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Business News/ Markets / Stock Markets/  Day trading guide for Tuesday: 8 stocks to buy today — 18th October
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Day trading guide for Tuesday: 8 stocks to buy today — 18th October

Sensex and Nifty closed higher for a second straight session on Monday

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India (REUTERS)Premium
A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India (REUTERS)

Benchmark stock indices Sensex and Nifty closed higher for a second straight session on Monday following buying in index majors Reliance Industries, ICICI Bank and recovery in global markets. The 30-share BSE Sensex jumped 491 points to settle at 58,410.9 whereas the broader NSE Nifty climbed 0.7% to close at 17,311.8. In the broader market, the BSE midcap gauge climbed 0.2% and the smallcap index went higher by 0.09%.

Day trading guide for stock market today

"Having moved above the immediate resistance of 17,260 levels, the Nifty is expected to move towards the next important resistance of 17,425 levels in the short term. Immediate support is now placed at 17,100 levels. Any sustainable upside above 17,450 levels could bring sharp upside momentum in the market," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

"On the daily chart, the Nifty index has formed a piercing line pattern which suggests a bullish reversal. The trend and momentum remain positive for the short term. Over the short term, the index is likely to go towards 17,500/17,700. On the lower end, support is visible at 17,100," said Rupak De, Senior Technical Analyst at LKP Securities.

Stocks to buy today as recommended by the analysts -

Rajesh Bhosale, Technical Analyst, Angel One Ltd

Pidilite Industries: Buy PIDILIT IND, stop loss 2,625, target 2,850

Zydus Life: Buy ZYDUS LIFE, stop loss 408, target 439

Anuj Gupta, Vice President - Research at IIFL Securities

Federal Bank: Buy Federal Bank, stop loss 114, target 150

Electronic Mart India: Buy Electronic Mart, stop loss 55, target 120

Sumeet Bagadia, Executive Director at Choice Broking

Coal India: Buy Coal India, stop loss 230, target 250

Ambuja Cement: Buy Ambuja Cem, stop loss 500, target 540-550

Ravi Singh, Vice President & Head of Research at Share India

Adani Port: Buy ADANI PORT, target 85, stop loss 778

Axis Bank: Buy Axis Bank, target 830, stop loss 800

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

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Published: 18 Oct 2022, 07:38 AM IST
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