Today’s trading guide for Monday: After showing a nice rally higher from Thursday’s lows, Nifty moved to weakness from higher levels on Friday and closed the day in red territory. The Nifty 50 index lost 43 points and closed at 16,584 while BSE Sensex lost 48 points and closed at 55,769 levels. The Nifty Bank Index ended down 338 points at 35,275 levels.
According to stock market experts, the current trading pattern indicates a counterattack formation from the bears to the highs. However, they argued that the formation of such a pattern in the middle of a range move rules out any significant negative impact at this time.
Daily trading guide for the stock market today
Speaking on the day trading strategy for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities, said: “Nifty’s short-term uptrend status remains intact and there are no signs reversal from the highs Further weakness from current levels may find strong support around the 16,400-16,350 levels and the Nifty may show a rebound higher from the lower levels. Nifty could only resume above the 16,800 level hurdle.
Advising investors to avoid aggressive buying, Ruchit Jain, Lead Research at 5paisa.com, said: “Divergence after the recent 1,000 point rally indicates limited upside for the time being, so we could see the market pick up again. its corrective phase. we advise traders to avoid aggressive buying as a rise led by a few sectors or stocks is not a good sign.” He said traders should also be vigilant in global markets and the US dollar index which has again shown signs of bullishness after the recent correction phase.Given that our markets have recently experienced a high negative correlation with this index, any upward movement in this index could be a cause for concern.
Day trading stocks
Sharing today’s intraday stocks, stock market experts – Mehul Kothari, AVP – Technical Research at Anand Rathi; Avinash Gorakshkar, head of research at Profitmart Securities and Ravi Singh, vice president and head of research at Share India Securities — recommended 6 stocks to buy.
Mehul Kothari Intraday Stocks for Today
1]ICICI Lombard or ICICIGI: Buy about 1218, lens ₹1270, stop loss ₹1180
2]Kotak Mahindra Bank: Shop Around ₹1856 target ₹1915, stop-loss ₹1825
Avinash Gorakshkar’s day trading stocks to buy today
3]Larsen & Toubro: Buy from CMP, objective ₹1730, stop-loss ₹1610
4]Wipro: Buy from CMP, objective ₹515, stop loss ₹450
Ravi Singh’s stock picks for today
5]Infosys: Buy around ₹1515 target ₹1545, stop loss ₹1500
6]Sun Pharma: Buy about 863, target ₹880, stop loss ₹850.
Disclaimer: The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.