Day trading stocks for today: 4 stocks to buy or sell on Tuesday — 21st March
2 min read . Updated: 21 Mar 2023, 06:00 AM IST
PremiumDay trading guide: The short term trend of Nifty continues to be negative, believe stock market experts
Day trading guide for today: Following weak global cues, Indian stock market snapped its two day rally on Monday. NSE Nifty lost 111 points and closed at 16,988 levels whereas BSE Sensex shed 360 points and closed at 57,628 mark. Nifty Bank index corrected 236 points and finished at 39,361 levels. Broad market indices fell more than the Nifty reflecting higher panic among non-institutional players. Advance decline ratio fell to 0.39:1.
Day trading guide for stock market today
Speaking on outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, "The short term trend of Nifty continues to be negative. The formation of long lower shadows of last three sessions and a formation of doji and hammer type candle pattern at the lows of 16,800 levels in the last few sessions hints at a possibility of lower bottom reversal for the Nifty in the short term. A sustainable upside above 17,150 levels could confirm short term bottom pattern."
"If we look at the daily chart, the Nifty has formed two doji candles towards end of last week and have formed a ‘Hammer’ candlestick pattern in Monday’s session. This indicates that bulls are trying to defend this zone and may like to lift the market higher from this level," said Ruchit Jain, Lead Research at 5paisa.com.
Unveiling day trading strategy for Tuesday, Ruchit Jain said, "Trader should look for stock specific trading opportunities and look for cues from the global markets as news flows from the globe is driving the trader’s sentiments at the moment."
Day trading stocks to buy today
On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking and Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi — recommended 4 stocks to buy today.
Sumeet Bagadia's stocks to buy today
1] Grasim Industries: Buy at CMP, target ₹1620 and ₹1640, stop loss ₹1560
2] Kotak Mahindra Bank: Buy at CMP, target ₹1730 to ₹1740, stop loss ₹1670
Ganesh Dongre's stock picks for Tuesday
3] Colgate Palmolive: Buy at ₹1498, target ₹1550, stop loss ₹1460
4] ICICI Bank: Buy at ₹836, target ₹855, stop loss ₹825.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.