Daily trading guide for Monday: Last week, the Nifty 50 index consolidated in a narrow range until expiry day. However, after expiration, a strong downward move in shares of heavyweight Sensex Reliance Industries Limited (RIL) caused the 50-stock index to drop towards the 15,500 levels. oil and gas, the other sectors performed well and as a result the index recovered from the lows to end around 15,750 with a marginal loss. Asian markets struggled again on Friday after another selloff on Wall Street fueled by recession fears. European stocks were flat on Friday after two days of declines as investors expect a busy month of earnings amid concerns about a slowing economy.
According to market experts, a small negative candle has formed on the daily chart with a long lower shadow. Technically, this pattern indicates the formation of the hammer-like (not classic) pattern. Such market action signals a short term bottom reversal pattern for the market. This could also indicate a false break down of the small range at 15,700 levels. This is a positive indication, and we can expect further upside in the near term.
Daily trading guide for the stock market today
Speaking today on the day trading guide for Nifty, Nagaraj Shetti, technical research analyst at HDFC Securities, said: “Nifty’s short-term trend continues to be limited. from the lows hints at the possibility of a larger Sustained upside move only above the 15,900-15,950 levels could bring the bulls back into the market and this could eventually pull the Nifty quickly towards the next upside levels 16,200-16,300. Immediate support for NSE Nifty is placed at 15,630 levels.”
Day trading stocks
Unveiling Intraday Stocks for Today, Stock Market Experts – Rajesh Bhosale, Technical Analyst at Angel One; Mehul Kothari, AVP – Technical Research at Anand Rathi and Anuj Gupta, Vice President – Research at IIFL Securities – recommended 6 stocks to buy today.
Rajesh Bhosale’s intraday stocks for Monday
1]Federal Bank: buy around ₹93.50 target ₹101, stop loss ₹89.20
2]Ambuja Cements: Shop Around ₹367.55, target ₹378, stop loss ₹361.40
Mehul Kothari’s trading day for Monday
3]Axis Bank: Buy around ₹645 target ₹665, stop loss ₹628
4]Sun TV: buy around you ₹423 target ₹440, stop loss ₹415
Anuj Gupta’s stock picks for today
5]State Bank of India or SBI: Buy from CMP, objective ₹490, stop loss ₹444
6]HDFC Bank: Buy from CMP, target ₹1400, stop loss ₹1290.
Disclaimer: The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.
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