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Day trading guide for Monday: Last week, Nifty 50 index consolidated within a narrow range till the expiry day. However, post-expiry a sharp downside movement in the Sensex heavyweight Reliance Industries Limited (RIL) shares led to dip in the 50-stock index towards 15,500 levels. But, except oil and gas, the other sectors performed well and hence, the index recovered from the lows to end around 15,750 with a marginal loss. Asian markets struggled again on Friday following another selloff on Wall Street fueled by recession fears. European equities were steady on Friday after two days of declines as investors look ahead to a busy month of earnings amid concerns over a slowing economy.

According to stock market experts, a small negative candle was formed on the daily chart with a long lower shadow. Technically, this pattern indicates the formation of the hammer-type pattern (not a classical one). Such market action signals a short-term bottom reversal pattern for the market. This could also indicate a false downside breakout of the small range at 15,700 levels. This is a positive indication, and one may expect further upside in the short term.

Day trading guide for stock market today

Speaking on day trading guide for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short-term trend of Nifty continues to be range bound. But Friday's sharp upside recovery from the lows hints at the possibility of more upside for the market ahead. A sustainable upside move only above 15,900 to 15,950 levels could bring bulls back into the market and that could possibly pull the Nifty towards the next upside levels of 16,200 to 16,300 levels quickly. 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: Buy around 367.55, target 378, stop loss 361.40

Mehul Kothari's day trading stocks for Monday

3] Axis Bank: Buy around 645, target 665, stop loss 628

4] Sun TV: Buy around 423, target 440, stop loss 415

Anuj Gupta's stock picks for today

5] State Bank of India or SBI: Buy at CMP, target 490, stop loss 444

6] HDFC Bank: Buy at CMP, target 1400, stop loss 1290.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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