BackDay trading guide for 11th April: M&M, TechM, BPCL to Zomato — 6 stocks to buy or sell on Tuesday
Day trading stocks for today: Stock market experts have recommended 6 buy or sell stocks for today — M&M, Tech Mahindra, Zomato, BPCL, Bajaj Electricals and Redington
PremiumDay trading guide for today: In a holiday thinned session on Monday, Indian stock market indices — Sensex and Nifty — nudged higher whereas Nifty Bank index finished in red territory. Nifty 50 index gained 24 points and closed at 17,624 whereas Sensex added 13 points and closed at 59,846 levels. However, Nifty Bank index lost 206 points and finished at 40,834 mark. In broad market, small-cap index added 0.16 per cent while mid-cap index gained 0.38 per cent. This helped advance decline ratio to remain above par at 1.13:1.
Day trading guide for stock market today
On outlook for Nifty today, Deepak Jasani, Head of Retail Research at HDFC Securities said, "Nifty seems to have run out of steam after a rise over the last 6 sessions. Though the uptrend has not reversed so far, it could be rocky from now on. Short term traders need to take some profits out. Nifty could remain in the 17,530 to 17,772 band over the next 1-2 sessions."
Rohan Patil, Technical Analyst, SAMCO Securities said, "The pace of the rally is getting slower in the index as prices are approaching their intermediate resistance. Both the indices --Nifty-50 and Bank Nifty--on the daily chart have formed a bearish bat harmonic pattern and prices are trading near their potential reversal zone. The momentum oscillator RSI (14) has witnessed a breakout of a three-month-long consolidation band and the oscillator has closed above its horizontal trend line with a bullish crossover."
On intraday trading tips for Indian stock market jobbers, Rahul Ghose, Founder & CEO at Hedged said, "The Nifty Index is currently in a congestion zone between 17,650 and 17,900. The Index will see a few ups and downs around this range, but with the highest open interest still at the 17,000 level, the trend is still buy-on-dips." Rahul Ghose went on to add that Bank Nifty saw huge addition in call writing at the 41000 level for this week's expiry, which is now going to act as a near-term resistance for it.
On suggestion to F&O traders, Rahul Ghose said, "For the monthly expiry, traders continue to hold their 41000 short straddle positions which also indicates that the markets might give a range breakout only post 42,000 and only after the April series. Looking at the texture of both indices, one can initiate Bull spreads in the Nifty index with the May Expiry, once the Index closes below the17,500 level, that is, buying on a small dip."
Day trading stocks to buy today
Asked about intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi and Rajesh Bhosale, Technical Analyst at Angel One — recommended 6 day trading stocks for Tuesday — Mahindra & Mahindra (M&M), Tech Mahindra (TechM), BPCL, Bajaj Electricals, Zomato and Redington.
Sumeet Bagadia's stocks to buy today
1] Mahindra & Mahindra (M&M): Buy at CMP, target ₹1210 and ₹1225, stop loss ₹1170
2] Tech Mahindra or TechM: Buy at CMP, target ₹11130 to ₹1140, stop loss ₹1090
Ganesh Dongre's day trading stocks for today
3] BPCL: Buy at ₹336, target ₹348, stop loss ₹328
4] Bajaj Electricals: Buy at ₹1050, target ₹1075, stop loss ₹1033
Rajesh Bhosale's stock picks for Tuesday
5] Zomato: Buy at ₹54, target ₹58, stop loss ₹51.80
6] Redington: Buy at ₹175, target ₹185, stop loss ₹170.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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