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Day trading guide for Tuesday: Indian stock market closed lower for the third straight session and fell the most in two weeks on Monday as foreign portfolio investors or FPIs continued their selling spree ahead of the RBI MPC meet scheduled on February 10. Nifty 50 crashed 302 points and closed at 17,213 levels whereas BSE Sensex tumbled 1023 points and closed at 57,621 levels. Bank Nifty index 793 points and closed at 37,995 levels.
According to stock market experts, in the last few months, the market has displayed sharp weakness from the higher or lower tops. This pattern signal sharp downside momentum in the market after the lower top formation of around 17795 levels 02 February on NSE Nifty.
Day trading guide for stock market today
Speaking on day trading guide for Nifty today; Santosh Meena, Head of Research, Swastika Investmart Ltd said, "Technically, Nifty has slipped below its 50-DMA, which is not a good sign however 17,200 is a support level where we can expect some recovery otherwise selling pressure may get momentum towards 17,000 to 16,800 levels. On the upside, 17450 to 17500 will act as a strong resistance now."
Speaking on Bank Nifty index; Sumeet Bagadia, Executive Director at Choice Broking said, "Nifty Bank index has immediate support at 37,700 levels whereas it has strong support at 37,500 levels. It is facing immediate hurdle at 38,500 while it has strong hurdle at 38,800 levels."
Unveiling day trading strategy for today; Anuj Gupta, Vice President at IIFL Securities said, "Dow Futures has ended flat yesterday. Technically, Dow Futures is standing at immediate support of 34,780 levels whereas its strong support exists at 34,300 levels. Dow Futures is facing immediate hurdle at 35,420 while it is facing strong resistance at 35,850 levels."
Anuj Gupta of IIFL Securities said that SGX Nifty is trading flat today and advised day traders to keep an eye on it as it is currently trading in short range of 17,100 to 17,480 whereas its broader range is 16,800 to 17,650. He advised Indian stock market traders to maintain buy on dips strategy and advised traders to avoid sell on rise as trend reversal can happen any time from now onwards in the secondary market.
Day trading stocks
Speaking on day trading stocks to buy today, stock market experts — Sumeet Bagadia of Choice Broking, Anuj Gupta of IIFL Securities and Avinash Gorakshkar, Head of Research at Profitmart Securities — recommended 6 stocks to buy or sell today.
Sumeet Bagadia's day trading stocks
1] Cadila Healthcare: Sell at CMP, target ₹384, stop loss ₹410
2] NLC India: Buy at CMP, target ₹80, stop loss ₹69
Anuj Gupta's day trading stocks to buy today
3] GMR Infrastructure: Buy at ₹40, target ₹45, stop loss ₹37
4] Balrampur Chini: Buy at ₹440, target ₹465, stop loss ₹424
Avinash Gorakshkar's intraday trading stocks
5] Biocon: Buy at CMP, target ₹415, stop loss ₹390
6] Bank of Baroda: Buy at CMP, target ₹123, stop loss ₹108.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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