Day trading guide for Tuesday: 8 stocks to buy or sell today — 29th March
Premium- Day trading guide for Tuesday: The short term trend of Nifty continues to be a range bound, believe stock market experts
Day trading guide for Tuesday: The range bound movement with high volatility continued in the Indian stock market for the sixth successive sessions on Monday. Nifty 50 index ended 69 points higher at 17,222 whereas BSE Sensex surged 231 points and closed at 57,593 levels. Nifty Bank index ascended 300 points and closed at 35,710 levels.
According to stock market experts, Monday market action signal an emergence of buying from the lower range and also from a key lower support. They said that after a decisive upside breakout of important cluster resistance around 16,800 to 17,000 levels recently, the market showing inability of witness sharp follow-through action subsequently indicate a lack of strength of the bulls. On the other way, a continuation of range movement and repeated testing of important support of 17,000 levels may not be a good sign for the market to sustain the highs.
Day trading guide for stock market today
Unveiling intraday trading tips for Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty continues to be a range bound. Emergence of buying interest from near the support of 17,000 mark could be a cheering factor for bulls to make a comeback. But, the sustainable upside move could only occur above 17,500 levels, which could then open upside targets of around 17,600 to 17,800 levels for the near term."
Suggesting day traders to avoid fresh short position; Ruchit Jain, Lead Research at 5paisa.com said, "Recently, our markets have seen a consolidation phase, which we usually term as a time-wise correction. 17,000 to 16,950 is the support range of this consolidation as the index has witnessed buying interest in this range. It was the earlier resistance zone, which is now acting as a support on declines. Also, in the options segment, the put writers have decent open interest outstanding in 17,000 strike, which makes this support more prominent. Hence, we witnessed buying interest as the index approached the 17,000 mark. The Bank Nifty index, which has seen some price wise correction in last few sessions has retraced 38.2 per cent of its previous upside move, which was around 35,000 and the index witnessed recovery from that support. Hence, Monday’s low of 17,000 in Nifty and 35,000 in Bank Nifty will be seen as a sacrosanct and till these supports are intact one should avoid forming short positions. In fact, one can take contra bets and look for buying opportunities in intraday declines."
Suggesting traders to know resistance and support levels while taking any fresh position in upcoming session; Mehul Kothari, AVP – Technical Research at Anand Rathi Shares & Stock Brokers said, "Broader range of Nifty today looks in between 17,000 to 17,400 levels whereas high risk traders, small range of NSE Nifty seems in between 17,130 to 17,300 levels. Similarly, traders can take 35,000 to 36,400 as broader range of Nifty Bank index while short range of Nifty Bank index is placed in between 35,500 to 36,000 levels."
Day trading stocks
Sharing intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Mehul Kothari of Anand Rathi Shares & Stock Brokers; Anuj Gupta, Vice President at IIFL Securities and Avinash Gorakshkar, Head of Research at Profitmart Securities — recommended 8 stocks to buy today.
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Sumeet Bagadia's day trading stocks to buy today
1] Gujarat State Fertilizers and Chemicals: Buy at CMP, target ₹165 to ₹175, stop loss ₹145
2] Federal Bank: Momentum buy at CMP, target ₹101 to ₹105, stop loss ₹96
Mehul Kothari's intraday stocks for today
3] ITC: Buy at CMP, target ₹268, stop loss ₹250
4] TCS: Buy at CMP, target ₹3750, stop loss ₹3670
Anuj Gupta's day trading stocks for today
5] Axis Bank: Buy at CMP, target ₹770, stop loss ₹698
6] Mahindra & Mahindra: Buy at CMP, target ₹820, stop loss ₹734
Avinmash Gorakshkar's stock picks for today
7] Bharti Airtel: Buy at CMP, target ₹758, stop loss ₹720
8] Grasim Industries: Buy at CMP, target ₹1670, stop loss ₹1580.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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