
Day trading guide for Tuesday: Dragged down by IT stocks ahead of the Q4 results, Indian stock market ended in red territory on Monday. Nifty 50 index dipped 109 points and closed at 17,674 mark whereas BSE Sensex ended 482 points lower at 58,964 levels. Bank Nifty index went off 138 points and closed at 37,613 levels. According to stock market experts, market on Monday closed at its lows that signals sideways movement in upcoming sessions.
Day trading guide for stock market today
Speaking on intraday trading strategy in regard to Nifty today; Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, “The short term trend of Nifty continues to be weak with range bound action. Still there is no indication of any higher bottom formation. A slide below 17,600 to 17,500 levels could open more weakness in the near term. A choppy movement within high low of 17,800 to 17,600 is expected to continue for the short term.”
Advising stock specific trade in result-oriented market; Ruchit Jain, Lead Research at 5paisa.com said, “Looking at the market breadth and the sector specific moves, it seems that the Nifty would continue to witness some consolidation in a broad range in the short term and the stock specific movement would continue to provide better trading opportunities.”
Ruchit Jain of 5paisa.com went on to add that Nifty IT index, which has some heavyweight constituents, is in a corrective phase and short formations are seen in some heavyweight names ahead of the results. Hence, we could see some underperformance in the IT space in near term while the oil & gas, metals and certain PSU names could see some outperformance. “In such times, short term traders are advised to look for stock specific opportunities and avoid aggressive positions as the market is unlikely to witness significant directional move ahead of a long weekend,” said Ruchit Jain.
Day trading stocks
Sharing 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; Anuj Gupta, Vice President — Research at IIFL Securities and Mudit Goel, Senior Research Analyst at SMC Global Securities — recommended 8 stocks to buy today.
Sumeet Bagadia’s day trading stocks for today
1] Subex: Buy at CMP, target ₹45 and ₹50, stop loss ₹39
2] NBCC: Buy at CMP, target ₹45 to ₹48, stop loss ₹40
Mehul Kothari’s intraday stocks for today
3] HDFC Life: Buy at ₹565, target ₹585, stop loss ₹550
4] Tata Consumer Products: Buy at ₹820, target ₹845, stop loss ₹805
Rajesh Bhosale’s day trading stocks to buy today
5] Whirlpool: Buy around ₹1698, target ₹1775, stop loss ₹1660
6] Oberoi Realty: Buy around ₹1000, target ₹1085, stop loss ₹965
Anuj Gupta’s stock pick for today
7] Paytm: Buy at CMP, target ₹730, stop loss ₹625
Mudit Goel’s stock of the day
8] DLF: Buy at CMP, target ₹412, stop loss ₹397.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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