Day trading guide for Tuesday: Due to concerns over troubles at Evergrande group in China likely to impact the global risk appetite, NSE Nifty witnessed sharp sell off on Monday and closed 188 points lower at 17,396 levels. BSE Sensex crashed 524 points and closed at 58,490 levels. According to stock market experts, current market pattern signals a sell on intraday rise and confirmed a short term top reversal pattern at 17,792 levels. Hence, experts see further weakness in the short term.
Asian equities also skidded following a torrid session for China Evergrande, the world’s most indebted property developer. European shares fell to a near two-month low on Monday, as investors feared major central banks would start giving cues about tapering their pandemic-era stimulus programmes at various meetings this week. Troubles at Evergrande and surging gas prices also weighed on the European markets.
Trade view on Nifty
Speaking on intraday trading strategy; Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, “A sharp profit booking has triggered in the market and Monday’s confirmation of short term top reversal pattern is likely to drag Nifty down to 17,200 to 17,150 levels in the next few sessions. Any attempt of upside bounce from here could find strong resistance at 17,625 levels. However, a move below 17,150 is likely to open more broad based weakness in the near term.”
Day trading stocks to buy
Unveiling intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Kapil Goenka, Founder at Eternity Financial Services; Manoj Dalmia, Director & Founder, Proficient Equities Private Limited; Dr Ravi Singh, Founder & Director, DRS Advisory and Rohit Singre, Senior Technical Analyst at LKP Securities — recommended 7 shares to buy or sell today.
Sumeet Bagadia’s intraday stocks for today
1] Hindustan Unilever Ltd or HUL: Momentum buy at CMP, target ₹2900 to ₹3000, stop loss ₹2700
2] Indraprastha Gas Limited or IGL: Sell at CMP, target ₹530 to ₹525, stop loss ₹558
Manoj Dalmia’s stock to buy today
3] Summit Securities Ltd: Buy at ₹815, target ₹880, stop loss ₹780
Kapil Goenka’s stock of the day
4] Sona Blw Precision Forgings Ltd: Buy at ₹566, target ₹588, stop loss ₹550
Ravi Singh’s stock picks for Tuesday
5] Tata Motors — DVR: Buy at ₹146.50, target ₹155, stop loss ₹142
6] Havells: Sell at ₹1406, target ₹1350, stop loss ₹1425
Rohit Singre’s share to buy today
7] ICICI Lombard General Insurance: Momentum buy at CMP, target ₹1700, stop loss ₹1600.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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