Day Trading Guide for Monday: After showing weakness in Thursday’s session, the Indian stock market slipped towards strength and closed with gains on Friday. The Nifty 50 index ended 36 points higher at 17,558, BSE Sensex ended 59 points north at 58,833 while the Nifty Bank index rose 36 points to end at 38,987. Among the sectors, power, metals, consumer durables and capital goods index were the biggest gainers, while realty and FMCG were the biggest losers. Mid-cap and small-cap indices outperformed major benchmark indices marginally as the forward downside ratio was positive at 1.48.
According to Share Market Experts, on the weekly chart Nifty formed a short negative candle with a long lower shadow. After a downside reversal from last week’s highs, Nifty showed an upward recovery, indicating the possibility of another bounce-back phase in the week. However, the recent low of 17,350 is going to be crucial.
day trading guide for stock market today
“Short term trend of Nifty is range bound with volatility and consolidation movement is expected to continue for this week. We expect Nifty to trade between 17,800 to 17,300 levels by next week. Any decisive breakout on either side is likely to happen. To accelerate the market,” Nagraj Shetty, Technical Research Analyst at HDFC Securities.
Speaking on Nifty Call Put data, Shilpa Raut, Derivatives Lead Analyst at Prabhudas Lilladher said, “Markets have aggressively pressed CE writers for weekly expiry reflex along the Nifty Option chain with over one lakh contracts on various strikes on an immediate basis. continued to play the nutrav card to add to the .. until 18000 CE. The PE writers stand at 17500PE, with the PCr OI being over 2 at 17500, certainly now a breathing room for the bulls.”
“Options chain with PE writers active at 39000PE – with over 60 thousand contracts, followed by 38500PE/38000PE. CE writers add their positions at 39500 – one million contracts in total, indicating a strong support base for INDEX Which if held then the upside target opens up to 41000 zone,” said Shilpa Raut of Prabhudas Lilladher.
Expressing disappointment over the outcome of the Jackson Hole symposium, economist and Quant analyst Ritika Chhabra, on behalf of Prabhudas Lilladher, said, “Jerome Powell’s speech at Jackson Hole was short and crisp. The Fed chief ensured the right message reached investors that their highest priority was the The priority is controlling inflation, not economic growth. Investors who applauded the Fed’s reprehensible comments at the July FOMC meeting and pricing in a rate cut in early 2023 are deeply disappointed by this terrible message from the Fed.”
day trading stocks
While sharing the intraday stock for today, stock market analysts – Mehul Kothari, AVP – Technical Research at Anand Rathi; Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher and Rajesh Bhosale, Technical Analyst, Angel One – has a buy call on 6 shares today.
Today’s Intraday Stock of Mehul Kothari
1]Raymond: BUY HERE 963, target 995, stop loss 945
2]Jindal Steel: Buy Nearby 421, target 440, stop loss 408
Buying today in the shares of Vaishali Parekh
3]Aegis Logistics: Buy at 264, Target 300, stop loss 246
4]Mahindra & Mahindra Financial Services: Buy at 206, Target 225, stop loss 198
Rajesh Bhosale stock picks for Monday
5]Titan Company: Buy Here 2533, Target 2620, stop loss 2480
6]Buy at: NTPC 163.40, target 171, stop loss 158.80
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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