Day trading guide: Tata Power, IEX, Ashok Leyland among 7 stocks to buy today - March 1
The down trend continued in Nifty and the immediate supports have started to break one after another, say analysts
PremiumBenchmark Sensex and Nifty slid for the eighth straight day to close at four-month lows on Tuesday. The BSE Sensex declined by 326 points to settle at a four-month low of 58,962. The NSE Nifty settled at a more than four-month low of 17,303.9. The broader equity market, however ended higher, with the midcap gauge climbing 0.60% and smallcap index gaining 0.40%. Nifty ended the month of February with a loss of 2% - marking its 3rd consecutive month of decline.
Day trading guide for stock market today -
“The down trend continued in Nifty and the immediate supports have started to break one after another. The next downside levels to be watched around 18150-18050 in the short term. Immediate resistance is at 17450 levels," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“The bears managed to drag the Nifty below the line of polarity, the 200-day moving average, on a closing basis. The sentiment looks very negative from here as the index sustains below the crucial long term average. A further decline towards 17150–17100 appears imminent, as bulls appear to be in no hurry to support Indian equities. On the higher end, immediate resistance is visible at 17400, above which the current trend may reverse," said Rupak De, Senior Technical Analyst at LKP Securities.
Stocks to buy today as recommended by analysts -
Ganesh Dongre, Senior Manager - Technical Research at Anand Rathi
Buy IEX at ₹144, stop loss ₹137, target ₹152
Buy Tata Power at ₹202, stop loss ₹196, target ₹210
Sumeet Bagadia, Executive Director at Choice Broking
Buy POLYCAB, stop loss ₹3000, target ₹3150-3170
Buy Pidilite, stop loss ₹2260, target ₹2350-2360
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher
Buy ASIAN PAINTS at ₹2828, stop loss ₹2790, target ₹2910
Buy ABB INDIA at ₹3217, stop loss ₹3165, target ₹3330
Buy ASHOK LEY at ₹145, stop loss ₹153, target ₹142
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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