Day trading guide for Monday: 6 stocks to buy or sell today — 5th September | Mint – Mint

Day trading guide for Monday: After a highly volatile session, Indian stock market finished flat on Friday. Nifty 50 index ended 3 points lower at 17,539 whereas BSE Sensex finished 36 points higher at 58,803 levels. Nifty Bank index surged 119 points and closed at 39,421 levels. However, mid-cap index underperformed Nifty falling 0.35 per cent on Friday session.

According to stock market experts, Nifty on the weekly chart formed a long bull candle with an upper shadow. This pattern signal an emergence of sustainable upside from the lows of 17,170 levels. After reacting down from the important resistance of down trend line (connected from lower tops) at 17,900 levels in mid of August, the market has not showed any sharp down trended movement so far. The buying has emerged from the immediate supports.

Day trading guide for stock market today

Speaking on outlook for Nifty 50 index, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term trend of Nifty remains choppy. The market is now placed with in a broader high low range of 17,800 to 17,300 levels and the movement within this range is likely to continue for next week. One may expect selling pressure building from the highs around 17,800 levels and the buying is likely to emerge from the lows of 17,300 levels. Hence, the market action could be a buy on dips and sell on rise opportunity for near term.”

“On the weekly chart, the index has formed a small Bullish candle carrying a long upper shadow, indicating resistance at higher levels. The index is moving in a Higher Top and Higher Bottom formation on the weekly chart, indicating positive bias. Nifty continues to remain in an uptrend in the medium term, so buying on dips continues to be our preferred strategy. For the week, we expect Nifty to trade in the range of 18300-17400 with mixed bias. The weekly strength indicator RSI is above its respective reference lines, indicating a positive bias,” said Rajesh Palviya, VP – Technical and Derivative Research at Axis Securities.

On Nifty Bank index, Rajesh Palviya of Axis Securities said, “On the weekly chart, the index has formed a sizable bullish candle forming a higher High-Low, compared to the previous week indicating positive bias. The index is moving in a Higher Top and Higher Bottom formation on the weekly chart, indicating positive bias. Bank Nifty is trading above 20, 50,100, and 200-day SMA, which are important short-term moving averages, indicating positive bias in the short to medium term. Bank Nifty continues to remain in an uptrend in the short term, so buying on dips continues to be our preferred strategy. For the week, we expect Bank Nifty to trade in the range of 41000-38500 with mixed bias.” He said that the weekly strength indicator RSI is moving upwards and is quoting above its reference line, indicating positive bias.

Day trading stocks

Sharing intraday stocks for today, stock market experts — Mehul Kothari, AVP — Technical Research at Anand Rathi; Rajesh Bhosale, Technical Analyst at Angel One and Rajesh Palviya of Axis Securities — recommended 6 stocks to buy today.

Mehul Kothari’s intraday stocks for today

1] Mahindra Holidays & Resorts: Buy around 284, target 300, stop loss 275

2] Ambuja Cements: Buy at 416, target 430, stop loss 407

Rajesh Bhosale’s stock picks for Monday

3] HFCL: Buy at 76.40, target 82, stop loss 73.60

4] United Spirits: Buy at 824.30, target 851, stop loss 806

Rajesh Palviya’s stocks to buy today

5] HDFC Bank: Buy at 1482, target 1540, stop loss 1450

6] Pidilite Industries: Buy at 2871, target 2960, stop loss 2830.

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. Required fields are marked *