Day trading guide for Tuesday: 7 stocks to buy or sell — 17th May
2 min read 17 May 2022, 06:36 AM ISTDay trading guide: Current market pattern indicates indecision, but given that the Nifty was not able to surpass its hurdles in spite of positive market breadth is not a good sign, say experts
PremiumDay trading guide for Tuesday: Indian stock market on Monday started the day marginally positive and consolidated within a broad range throughout the day. The Nifty 50 index ended 60 points higher at 15,842 levels whereas BSE Sensex surged 180 points and closed at 52,973 mark. Bank Nifty index shot up 476 points and touched 33,597 levels. Volumes on the NSE were the, lowest in almost 3 months. BSE Small-cap and Mid-cap indices outperformed the key benchmark indices rising 1.15 per cent and 1.51 per cent respectively.
Day trading guide for stock market today
Speaking on day trading guide for Nifty today, Ruchit Jain, Lead Research, 5paisa.com said, "Nifty ended today’s session with a ‘Doji’ candlestick on the daily chart. This pattern indicates indecision, but given that the index was not able to surpass its hurdles inspite of positive market breadth is not a good sign. However, if we look at last three trading sessions, the index has consolidated within a range wherein 15735 have acted as a support. The previous swing low of March 2022 is also around 15670 and thus, 15670-15735 is the important support zone now for the index. On the flipside, the recent downtrend has been so strong that inspite of oversold set ups, we have not seen any strength to pull the indices higher. Only if the index closes above 16000 mark, then we could expect a price-wise pullback in the short term."
"Traders should continue to stay cautious and avoid any aggressive contra bets. Above 16000, immediate levels to watch would be around 16125 and 16210 while a breach of the above mentioned support could lead to a sell-off towards 15450," Ruchit Jain of 5paisa.com concluded.
Day trading stocks
Sharing intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Rajesh Bhosale, Technical Analyst, Angel One Ltd; Mehul Kothari, AVP — Technical Research at Anand Rathi and Anuj Gupta, Vice President at IIFL Securities — recommended 7 shares to buy or sell today.
Sumeet Bagadia's day trading stocks to buy today
1] Raymond: Buy at CMP, target ₹850 to ₹875, stop loss ₹775
2] Coal India: Buy at CMP, target ₹180 to ₹185, stop loss ₹164
Rajesh Bhosale's intraday stocks for today
3] Kotak Mahindra Bank: Buy around ₹1813, target ₹1895, stop loss ₹1778
4] Apollo Hospitals: Buy around ₹3687, target ₹3880, stop loss ₹3590
Mehul Kothari's stocks to buy today
5] State Bank of India or SBI: Buy above ₹460, target ₹475, stop loss ₹450
6] Bajaj Finserv: Buy above ₹12,650, target ₹13,150, stop loss ₹12,450
Anuj Gupta's stock of the day
7] Equitas Holdings: Buy at CMP, target ₹125, stop loss ₹97.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
