Day Trading Guide for Monday: Following weak global cues and the collapse of Wall Street, the Indian stock market witnessed a sharp sell-off on Friday. The Nifty 50 index lost 271 points to end at 16,411, while the BSE Sensex lost 866 points to end at 54,835. Nifty Bank index lost 641 points and closed at 34,591 level.
according to this Share Market Experts, a small body candle was formed on the daily chart with almost identical open and close. Technically this pattern indicates the formation of a Doji type candle pattern after the gap down opening. Nifty seems to have taken support at 16,350 before showing intraday consolidation. Generally, the formation of a Doji after a reasonable weakness warns of an uptrend reversal. Confirmation via a permanent close above the 16,500 level could lead to an upside rally in the market.
day trading guide for stock market today
Speaking on the intraday trading strategy for Nifty today, Nagraj Shetty, Technical Research Analyst, HDFC Securities said, “Short-term trend of Nifty remains negative. Formation of a Doji and incomplete open downside gap indicate chances of slight upside from here.” OR from lower levels in the next 1-2 sessions. Any further upside from current levels on Nifty 50 index may face strong resistance around 16,650 levels. Eventually Nifty may fall from higher levels and The next support level of 16,200 is likely to be reached in the near term.”
day trading stocks
Sharing the intraday stocks for today, stock market experts – Sumeet Bagdia, Executive Director, Choice Broking; Avinash Gorakshakar, Head of Securities at Profitmart Securities; Rajesh Bhosale, Technical Analyst, Angel One Limited and Mehul Kothari, AVP of Technical Research at Anand Rathi have 8 buy or sell recommendations on the stock today.
Today’s intraday stock of Sumeet Bagadiya
1]Tata Power: Buy on CMP, Target from 255 260, stop loss 238
2]State Bank of India or SBIN: Buy on CMP, Target from 495 500, stop loss 470
Will buy day trading shares of Avinash Gorakshakar today
3]Tata Chemicals: Buy on CMP, Target 1090, stop loss 1005
4]Colgate-Palmolive or Copal: Buy on CMP, Target 1680, stop loss 1540
Rajesh Bhosle’s intraday pics for today
5]Hero MotoCorp: Buy Nearby 2563, target 2720, stop loss 2480
6]Tata Motors: Sell Around 408, target 385, stop loss 420
Will buy shares of Mehul Kothari today
7]RCF: Buy Nearby 88, target 95, stop loss 84
8]ITC: Buy around 264, Target 280, stop loss 255.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.