2 min read.Updated: 28 Sep 2021, 05:00 AM IST Edited By Asit Manohar
Day trading guide for Tuesday: The short term trend of NSE Nifty continues to be range bound. This consolidation movement could continue for the next 1-2 sessions before showing upside breakout of the range movement, say experts
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Day trading guide for Tuesday: After showing small range movement on Friday at the swing high of 17947, the NSE Nifty continued its consolidation movement on Monday and closed the day on a flat note amidst a range-bound movement. BSE Sensex sustained above 60,000 and closed at 60,077 levels — 29 points higher from its previous trade session. Intraday profit booking triggered from a day's high of 17,943 levels and the minor upside recovery was seen in the mid to later part from a day's low. According to stock market experts, this pattern indicates a consolidation movement in the market for the last two sessions post sharp upside move of Thursday. This market action signals a lack of sharp selling participation in the market at the new highs.
On a day when the volumes on the NSE were in line with recent averages; realty, oil & gas and auto stocks rose the most, while IT, healthcare and FMCG indices lost the most. BSE Mid-cap closed unchanged and BSE Mid-cap slipped 0.13 per cent.
Asian shares were mostly higher on Monday, but fears of further waves of Coronavirus outbreaks were clouding the economic outlook for the region, tempering the rally and resulting in loss of some of the gains of morning session.
Trade view on NSE Nifty
Speaking on intraday trading strategies; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty continues to be range bound. This consolidation movement could continue for the next 1-2 sessions before showing upside breakout of the range movement. A decisive move above 17,950 is likely to open the next upside of 18,200 levels in the near term. Important lower support for NSE Nifty is now placed at 17,650."
Day trading stocks to buy today
Unveiling intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Rohit Singre, Senior Technical Analyst at LKP Securities; Ravi Singhal, Vice Chairman at GCL Securities and Sandeep Matta, Founder at TRADEIT Investment Advisors — recommended 7 shares to buy today.