Day Trading Guide For Monday: 8 Stocks To Buy Or Sell Today — 9th May | Mint – Mint

Day trading guide for Monday: Following weak global cues and Wall Street rout, Indian stock market witnessed sharp sell-off on Friday. Nifty 50 index tumbled 271 points and closed at 16,411 mark whereas BSE Sensex crashed 866 points and closed at 54,835 levels. Nifty Bank index nosedived 641 points and closed at 34,591 levels.

According to stock market experts, a small body candle was formed on the daily chart with almost identical open and close. Technically this pattern indicate a formation of doji type candle pattern after a gap down opening. Nifty seems to have taken support of 16,350 levels, before showing intraday consolidation. Normally, a formation of doji after a reasonable weakness alerts regarding trend reversal on the upside. The confirmation by the way of a sustainable close above 16,500 levels could open upside bounce in the market.

Day trading guide for stock market today

Speaking on intraday trading strategy for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term trend of Nifty continues to be negative. Having formed a doji and unfilled opening downside gap signal a possibility of minor upside bounce from here or from the lows in the next 1-2 sessions. Any upside from current levels could encounter strong resistance around 16,650 levels on Nifty 50 index. Eventually Nifty could decline from the highs and reach down to the next support of 16,200 levels in the near term.”

Day trading stocks

Sharing intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Avinash Gorakshkar, Head of Securities at Profitmart Securities; Rajesh Bhosale, Technical Analyst at Angel One Ltd and Mehul Kothari, AVP – Technical Research at Anand Rathi — recommended 8 shares to buy or sell today.

Sumeet Bagadia’s intraday stocks for today

1] Tata Power: Buy at CMP, target 255 to 260, stop loss 238

2] State Bank of India or SBIN: Buy at CMP, target 495 to 500, stop loss 470

Avinash Gorakshkar’s day trading stocks to buy today

3] Tata Chemicals: Buy at CMP, target 1090, stop loss 1005

4] Colgate-Palmolive or COLPAL: Buy at CMP, target 1680, stop loss 1540

Rajesh Bhosale’s intraday picks for today

5] Hero Motocorp: Buy around 2563, target 2720, stop loss 2480

6] Tata Motors: Sell around 408, target 385, stop loss 420

Mehul Kothari’s stocks to buy today

7] RCF: Buy around 88, target 95, stop loss 84

8] ITC: Buy around 264, target 280, stop loss 255.

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

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