Day trading guide for Tuesday: The short term trend of Nifty continued with range bound action, but the overall market breadth has placed at the positive side, experts believe
Day trading stocks: After showing an upside bounce from the lows amidst a range bound action on Thursday, Nifty shifted into a consolidation with weak bias on Monday and closed 13 points lower at 17,355 levels while BSE Sensex shed 127 points and closed at 58,177 levels. According to stock market experts, this pattern indicates a sideways range movement in the market. The market action of the last five sessions signals a lack of sharp selling participation in the market from the new highs. This pattern could eventually result in an upside breakout of the sideways range in the short term.
Asian stocks started the week, slipping to 2-1/2 week lows on further signs of accelerating inflation as well as tax and regulatory pressures on the world's biggest companies. Japan reported its wholesale prices were near a 13-year high in August, adding to concerns over inflation as the country prepares for a leadership transition. European stock markets rose after Federal Reserve officials said the US economy had recovered enough from the pandemic for emergency financial stimulus to be dialed down, boosting shares in sectors seen to benefit from GDP growth and higher interest rates.
Speaking on intraday trading tips in regard to NSE Nifty; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty continued with range bound action, but the overall market breadth has placed at the positive side. The Nifty is expected to form a higher bottom reversal around 17,250 levels (near the support of 10 day EMA) in the next 1-2 sessions before witnessing another round of upside bounce. Immediate resistance for NSE Nifty is at 17,450 levels."
Intraday stocks for today
Unveiling day trading stocks for Tuesday, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Sandeep Matta, Founder at TRADEIT Investment Advisors; Manoj Dalmia, Director and Founder, Proficient Equities Private Limited and Rohit Singre, Senior Technical Analyst at LKP Securities — recommended 6 shares to buy today.
Sumeet Bagadia's day trading stocks
1] Kotak Bank: Momentum buy at CMP, target ₹1880 to ₹1925, stop loss ₹1815