Rajesh Palviya’s stock recommendations: Day trading stocks to buy or sell today

Rajesh Palviya's stock recommendations: On account of economic recession fears, Dalal Street continued two way trade and highly volatile on Tuesday session. Nifty 50 index went down 10 points and closed at 17,655 whereas BSE Sensex lost 48 points and finished at 59,196 levels. Bank Nifty index corrected 139 points and finished at 39,666 mark. However, mid-cap index outperformed NSE Nifty and added 0.47 per cent on Tuesday.

Rajesh Palviya, VP - Technical & Derivative Research at Axis Securities believes that despite range-bound trend at stock market of India, day traders have a chance to make money out of it. He said that trend deciding level for Nifty 50 index is 17,670. If Nifty trades above this level, then we may witness a further rally up to 17,750 to 17,845 may be up to 17,930 levels. However, if Nifty trades below 17,670 levels then, we may see some profit booking initiating in the market, which may correct up to 17,575, 17.490 to 17,395 levels.

Rajesh Palviya's stock recommendations

On Nifty technical outlook, Rajesh Palviya of Axis Securities said, "On the daily chart, the index has formed a small bearish candle with either side shadows representing volatility movement throughout the session. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating an up trend. The chart pattern suggests that if the Nifty crosses and sustains above the 17700 level, it would witness buying, which would lead the index towards 17800-17900 levels. However, if the index breaks below the 17600 level, it would witness selling, which would take the index towards 17500-17400."

He said that Nifty is trading above its 20, 50, 100, and 200-day SMA, which indicates positive bias in the short term. Nifty continues to remain in an uptrend for the short term, so buying on dips continues to be our preferred strategy. The daily strength indicator RSI is moving downwards and is quoting below its reference line, indicating negative bias.

On Nifty Bank technical outlook, Rajesh Palviya of Axis Securities said, "On the daily chart, the index has formed a bearish candle with either side long shadows, indicating extreme volatility at higher levels. The index is moving in a Higher Top and Higher Bottom formation on the daily chart, indicating a short-term up trend. The chart pattern suggests that if Bank Nifty crosses and sustains above the 39800 level, it would witness buying, leading the index towards 40200-40500 levels. However, if the index breaks below the 39600 level, it would witness selling, which would take the index towards 39400-39200."

The Axis Securities experts said that Bank Nifty is trading above 20, 50, 100, and 200-day SMA, indicating positive bias in the short to medium term. Bank Nifty continues to remain in an uptrend in the short term, so buying on dips continues to be our preferred strategy. The daily strength indicator RSI continues to remain flat and is below its reference line, indicating the absence of momentum on either side.

"The trend deciding level for the day is 39770. If Bank Nifty trades above this level, then we may witness a further rally up to 39970-40280-40480 levels. However, if Bank Nifty trades below 39770 levels, then we may see some profit booking initiating in the market, which may correct up to 39465-39260-38955 levels," Palviya added.

Rajesh Palviya's day trading stocks

On day trading stocks to buy or sell today, Rajesh Palviya of Axis Securities recommended three stocks — Tata Power, Tata Steel and Varun Beverages Ltd or VBL.

Here we list out full details below:

Tata Power: Buy at ₹246, target ₹258, stop loss ₹242

Tata Steel: Buy at ₹108.50, target ₹114, stop loss ₹105.

Varun Beverages Ltd or VBL: Buy at ₹1095, target ₹1140, stop loss ₹1070.

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