Day trading guide for Tuesday: After showing weakness amidst a range movement on Friday, Indian stock market witnessed an excellent intraday buying from the lows on Monday. NSE Nifty shot up 82 points and closed at 17,086 levels whereas BSE Sensex surged 295 points and closed at 57,420 levels. Nifty Bank index went up 200 points and regained 35,000 levels.
According to stock market experts, current market pattern indicate a formation of bullish piercing line candle pattern, but formed at the wrong place at highs. Hence, one may expect further attempt to retest crucial overhead resistance of 17200 levels in the short term.
Day trading guide for stock market today
Speaking on day trading guide for NSE Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term trend of Nifty is slightly positive amidst a range movement. Further upside on Nifty from current levels could encounter strong overhead resistance around 17,200 to 17,300 levels in the next few sessions and one may expect sell on rise opportunity. Immediate support for NSE Nifty is placed at 16,930 levels.”
On day trading guide for Nifty Bank today; Ruchit Jain, Lead Research at 5paisa.com said, “In this recent corrective phase, the banking space has been an under performer and has been a key sector to drag the markets lower. Now, if we look at the daily charts, it seems that this index is in the last leg of this corrective phase and whether this index has completed this correction at today’s low with a truncated wave or it will for another low to complete the pattern needs to be seen. The swing high of 35477 will be seen as the confirmation level above which, we will consider as a trend reversal for this index too.”
Day trading stocks for today
Sharing day trading stocks to buy today, Indian stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Avinash Gorakshkar, Head of Research at Profitmart securities and Ravi Singhal, Vice Chairman at GCL Securities — recommended 5 stocks to buy today.
Sumeet Bagadia’s day trading stocks
1] HDFC Bank: Buy at CMP, target ₹1500 and ₹1550, stop loss ₹1400
2] United Phosphorus Ltd or UPL: Buy at CMP, target ₹775 and ₹780, stop loss ₹740
Avinash Gorakshkar’s day trading stocks for Tuesday
3] Tech Mahindra or TechM: Buy at ₹1783, target ₹1835, stop loss ₹1760
4] CCL Products (India) Limited: Buy at ₹435, target ₹465, stop loss ₹420
Ravi Singhal’s stock of the day
5] Navin Fluorine: Buy at ₹4230, target ₹4400, stop loss ₹4188.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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