Daily trading guide for Monday: After the US Fed’s hawkish stance on interest rate cleared, the Indian stock market ended higher for the second consecutive session on Friday. The Nifty 50 index closed at its highest levels since January 14, 2022 at 17,833.In fact, every week, the Nifty. The BSE Sensex rose 104 points to close at 59,793 levels, while the Nifty Bank index ended 206 points higher at 40,415.
According to stock market experts, the Nifty has formed a long bullish candlestick on the weekly chart, which shows an attempt to break through a major overhead resistance – the downward sloping trend line around 17,800 levels. Failure to demonstrate subsequent buying from here could mean the possibility of a minor downward correction for the market going forward.
A daily trading guide for today’s stock market
“Short-term trend of Nifty remains choppy. Failure to break important resistance on Friday could signal chances of minor weakness in future market. Immediate support for NSE Nifty is placed at 17,770 levels and a move below this area could trigger short-term downward correction for Nifty. At highs 17925 is likely to be a strong hurdle in the short term,” Nagaraj Shetti, technical research analyst at HDFC Securities.
Ruchit Jain, head of research at 5paisa.com, revealing the intraday trading strategy, said, “Consolidation could continue for now and a breakout on both sides is now needed for any directional move. Among other factors, the dollar index has cooled off highs in the last few sessions, which is a good sign for the near term. However, FII’s positions in the derivatives segment still remain mostly on the short side. Although we have seen them write until they cover their shorts, our market may not rush to show an upward movement. Hence, traders should continue to trading with a specific approach to stocks until we see a breakout on both sides of the Nifty index.”
Day trading in stocks
Shared stock trading day for today, stock market experts — Sumeet Bagadia, Managing Director, Choice Broking; Mehul Kothari, AVP – Technical Research at Anand Rathi and Rajesh Bhosale, Technical Analyst, Angel One – recommended buying 6 stocks today.
Sumeet Bagadia’s intraday stocks for today
1] Tech Mahindra: Buy at CMP, target ₹1160 to ₹1175, stop loss ₹1100
2] Maruti Suzuki India: Buy at CMP, target ₹9150 to ₹9300, stop loss ₹8800
Mehul Kothari’s stocks picks for today
3] HDFC: Buy at ₹2432, target ₹2490, stop loss ₹2400
4] Axis Bank: Buy at ₹785, target ₹815, stop loss ₹768
Rajesh Bhosale’s stocks to buy today
5] FSL: Buy at ₹116.5, target ₹122, stop loss ₹113.40
6] Carborundum Universal: Buy at ₹879, target ₹952, stop loss ₹837.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Viralvdoz.
