Day Trading Stocks: After showing a nice upside correction from the lows in the past few sessions, the Indian stock market failed to move higher on Friday as it displayed high volatility and closed in negative territory. NSE Nifty closed 8 points lower at 17,101 while BSE Sensex closed 76 points lower at 57,200 level. Bank Nifty index lost 292 points to end at 37,689.
According to stock market experts, sharp intraday weakness in Friday’s session started from the day’s high in the later half and the market finally wiped out the entire intraday gains and closed lower. The opening upside gap was also completely filled. Technically, this pattern indicates rejection of the bulls at higher levels. It also reflects the market’s inability to maintain higher levels.
day trading guide for stock market today
Today speaking on Day Trading Guide for Nifty; Nagraj Shetty, Technical Research Analyst, HDFC Securities, said, “The underlying trend of Nifty remains volatile. There is no confirmation of any higher bottom reversal from lower levels. The key support for NSE Nifty of the uptrend line is at 16,850 to 16,900 levels. May test around again. Levels this week before showing another minor bounce. The presentation of Union Budget 2022 is likely to affect the market throughout this week.”
To influence the market in the short term than the Union Budget 2022; Ruchit Jain, Lead Research at 5paisa.com said, “With the global market event of Fed policy and the monthly closing for our markets, the focus will now only be on Budget 2022 which is likely to set the short-term trend. Now further post this event, our markets have already seen a corrective phase and hence, most of the negativity related to the events has already been covered. Hence, any positivity here can lead to short covering of the position and Thus, the risk reward ratio is favorable for traders to place opposite bets and look for buying opportunities here.”
Ruchit Jain further said that immediate support for Nifty is around 16800 and then at ‘200 DEMA’ level which is at 16600, while on the flipside 17400-17500 is the immediate area to watch in the coming week.
day trading stocks to buy today
Sharing Day Trading Stocks for Monday; Stock market experts – Sumeet Bagdia, Executive Director, Choice Broking and Anuj Gupta, Vice President, IIFL Securities, recommended buy to the 4 stocks.
Sumeet Bagadiya Day Trading Stock
1]Ambuja Cements: Buy on CMP, Target 370 more 380, stop loss 350
2]Tata Consumers: buy speed on cmp, target 745 and 760, target 690
Anuj Gupta’s Day Trading Shares for Monday
3]Bharat Petroleum Corp Ltd or BPCL: buy on 380, target 395, stop loss 373
4]ITC: buy on 215, target 224, stop loss 211.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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