Day trading guide for Monday: Last week, Indian stock market started on a flat note and consolidated within a range throughout the week. Nifty 50 index traded within the range of 17,000 to 17,450 and has ended the week around 17,150 with a weekly loss of about three-fourth of a per cent. According to market experts, Nifty has retraced 61.8 per cent of the previous correction and around this resistance; the lower time frame charts indicated a negative divergence between price and RSI.
Stock market experts believe that divergence around resistance usually leads to either a price wise correction or a time wise correction in the short term. “We witnessed a price wise correction in Bank Nifty during this week, but Nifty saw a time-wise correction and it consolidated in a broad range of 17000-17400 as the heavyweights such as Reliance, ITC and some IT and Pharma names showed strength and prevented a price wise correction in Nifty,” said Ruchit Jain, Lead Research at 5paisa.com.
Day trading guide for stock market today
Speaking on intraday trading strategy in regard to Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The underlying trend of Nifty continues to be range bound with weak bias. The broader uptrend status remains intact as long as Nifty sustains above 16.800 levels. A decisive decline below this area is likely to trigger downward correction and a sustainable move above 17,450 could open renewed buying interest in the market for this week.”
Advising day traders to know their levels ahead of stock market opening bell today; Sumeet Bagadia, Executive Director at Choice Broking said, “Immediate support and resistance for Nifty 50 index is placed at 17,100 and 17,350 respectively whereas strong support for NSE Nifty is placed at 17,000 while major hurdle is placed at 17,500 levels. So, day traders can assume small range of Nifty between 17,100 to 17,350 while broader range of Nifty is placed in between 17,000 to 17,500 levels. Likewise broader range for Bank Nifty can be assumed between 34,700 to 36,300 while high risk traders can assume small range of the Nifty Bank index in between 35,100 to 35,700 levels.
Unveiling intraday trading strategy for today; Ruchit Jain of 5paisa.com said, “Until Nifty gives a breakout from 17,500 range, traders should look for stock specific trades where better opportunities are seen.”
Day trading stocks
Sharing day trading stocks to buy today, stock market experts — Sumeet Bagadia of Choice Broking; Sneha Seth, Derivatives Analyst at Angel One Limited; Mehul Kothari, AVP – Technical Research at Anand Rathi Shares & Stock Brokers; Astha Jain, Senior Research Analyst at Hem securities; Avinash Gorakshkar, Head of Research at Profitmart Securities; Anuj Gupta, Vice President at IIFL Securities — recommended 8 stocks to buy today.
Sumeet Bagadia’s day trading stocks to buy today
1] Pidilite Industries: Buy at CMP, target ₹2500 to ₹2525, stop loss ₹2390
2] Ashok Leyland: Buy at CMP, target ₹118 to ₹120, stop loss ₹108
Sneha Seth’s intraday stocks to buy today
3] Godrej Properties: Buy at CMP, target ₹1690, stop loss ₹1575
4] Engineers India Limited: Buy at CMP, targtet ₹67.50, stop loss ₹36
Mehul Kothari’s stock of the day
5] Indian Hotels: Buy at CMP, target ₹240, stop loss ₹219
Day trading stock pick by Astha Jain
6] MindTree: Buy at ₹4280, target ₹4580 and ₹4890, stop loss ₹3780
Anuj Gupta’s stock pick for today
7] Bharti Airtel: Buy at CMP, target ₹760, stop loss ₹670
Avinash Gorakshkar’s share for today
8] Jindal Steel: Momentum buy at CMP, target ₹552, stop loss ₹518
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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