Daily trading guide for Monday: Due to weak global signals, the Indian stock market ended its two-day winning streak on Friday and closed in red territory. The Nifty 50 index ended down 220 points at 17,171 while BSE Sensex lost 714 points and closed at 57,197 levels. The Bank Nifty index plunged 771 points and closed at 36,044 levels. Global stocks fell to five-week lows on Friday as investors worried about rate hikes in the United States and the euro zone that would impact stock values across the world despite earnings results. encouraging businesses.
According to market experts, NSE Nifty on the weekly chart has formed a doji-like candle pattern (not classic, as the week’s open and close are not the same) at the valuation support of 17150 levels. Normally, a doji formation after a reasonable decline or upward move signals an impending reversal after confirmation. This could bring some hopes for the bulls to come back from the lows next week.
Daily trading guide for the stock market today
Speaking on the intraday trading strategy with respect to the Nifty 50 Index; Nagaraj Shetti, Technical Research Analyst at HDFC Securities, said: “Nifty’s short-term trend appears to have reversed on Friday after a reasonable two-day rise. 800 could offer market support next week to show a decisive upside bounce off the lows.”
Speaking on the perspectives of various segments; Ruchit Jain, Head of Research at 5paisa.com, said, “The banking space has been relatively underperforming and although this index is trading close to its support, there is no sign of a reversal. other sector indices, the metals space finished below its ’20 DEMA’ support and so we may see some more short-term retracement Sectors such as Oil & Gas, Autos saw positive signs and could see relative outperformance.
Ruchit Jain went on to add that traders should be selective in picking stocks and should look for opportunities on both sides of the trade. A directional move in the market could be seen if the high or low of this doji candle is breached and until then one should continue with a stock specific approach.
Day trading stocks
Share Intraday Stocks for Today, Stock Market Experts – Sumeet Bagadia, Executive Director at Choice Broking; Mehul Kothari, AVP – Technical Research at Anand Rathi Shares & Stock Brokers; Rajesh Bhosale, technical analyst at Angel One Ltd and Astha Jain, senior research analyst at Hem Securities — recommended 7 stocks to buy today.
Sumeet Bagadia day trading stocks
1]Adani Ports: buy from CMP, objective ₹900, stop loss ₹850
2]Asian paintings: Shop at CMP, target ₹3225 to ₹3300, stop loss ₹3080
Mehul Kothari Intraday Stocks for Today
3]Action Construction Equipment or ACE: Buy from CMP, objective ₹256, stop loss ₹230
4]OnMobile Global: Shop Around ₹175 target ₹195, stop loss ₹165
Rajesh Bhosale shares to buy today
5]United Breweries Limited or UBL: Shop Around ₹1545 target ₹1640, stop loss ₹1495
6]Ceat Limited: Shop at CMP, target ₹1275 stop loss ₹1139
Astha Jain’s stock of the day
7]Borosil Renewables: Buy on ₹750 target ₹905, stop loss ₹650.
Warning: The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.
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