Day Trading Guide for Tuesday: Dragged by losses across the board due to fears about the impact of the Covid spread in China on the global economy, the Indian stock market fell sharply for the second consecutive day on Monday. NSE Nifty lost 218 points to close at 16,953 while BSE Sensex closed 617 points lower at 56,579. But, the Nifty Bank index remained above the 36,000 level, rising 37 points at 36,082 levels. Volumes were once again at lower levels on the NSE, indicating higher FPI selling pressure and a retreat from local investors. BSE small-cap and mid-cap indices fell 1.86 per cent and 1.88 per cent, respectively.
according to this Share Market According to experts, a small downside candle was formed on the daily chart with smaller upper and lower shadows. Technically, this pattern indicates the formation of a high wave type candle pattern, which indicates high volatility in the market. Typically such formations act as reversal patterns more often after a proper decline or near important support.
day trading guide for stock market today
Speaking on intraday trading strategy with respect to Nifty today; Nagraj Shetty, Technical Research Analyst, HDFC Securities said, “Short-term trend of Nifty remains negative. The placement of key support for NSE Nifty is near 16,800 levels and the formation of weekly and daily patterns suggests an upside potential. Indications. From lower levels in the next 1-2 sessions. Confirmation of the reversal pattern at lower levels could indicate the volume of upside in the market.”
In line with the views of Nagraj Shetty; Ruchit Jain, Lead Research, 5paisa.com said, “Nifty has completed 50 per cent retracement of its previous up move during last week around 16,825 level but Bank Nifty has corrected till this retracement mark of its last upside move. Monday’s Gap Down also completed 50 per cent retracement of this index and after that we saw positive momentum in the same. Now, our markets have ended above the crucial support of 16,825 and if this support is broken, So it opens for continuation of correction towards 16,400 level. On the flipside, if banks continue to strengthen and Nifty does not break this support, a downside correction from 17,100 to 17,150 can be seen.”
Unveiling the day trading strategy for the stock market today; Ruchi Jain of 5paisa.com said, “Given the big move in global market, our markets may continue to follow global cues and hence, traders should keep a close watch on it. India VIX also rallied today and Closed above 21. Which is a sign of caution. Traders should avoid aggressive positions in such volatility and focus more on intraday trades rather than taking overnight risk.”
day trading stocks
Sharing the intraday stocks for today, stock market experts – Jay Thakkar, Head of Equity Research and VP, Marwari Financial Services; Anuj Gupta, Vice President – Research at IIFL Securities; Rohit Singre, AVP – Research at Bonanza Portfolio; Mudit Goyal, Senior Research Analyst, SMC Global Securities, and Avinash Gorakshakar, Head of Research, Profitmart Securities, put forward 8 buy or sell recommendations on the shares today.
Will buy shares of Jai Thakkar today
1]Maruti Suzuki: Buy Nearby 7902, target 8132 more 8206, stop loss 7800
2]Bharat Forge: Sell Around 703, target 680 more 665, stop loss 724
Today’s purchase in Anuj Gupta’s day trading shares
3]State Bank of India or SBIN: Buy on CMP, Target 540, stop loss 464
4]Renuka Sugars: Buy on CMP, Target 75, stop loss 49
Avinash Gorakshakar’s stock picks for today
5]Biocon: Buy on CMP, Target 410, stop loss 367
6]TVS Motor Company: Buy on CMP, Target 690, stop loss 630
mudit goyal stock today
7]Bandhan Bank: Momentum buy on CMP, target 342, stop loss 325
Rohit Singre’s Pick of the Day
8]IOL Chemicals: Buy at CMP, Target 515, stop loss 461.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.