Day trading guide for Tuesday: 5 stocks to buy or sell today — 4th January
Premium- Day trading guide for stock market today: Nifty metal index is interestingly poised and thus names from this sector could see a positive momentum in the near term
Day trading guide for Tuesday: Indian stock market began the new calendar year on a positive note. After the upside breakout of the hurdle of down sloping trend line at 17,250 levels on Friday, Nifty witnessed sharp upside move on Monday and closed 271 points higher at 17,625 levels. BSE Sensex shot up 929 points and closed at 59,183 while Bank Nifty surged 940 points and closed at 36,421 levels.
According to stock market experts, current market pattern is an indication of sharp comeback of bulls and this display strengthening of upside momentum in the market. They went on to add that it is positive indication and one may expect further upside in the short term.
Day trading guide for stock market today
Speaking on intraday trading strategy for Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The negative sequence of lower tops and bottoms on the daily chart is now placed at the edge of negation, as Nifty moved above the last lower top of 13th December at 17,639 levels on Monday. This could mean that the bearish set up is likely to be negated and any dips from current levels in Nifty 50 could unfold a bullish set up like higher highs and lows, as per daily chart."
On day trading strategy for Bank Nifty and other indices; Ruchit Jain, Lead Research at 5paisa.com said, "The Banking space witnessed a complete gush on Monday as it surpassed its immediate hurdle. However, it was much on the expected lines given the index was short-heavy and the immediate resistances were crossed."
On sector that can give sharp upside move today Ruchit Jain of 5paisa.com said, “Apart from banks, traders should also now focus on specific metal names, which have seen a decent price wise correction. The Nifty metal index is interestingly poised and thus names from this sector could see a positive momentum in the near term."
Day trading stocks for today
Unveiling day trading stocks to buy today, Indian stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Avinash Gorakshkar, Head of Research at Profitmart Securities and Mudit Goel, Senior Research Analyst at SMC Global Securities — recommended 5 stocks to buy today.
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Sumeet Bagadia's day trading stocks
1] Ambuja Cements: Buy at CMP, target ₹410, stop loss ₹370
2] Bank of Baroda: Buy at CMP, target ₹88 to ₹90, stop loss ₹81
Avinash Gorakshkar's day trading stocks to buy
3] HDFC Bank: Buy around ₹1520, target ₹1570, stop loss ₹1495
4] Grasim Industries: Buy around ₹1662, target ₹1725, stop loss ₹1640
Mudit Goel's day trading stock for Tuesday
5] MindTree: Buy at CMP, target ₹5000, stop loss ₹4790.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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