Day trading guide for Monday, 11th July 2022: Driven by big upside in banking, FMCG and realty stocks, Indian stocks ended in green zone on third successive week on Friday. Nifty 50 index surged 88 points on Friday and closed at 16,221 levels, logging 3 per cent rise from the previous week. Volatility index India VIX ended at 18.40 down by 4 per cent. The BSE Sensex surged by 303 points to 54,482 mark, logging near 3 per cent weekly gains. Nifty Bank rallied 204 points and finished Friday’s session at 35,124 mark.
According to stock market experts, a small negative candle was formed at the highs on the daily chart with minor lower shadow. Technically, this pattern signal a continuation of upside momentum in the market. The two back to back unfilled opening upside gaps of the last two sessions indicate positive outlook for the market ahead.
Day trading guide for stock market today
“The short term trend of Nifty continues to be positive. Having sustained above the crucial hurdle at 16170 levels, there is a possibility of Nifty moving towards the next upside resistance of 16500 levels by next week. Immediate support is placed around 16150-16100 levels,” said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
Expecting banking and FMCG stocks to outperform other indices, Ruchit Jain, Lead Research at 5paisa.com said, “Amongst sectoral indices, the banking index has continued its outperformance and has taken the leadership along with the FMCG stocks to lift the markets higher. The structure for both these sectors remains positive and hence, traders should look for trading opportunities within these sectors. The Midcap 100 index could approach its ‘200 DEMA’ resistance which is around 28270 and hence, stock specific opportunities can be picked there too.”
Day trading stocks
Sharing intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Avinash Gorakshkar, Head of Research at Profitmart Securities; Mehul Kothari, AVP — Technical Research at Anand Rathi and Rajesh Bhosale, Technical Analyst at Angel One — recommended 8 stocks to buy today.
Sumeet Bagadia’s intraday stocks to buy today
1] NTPC: Buy at CMP, target ₹150 to ₹155, stop loss ₹139
2] Sun Pharma: Buy at CMP, target ₹875 to ₹880, stop loss ₹840
Avinash Gorakshkar’s stock picks for Monday
3] TVS Motor: Momentum buy at CMP, target ₹875, stop loss ₹820
4] DLF: Buy at CMP, target ₹368, stop loss ₹325
Mehul Kothari’s day trading stocks to buy
5] Bharat Dynamics: Buy around ₹715, target ₹735, stop loss ₹700
6] Tata Steel: Buy around ₹886, target ₹920, stop loss ₹865
Rajesh Bhosale’s shares to buy today
7] Nippon Life India Asset Management or NAM-India: Buy around ₹287.55, target ₹303, stop loss ₹278.80
8] City Union Bank or CUB: Buy around ₹144.85, target ₹153, stop loss ₹140.80.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.