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Day trading guide for today: After showing weakness with range bound action on Thursday, key benchmark indices Nifty and Sensex slipped into weak zone on Friday with volatility and closed lower on second day in a row. NSE Nifty went off 80 points and closed at 18,027 levels whereas BSE Sensex lost 236 points and finished at 60,621 mark. However, banking stocks attracted buying interest by bulls and finished 177 points higher at 42,506 levels. Broad market indices fell a little more than the Nifty even as the advance decline ratio was down at 0.67:1.

According to stock market experts, a reasonable negative candle was formed on the daily chart, which indicates a consolidation movement in the market. The Nifty is currently placed within a broad high low range of 18,200 to 17,800 levels and the specific direction is missing in the market.

Day trading strategy for stock market today

Speaking on intraday trading tips for Monday session, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "We expect choppy movement to continue for the short term. At the lower levels 17,900 to 17,800 could be a support for the market and one may expect upside bounce from the lows. At the same time the upper area of 18,150 to 18,200 is expected to be a stiff resistance in the near term."

"The global handover indicates a positive set-up for the domestic markets at the beginning of the current week. Nifty remains strongly supported by the key 17,800 mark, even as it braces for heightened volatility in the near term with eyes on the two key events-Union Budget and the US Fed’s policy meet outcome," said market expert Sugandha Sachdeva. She went on to add that risk-on sentiments are likely to improve as markets are anticipating the US Fed to slow the pace of rate hikes amid a string of downbeat economic data released last week which indicate that a sharp reversal in interest rates last year has started to cause damage to the economy. This largely underscores persistent pressure on the dollar index, languishing at a multi-month low.

"On Friday, the Bank Nifty showed a good outperformance compared to Nifty. A follow up move above 42,700 could set a good momentum in this index for the short term," said Ruchit Jain, Lead Research at 5paisa.com.

Day trading stocks to buy today

Unveiling intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Ganesh Dongre, Senior Manager - Technical Research at Anand Rathi — listed out 6 shares to buy on Monday.

Sumeet Bagadia's intraday stocks for today

1] GAIL (India): Buy at CMP, target 105, stop loss 96

2] HDFC Bank: Buy at CMP, target 1700 to 1725, stop loss 1630

Anuj Gupta's stock picks for Monday

3] Tata Steel: Momentum buy at CMP, target 132, stop loss 114

4] IDFC First Bank: Buy at CMP, target 70, stop loss 52

Ganesh Dongre's stocks to buy today

5] ICICI Bank: Buy at 871, target 895, stop loss 860

6] Coal India: Buy at 227, target 240, stop loss 220.

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.

ABOUT THE AUTHOR

Asit Manohar

Chief Content Producer at Live Mint Digital Team
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