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Day trading guide for Tuesday: Following Russia-Ukraine war, sharp downside momentum continued in the Indian stock market for the third consecutive sessions on Monday. Nifty 50 index crashed 382 points and closed at 15,863 whereas BSE Sensex tumbled 1491 points and closed at 52,842 levels. Bank Nifty index plunged 1536 points and closed at 32,871 levels.
According to secondary market experts, current chart pattern indicates some possibility of upside bounce for short term. However, they maintained that overall market sentiment is weak and Russia-Ukraine news would continue to dominate global equity markets.
Day trading guide: Short-covering expected
Expecting short-covering in stock market today; Anuj Gupta, Vice President at IIFL Securities said, "Overall market sentiment is weak but short-covering can be expected today after the exit polls predicting BJP victory in UP, Uttarakhand and Manipur. Apart from this, prices are in oversold condition that also supports for some bounce back in the markets in near term."
Anuj Gupta of IIFL Securities suggested traders to keep an eye on Russia-Ukraine news and SGX Nifty Live index. He said that SGX Nifty has immediate support at 15,300 while it has strong support at 14,980 levels. Likewise, SGX Nifty has immediate hurdle at 15,980 whereas its major hurdle is placed at 16,350.
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 weak. The last hour upside recovery of Monday could bring some hopes of pullback rally in the short term. A sustainable upside bounce is expected from there or from the lows of 15700-15500 levels in the next few sessions.
Expecting Russia-Ukraine news to continue its dominance on the markets; Ruchit Jain, Lead Research at 5paisa.com said, "The short term trend continues to remain negative, but it will be interesting to how the markets behaves from this support zone as any trigger in the global markets could lead to some pullback in the index. Monday’s low of 15,700 will be important support to watch and if that gets breached, 15300 will be the next level. Traders are advised to watch out for global cues and avoid aggressive trading until the volatility settles down."
Sharing major levels at Nifty and Bank Nifty; Sumeet Bagadia, Executive Director at Choice Broking said, "Traders should keep broader range of Nifty between 15,500 to 16,150 whereas for high risk traders small Nifty range lies between 15,700 to 16,000. Likewise, broader range of Bank Nifty today is 32,000 to 33,500 whereas small range of Nifty Bank index is 32,300 to 33,000 levels."
Day trading stocks
Unveiling intraday trading stocks for today, stock market experts — Sumeet Bagadia of Choice Broking; Anuj Gupta of IIFL and Avinash Gorakshkar, Head of Research at Profitmart Securities — recommended 6 stocks to buy or sell today.
Sumeet Bagadia's intraday stocks for today
1] United Phosphorus Ltd or UPL: Buy at CMP, target ₹750 to ₹760, stop loss ₹715
2] Dwarikesh Sugar Industries: Buy at CMP, target ₹103 to ₹108, stop loss ₹90
Anuj Gupta's day trading stocks for today
3] GAIL: Momentum buy at CMP, target ₹190, stop loss ₹144
4] Hindustan Copper: Buy at CMP, target ₹136, stop loss ₹112
Avinash Gorakshkar's day trading stocks for Tuesday
5] Coal India Ltd: Buy at CMP, target ₹200, stop loss ₹183
6] ONGC: Buy at CMP, target ₹198, stop loss ₹182.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
