Day Trading Guide for Tuesday: After showing a slight consolidation type of momentum in the past few sessions, the Indian stock market witnessed a rally on Monday and closed in the red zone. The Nifty 50 index rose 190 points to close at 18,003 and touched 18,000 levels, while the BSE Sensex closed 650 points higher at 60,395. The Nifty Bank index climbed 608 points to end at 38,347. According to stock market experts, the current market pattern is indicating a sharp bounce in the market after a small fall.
day trading guide for stock market today
Today speaking on Day Trading Guide for Nifty; Nagraj Shetty, Technical Research Analyst, HDFC Securities, said, “The market continued to rally after a minor downside and the bullish momentum in the market is back. The next uptrend level for NSE Nifty is around 18,200. 18,350 points, Which can be achieved in a week. Immediate support for NSE Nifty has been placed at 17,870 level.”
Ruchit Jain, Lead Research, 5paisa.com said, “Nifty has finally reclaimed the 18000 mark within a very short period of time after the recent correction. This clearly indicates strong momentum and buying interest of the market participants. Now, although the trend continues to be positive, the index is trading around its short-term hurdle as a definite combination of the recent correction retracement indicates resistance from 18,000 to 18,100 levels. Also, the derivatives segment 18,000 Call Writers in the U.S. has created a good position for the current weekly. The close and this strike has the highest ever Open Interest build up. Considering the above factors, one should not rule out a possible correction in the near term However, we do not expect any significant price correction in both Nifty as well. As Bank Nifty remains bullish. Hence, traders should do proper money management and instead of chasing the rise in prices The focus should be on adding position on the downside.”
day trading stocks to buy today
While sharing today’s trading stocks, stock market experts – Sumeet Bagadia, Executive Director, Choice Broking and Mudit Goyal, Senior Research Analyst, SMC Global Securities put forth 4 buy recommended stocks today.
Sumeet Bagadiya Day Trading Stock
1]Britannia Industries: Buy on CMP, Target 3900, stop loss 3675
2]GAIL (India) Limited: Buy on CMP, Target from 147 150, stop loss 137
mudit goyal today trading stock
3]Cummins India Limited: Buy on CMP, Target 970, stop loss 940
4]Lamp Nitrite: buy speed on cmp, target 2640, stop loss 2570.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
Don’t miss a story! Stay connected and informed with Mint.
download
Our App Now!!
,