5 stocks to buy or sell today – January 4
Tuesday Daily Trading Guide: The Indian stock market has started the new calendar year on a positive note. After the upward breakout of the descending trendline hurdle at 17,250 levels on Friday, Nifty rose sharply on Monday and closed 271 more points at 17,625 levels. BSE Sensex climbed 929 points and closed at 59,183 while Bank Nifty jumped 940 points and closed at 36,421 levels.
According to stock market experts, the current market configuration is an indication of a strong comeback of the bulls and it shows a strengthening of the bullish momentum in the market. They added that this is a positive indication and one can expect a further rise in the near term.
Daily Trading Guide for the Stock Market Today
Speaking on the intraday trading strategy for Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities, said: “The negative streak of lower highs and lows on the daily chart is now placed on the verge of negation, as Nifty broke the last lower high from Dec. 13 to 17,639 levels Monday. This could mean that the bearish setup is likely to be reversed and any drop from current Nifty 50 levels could result in a bullish setup like higher highs and lows, according to the daily chart. “
Daily trading strategy for Bank Nifty and other indices; Ruchit Jain, head of research at 5paisa.com, said: “The banking space witnessed a full surge on Monday as it passed its immediate hurdle. However, it was well within expected lines given that the index was short-heavy and that immediate resistances were broken. “
On the sector that may show a strong uptrend today, Ruchit Jain of 5paisa.com said: “Besides banks, traders should also now focus on specific metal names, which have suffered a correction of. decent price. The Nifty Metals Index is interesting and the names in this sector could therefore see positive momentum in the short term. “
Day trading stocks for today
Unveiling Day Trading Stocks To Buy Today, Indian Stock Market Experts – Sumeet Bagadia, Executive Director of Choice Broking; Avinash Gorakshkar, head of research at Profitmart Securities and Mudit Goel, senior research analyst at SMC Global Securities – recommended 5 stocks to buy today.
Daily actions of Sumeet Bagadia
1]Ambuja cements: Buy from CMP, target ??410, stop loss ??370
2]Bank of Baroda: Buy from CMP, target ??88 to ??90, stop the loss ??81
Avinash Gorakshkar day trading stocks to buy
3]HDFC Bank: Buy around ??1520, target ??1570, stop loss ??1495
4]Grasim Industries: Buy around ??1662, target ??1725, stop loss ??1640
Mudit Goel’s trading day for Tuesday
5]MindTree: Buy from CMP, target ??5000, stop loss ??4790.
Warning: The opinions and recommendations expressed above are those of individual analysts or brokerage firms, not Mint.
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