Day trading guide for Monday: 6 stocks to buy or sell today — 12 September – Mint

Day trading guide for Monday: Brushing aside hawkish US Fed’s stance on interest rate, Indian stock market ended higher on second straight session on Friday. Nifty 50 index closed at the highest levels since 14th January 2022 at 17,833. In fact, on a weekly basis, Nifty . BSE Sensex surged 104 points and closed at 59,793 levels whereas Nifty Bank index finished 206 points higher at 40,415 mark.

According to stock market experts, Nifty on the weekly chart formed a long bull candle, which shows an attempt of upside breakout of the significant overhead resistance- down sloping trend line around 17,800 levels. An inability to show follow-through buying from here could mean possibility of minor downward correction for the market ahead.

Day trading guide for stock market today

“The short term trend of Nifty remains choppy. Having failed to surpass the important resistance on Friday could signal chances of minor weakness for the market ahead. Immediate support for NSE Nifty is placed at 17,770 levels and a move below this area could trigger short term downward correction for the Nifty. At the highs, 17925 is likely to be a strong hurdle for the short term,” Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

Unveiling intraday trading strategy, Ruchit Jain, Lead Research at 5paisa.com said, “The consolidation could continue for time being and a breakout on either side is now required for any directional move. Amongst other factors, the Dollar Index has cooled off from the highs in last couple of sessions, which is a good sign for near term. But the FII’s positions in the derivatives segment still remain majorly on the short side. Although we did see put writing by them, until they cover their shorts our market may not be in a hurry to show a run up move. Hence, traders should continue to trade with a stock specific approach until we see a breakout on either side in the Nifty index.”

Day trading stocks

Sharing day trading stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Mehul Kothari, AVP — Technical Research at Anand Rathi and Rajesh Bhosale, Technical Analyst, Angel One — recommended 6 stocks to buy today.

Sumeet Bagadia’s intraday stocks for today

1] Tech Mahindra: Buy at CMP, target 1160 to 1175, stop loss 1100

2] Maruti Suzuki India: Buy at CMP, target 9150 to 9300, stop loss 8800

Mehul Kothari’s stocks picks for today

3] HDFC: Buy at 2432, target 2490, stop loss 2400

4] Axis Bank: Buy at 785, target 815, stop loss 768

Rajesh Bhosale’s stocks to buy today

5] FSL: Buy at 116.5, target 122, stop loss 113.40

6] Carborundum Universal: Buy at 879, target 952, stop loss 837.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

More
Less

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Leave a Reply

Your email address will not be published.