Day trading guide for Tuesday: After showing a range bound action in the last three sessions, NSE Nifty witnessed sharp upside bounce on Monday creating a new all-time high of 16,951 and closed the day higher by 225 points at 16,931. The BSE Sensex too climbed its new lifetime high of 56,958 and finally closed 765 points up at 56,889 levels on Monday. Suggesting investors to maintain ‘buy on dips’ strategy, stock market experts have said that market is in a sharp upside trend and there is no sign of any trend reversal unfolding at the highs.
On a day when the volumes were higher than the average of last three days volumes, IT was the only sector that ended marginally in the negative zone due to the appreciating Indian National Rupee or INR. On the other hand telecom and metals were the large gainers among sectors. The broader indices outperformed their larger peers with both the S&P BSE Mid-cap and the S&P BSE Small-cap gaining over 1.5 per cent.
Trade view on Nifty
Speaking on the day trading guide for Tuesday; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term trend of Nifty continues to be positive. Having reached nearer to our upside target of 17,000 mark, there is no sign of any tiredness at highs and the market is ready to move above 17,000 levels in the coming sessions. A sustainable move above 17,000 could open the next upside target of around 17,500 levels in the next two weeks. Immediate support for NSE Nifty is placed at 16,750 levels.”
Day trading stocks to buy today
Speaking on day trading stocks for today’s trade session, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Sandeep Matta, Founder at TRADEIT Investment Advisors and Mudit Goel, Senior Research Analyst at SMC global Securities — recommended 6 shares to buy today.
Sumeet Bagadia’s stocks to buy today
1] Federal Bank: Momentum buy at CMP, target ₹86 to ₹90, stop loss ₹77.50
2] Asian Paints: Buy at CMP, target ₹3200 to ₹3250, stop loss ₹3000
Sandeep Matta’s shares to buy today
3] Greaves Cotton: Buy at ₹138, target ₹150 to ₹160, stop loss ₹125
4] Apollo Tyres: buy at ₹212, target ₹220 ₹225, stop loss ₹204
5] UPL: Buy above ₹745, target ₹775 to ₹790, stop loss ₹720
Mudit Goel’s stock of the day
6] LIC Housing Finance: Momentum buy at CMP, target ₹408, stop loss ₹392.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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