Day trading guide for Monday: After showing higher levels weakness from near the hurdle of 16,800 levels on Thursday, Indian stock market ended lower for the third successive session on Friday as fears over the Russia Ukraine conflict refused to subside. Nifty 50 index lost 252 points and closed at 16,245 whereas BSE Sensex ended 768 points lower at 54,333 levels. Nifty Bank index dipped 536 points and closed at 34,407 levels. According to secondary market experts, current trade pattern indicates continuation of down trend at Dalal Street. They advised traders to identify themes and look for trading opportunities on both sides of the trade.
Day trading guide: What global cues signal
Expecting weak opening on Monday; Anuj Gupta, Vice President at IIFL Securities said, “As geopolitical tension is not ready to subside, both Dow Jones future and SGX Nifty live index are under the selloff heat. So, Indian secondary market today may open on the lower side.”
Anuj Gupta of IIFL Securities said that immediate support for SGX Nifty is placed at 15,800 whereas it is facing immediate resistance at 16,460 levels.
Day trading guide for stock market today
Speaking on day trading guide for Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “Formation of range movement at the lower high has eventually resulted in a downside breakout. The overall chart pattern signal more weakness for the Nifty ahead and the new swing lows of around 15,800 could be registered in the next 1-2 weeks. Immediate resistance to be watched at NSE Nifty is placed at 16,400 levels.”
Sharing intraday trading strategy; Ruchit Jain, Lead Research at 5paisa.com said, “The news flows from the global geopolitical developments are likely to drive the near term moves in the market but until any reversals are seen, short term traders should avoid bottom fishing and stay light on positions. The India VIX is still high around 28, which needs to cool-off below 24 again for some stability. A lot of thematic approach played out during the week wherein the banking and financial space witnessed deep cuts due to short formations while the upside move in the base metals led to a sharp rise in the metal stocks. It is important for traders to identify such themes and look for trading opportunities on both sides of the trade.”
Unveiling important levels for Nifty and Bank Nifty today; Sumeet Bagadia, Executive Director at Choice Broking said, “Broader range of Nifty 50 index today is 16,000 to 16,500 whereas for high risk traders, short range of NSE Nifty will be 16,100 to 16,400. Likewise, small range for Bank Nifty today will be 34,000 to 35,000 while broader range at the banking index will be 33,900 to 35,300.”
Day trading stocks
Sharing day trading stocks to buy or sell today, stock market experts — Sumeet Bagadia of Choice Broking; Anuj Gupta of IIFL Securities and Avinash Gorakshkar, Head of Research at Profitmart Securities — recommended 5 stocks for intraday traders.
Sumeet Bagadia’s day trading stocks for today
1] Indian Hotels: Sell at CMP, target ₹180, stop loss ₹199
2] Tech Mahindra: Buy at CMP, target ₹1500, stop loss ₹1420
Anuj Gupta’s intraday stock to buy today
3] Tata Teleservices (Maharashtra) Limited or TTML: Buy at CMP, target ₹120, stop loss ₹90
4] Adani Wilmar Ltd or AWL: Buy at CMP, target ₹400. stop loss ₹330
Avinash Gorakshkar’s stock of the day
5] Bharat Electronics Ltd or BEL: Buy at CMP, target ₹225, stop loss ₹210.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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