a highly volatile session. The Nifty 50 index closed 3 points lower at 17,539 while the BSE Sensex closed 36 points higher at 58,803. The Nifty Bank index climbed 119 points to end at 39,421. However, the midcap index underperformed the Nifty in Friday’s session with a fall of 0.35 per cent.
According to Share Market According to experts, Nifty formed a long bull candle with upper shadow on the weekly chart. The pattern is indicating the emergence of a permanent uptrend from the low of 17,170. After reacting with significant resistance from the down trend line (linked to the lower top) at the level of 17,900 in mid-August, the market has not shown any sharp downward trend so far. Buying emerged from immediate support.
day trading guide for stock market today
Speaking on the outlook for Nifty 50 Index, Nagraj Shetty, Technical Research Analyst, HDFC Securities said, “Short term trend of Nifty remains volatile. The market is now in a broad high low range of 17,800 to 17,300 levels with movement within it. This range is likely to continue till the next week. One can expect the selling pressure to build from the highs of 17,800 and the buying likely to emerge from the lows of 17,300. Hence, the market action is on buying and selling on the downside. There could be a growth opportunity in the near term.”
“On the weekly chart, the index has formed a small bullish candle with a long upper shadow, indicating resistance at higher levels. The index is moving into a higher top and higher bottom formation on the weekly chart, indicating a positive bias. Nifty continues to remain in an uptrend in the medium term, hence buying on dips remains our preferred strategy. For the week, we expect Nifty to trade in the range of 18300-17400 with mixed bias. Weekly Strength Indicator The RSI is above its respective reference indicating a positive bias, said Rajesh Palviya, VP of Technical and Derivatives Research at Axis Securities.
On Nifty Bank Index, Rajesh Palviya of Axis Securities said, “On the weekly chart, the index has formed a major bullish candle forming a higher high-low than the previous week, indicating a positive bias. Index 1 Moving into higher tops and higher bottoms formation on the weekly chart, indicating a positive bias.Bank Nifty is trading above 20, 50,100 and 200-days SMAs, which are important short-term moving averages, forming short positions. to indicate a positive bias in the medium term. Bank Nifty continues to remain in an uptrend in the short term, hence buying on dips remains our preferred strategy. For the week, we expect Bank Nifty at 41000 with mixed bias Will trade in the range of -38500.” He said that the weekly strength indicator RSI is trending up and quoted above its reference line, which shows a positive bias.
day trading stocks
Sharing the intraday stocks for today, stock market expert – Mehul Kothari, AVP – Technical Research at Anand Rathi; Rajesh Bhosale, Technical Analyst at Angel One and Rajesh Palviya of Axis Securities have 6 buy recommendations on the stock.
Today’s Intraday Stock of Mehul Kothari
1]Mahindra Holidays & Resorts: Buy Nearby 284, target 300, stop loss 275
2]Ambuja Cements: Buy Here 416, target 430, stop loss 407
Rajesh Bhosale stock picks for Monday
3]Buy at: HFCL 76.40, target 82, stop loss 73.60
4]United Spirits: Buy here 824.30, target 851, stop loss 806
Will buy shares of Rajesh Palviya today
5]HDFC Bank: Buy Here 1482, target 1540, stop loss 1450
6]Pidilite Industries: Buy here 2871, target 2960, stop loss 2830.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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