Day trading guide for Monday: Nifty snapped its 3-day winning streak on Friday ending 44 points lower at 17,585 levels. The BSE Sensex too shed 125 points and closed at 59,015 levels. However, Small-cap and Mid-cap indices tumbled more than a per cent. After opening on an upside gap of 80 points on Friday, the market surged up in the early-mid part of the session and registered a new all time high of 17,792 levels. A massive profit booking emerged from the new highs and the weakness continued for rest of the session. According to market experts, this pattern signals counter attack bear type pattern. They went on to add that such negative patterns tend to occur during strong up trended moves and more often they get nullified in the subsequent sessions.
On a day when the NSE cash volumes breached ₹1 lakh crore; metals, realty, power, oil & gas and healthcare stocks shed the most while telecom and bank stocks surged the most.
Trade view on NSE Nifty
Speaking on the intraday trading strategies; Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, “The market seems to have started with profit booking and volatility at the new highs. Having moved up sharply in the last few sessions, there is a possibility of consolidation or minor weakness in the coming sessions. Important support for NSE Nifty is placed at 17,400 and there is a possibility of upside bounce from the lower levels.”
Day trading stocks for Monday
stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Manoj Dalmia, Director and Founder, Proficient Equities Private Limited and Ravi Singh, Founder & Director at DRS Advisory — recommended 5 shares to buy today.
Sumeet Bagadia’s intraday stocks for today
1] HDFC Bank: Momentum buy at CMP, target ₹1620 to ₹1650, stop loss ₹1540
2] Maruti Suzuki India Ltd or MSIL: Buy at CMP, target ₹7200 to ₹7300, stop loss ₹6850
Manoj Dalmia’s stock of the day
3] Manali Petrochemicals Ltd: Buy at ₹105.50, target ₹118, stop loss ₹98.50
Ravi Singh’s stocks to buy today
4] Bharti Airtel: Buy at ₹727, target ₹750, stop loss ₹720
5] Wockhardt: Buy at ₹440, target ₹455, stop loss ₹435.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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