Day trading guide for Monday: Indian markets are going to open today after a gap of three days on an extended weekend due to the stock market holiday falling last Friday. The range-bound movement continued in the market for the fourth consecutive session on Thursday and the NSE Nifty closed 15 points up at 17,369 levels while BSE Sensex rose 54 points after closing at 58,305. Power, telecom, capital goods and metal indices supported the rally, while the realty index was the top loser. BSE Mid-cap and Small-cap indices closed about half a per cent higher.
After opening on a weak note, the market shifted into a narrow range movement, which continued for the whole session. A sustainable upside recovery was seen towards the later part and Nifty closed near the highs. According to stock market experts, this trend indicates a continuation of range-bound action in the market. Wednesday’s swing low of 17,254 could now be considered as a new higher bottom of the sequence.
Trade view on NSE Nifty
Speaking on the day trading guide for Monday; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term trend of Nifty continues to be range-bound. Having recovered in the latter part of Thursday, there is a possibility of an upside bounce in the next early part of next week before encountering another resistance around 17,500 to 17,600 levels. Immediate support for NSE Nifty is placed at 17,200 levels.”
Day trading stocks to buy today
Unveiling intraday trading tips, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Kapil Goenka, Founder at Eternity Financial Services and Manoj Dalmia, Director and Founder, Proficient Equities Private Limited — recommended 4 shares to buy today.
Sumeet Bagadia’s day trading stocks
1] Steel Authority of India Limited or SAIL: Buy at CMP, target ₹130 to ₹135, stop loss ₹116
2] Pidilite Industries Limited: Momentum buy at CMP, target ₹2425 to ₹2450, stop loss ₹2280
Kapil Goenka’s intraday trading stock
3] Rain Industries: Buy at ₹242, target ₹282, stop loss ₹220
Manoj Dalmia’s stocks to buy today
4] Intrasoft Technologies: Buy at ₹138, target ₹150, stop loss ₹133.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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