Day trading guide for Monday: After showing minor pullback rally on Thursday, Indian stock market crashed on Friday due to the fresh scare about the new Covid variant identified in South Africa. NSE Nifty nosedived almost 3 per cent on Friday whereas on a weekly basis, the 50-stock index fell a massive 4.16 per cent, the highest since Jan 2021. This led to advance decline ratio in deep negative territory. According to stock market experts, this pattern indicates sharp downside breakout in the market after a minor upside bounce. This also reflects chances of more weakness in the stock market this week.
Day trading guide for NSE Nifty
Speaking on intraday trading strategy for Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The market has been in a steep fall and more weakness could be in store. The downside breakout of the crucial supports and the overall negative chart pattern as per daily and weekly time-frame indicate resumption of sharp down trend in the market. The next lower target to be watched out for Nifty is around 16,500 levels in the next couple of weeks. Any pullback rally at Nifty from here could find strong resistance around 17,200 levels.”
Day trading stocks to buy today
Sharing day trading stocks for today’s session, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ravi Singhal, Vice Chairman at GCL Securities and Manoj Dalmia, Founder & Director at Proficient Equities Limited — listed out 5 stocks to buy today.
Sumeet Bagadia’s shares to buy or sell today
1] Welspun Corp: Buy at CMP, target ₹180 to ₹190, stop loss ₹160
2] Delta Corp: Buy at CMP, target ₹280, stop loss ₹250
Ravi Singhal’s stock of the day
3] Reliance Industries: Buy around ₹2305, target ₹2377, stop loss ₹2277
Manoj Dalmia’s day trading stocks for Monday
4] Trejhara Solutions: Buy around ₹73, target ₹79.50, stop loss ₹69
5] Genesys International: Buy at ₹314, target ₹339, stop loss ₹298.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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