BackDay trading guide for Monday: 6 stocks to buy or sell today — 12 September
Day trading guide: Immediate support for NSE Nifty is placed at 17,770 levels, say experts
PremiumDay trading guide for Monday: Brushing aside hawkish US Fed's stance on interest rate, Indian stock market ended higher on second straight session on Friday. Nifty 50 index closed at the highest levels since 14th January 2022 at 17,833. In fact, on a weekly basis, Nifty . BSE Sensex surged 104 points and closed at 59,793 levels whereas Nifty Bank index finished 206 points higher at 40,415 mark.
According to stock market experts, Nifty on the weekly chart formed a long bull candle, which shows an attempt of upside breakout of the significant overhead resistance- down sloping trend line around 17,800 levels. An inability to show follow-through buying from here could mean possibility of minor downward correction for the market ahead.
Day trading guide for stock market today
"The short term trend of Nifty remains choppy. Having failed to surpass the important resistance on Friday could signal chances of minor weakness for the market ahead. Immediate support for NSE Nifty is placed at 17,770 levels and a move below this area could trigger short term downward correction for the Nifty. At the highs, 17925 is likely to be a strong hurdle for the short term," Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
Unveiling intraday trading strategy, Ruchit Jain, Lead Research at 5paisa.com said, "The consolidation could continue for time being and a breakout on either side is now required for any directional move. Amongst other factors, the Dollar Index has cooled off from the highs in last couple of sessions, which is a good sign for near term. But the FII’s positions in the derivatives segment still remain majorly on the short side. Although we did see put writing by them, until they cover their shorts our market may not be in a hurry to show a run up move. Hence, traders should continue to trade with a stock specific approach until we see a breakout on either side in the Nifty index."
Day trading stocks
Sharing day trading stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Mehul Kothari, AVP — Technical Research at Anand Rathi and Rajesh Bhosale, Technical Analyst, Angel One — recommended 6 stocks to buy today.
Sumeet Bagadia's intraday stocks for today
1] Tech Mahindra: Buy at CMP, target ₹1160 to ₹1175, stop loss ₹1100
2] Maruti Suzuki India: Buy at CMP, target ₹9150 to ₹9300, stop loss ₹8800
Mehul Kothari's stocks picks for today
3] HDFC: Buy at ₹2432, target ₹2490, stop loss ₹2400
4] Axis Bank: Buy at ₹785, target ₹815, stop loss ₹768
Rajesh Bhosale's stocks to buy today
5] FSL: Buy at ₹116.5, target ₹122, stop loss ₹113.40
6] Carborundum Universal: Buy at ₹879, target ₹952, stop loss ₹837.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
