Day Trading Guide for Today: After losing seven straight sessions, Indian stocks ended in positive territory on Friday. However, this buying in the last session of September 2022 could not help Dalal Street to cover the losses incurred in the last three consecutive weeks. September was the worst month for the Nifty 50 index since June 2022. After the close of Friday’s session, the NSE Nifty ended 276 points higher at 17,094, while the BSE Sensex climbed over 1,000 points to end at 57,426. Bank Nifty index climbed 984 points to end at 38,631.
According to Share Market According to experts, a long bull candle has formed on the daily chart, which indicates the formation of a Bullish Engulfing Pattern. The formation of such a pattern after a decent weakness from the 18,000-mark high indicates the possibility of a significant bottom reversal for Nifty around the 16,800 level.
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Speaking on the trade setup for Monday, Nagraj Shetty, Technical Research Analyst, HDFC Securities said, “Short-term trend of Nifty has turned positive. The placement of important supports and the overall chart pattern of daily and weekly signals is a significant downside reversal at 16,747. Levels. Follow-through upside move can be expected in this week. Next overhead resistance will be seen around 17,200 to 17,300 level. A permanent move above this hurdle is likely to open doors for 18,100 mark in near term . “
On Nifty technical outlook, Ruchit Jain, Lead Research at 5paisa.com said, “With Friday’s rally, Nifty index has formed a ‘Bullish Engulfing’ pattern on the daily chart around its ‘200 EMA’. However, FII sellers Again in the cash segment and in the index futures segment, they have turned down their short positions, reflecting their bearish stance for the October series. Also, an impulsive down move, according to Elliott Wave Analysis Looks like it’s still five waves that haven’t been completed. So, as of now, we’re reading Friday’s upside move as just a pullback move within a short term downtrend.”
Elliott Wave analyst further added, “Our markets are not out of the woods yet and hence may continue to see higher volatility and selling pressure at higher levels. An immediate resistance for NSE Nifty would be seen around 17,200 and 17,330-17,380 range, Where traders should take longs on this upward move. On the other hand, immediate support for Nifty is at 167,50 and 16,500 levels.”
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Sharing the intraday stocks for today, stock market expert – Mehul Kothari, AVP – Technical Research at Anand Rathi; Manoj Dalmiya, Founder and Director, Praveen Equities and Ravi Singh, Vice President and Head of Research, Share India made 6 buy or sell recommendations today.
Buying in the shares of Mehul Kothari today
1]Muthoot Finance: Buy Here 1040, target 1080, stop loss 1020
2]Buy on BSE 605, target 630, stop loss 595
Today Stock of Manoj Dalmiya
3]Asian Paints: Buy Here 3409, Target 3480, stop loss 3392
Will buy shares of Ravi Singh today
4]Vedanta: Buy Here 270, target 280, stop loss 265
5]HDFC Bank: Buy Here 1420, target 1470, stop loss 1400.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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