Day trading guide for Monday: 6 stocks to buy or sell today — 23rd August

Day trading guide for Monday: The next lower area of 16,250 to 16,300 levels could offer support for the market in the early next week and the market could bounce back from the lows by next week. (iStock) — Day trading guide for Monday: The next lower area of 16,250 to 16,300 levels could offer support for the market in the early next week and the market could bounce back from the lows by next week. **(iStock)**

2 min read . Updated: 23 Aug 2021, 05:35 AM IST Livemint, Edited By Asit Manohar

Day trading guide for Monday: The short term upside trend of Nifty seems to have reversed and one may expect some more weakness in the coming sessions, say experts

Day trading guide for Monday: The NSE Nifty last week snapped a two week winning streak and ended lower by 0.48 per cent at 16,450 levels. In the process it was able to suggest indecision at higher levels. Over the week, FMCG and IT were the main gainers while metals, media, PSU bank and realty lost the most. According to stock market experts, global worries like Fed withdrawing stimulus, Delta variant spread, slowing global growth and China’s regulatory tightening are impacting Indian markets.

Trade view on Nifty

On his day trading guide for Monday; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term upside trend of Nifty seems to have reversed and one may expect some more weakness in the coming sessions. The next lower area of 16,250 to 16,300 levels could offer support for the market in the early next week and the market could bounce back from the lows by next week. On the higher side, intraday resistance is placed at 16,500 to 16,550 levels."

Day trading stock to buy or sell today

Speaking on the day trading strategies, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Sandeep Matta, Founder at TRADEIT Investment Advisors and Mudit Goel, Senior Research Analyst at SMC Global Securities — recommended 6 shares to buy or sell today.

Sumeet Bagadia's day trading stocks

1] Dabur: Buy at ₹605, target ₹620 to ₹630, stop loss ₹590

2] Biocon: Sell at 360, target ₹350 to ₹342, stop loss ₹370

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Sandeep Matta's shares to buy today

3] Tata Motors: Buy at ₹281, target ₹292 ₹304, stop loss ₹262

4] Shyam Metalics: Buy at ₹392, target ₹410 to ₹428, stop loss ₹355

5] Prakash Industries: Buy at ₹67, target ₹74 to ₹78, stop loss ₹62

Mudit Goel's stock of the day

6] Tata Consumer Products: Momentum buy at CMP, target ₹870, stop loss ₹839.

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

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