Day Trading Guide: Tata Elxsi among 4 stock recommendations for Monday – Stock Ideas

Although the week’s final session ended on an optimistic note, the bulls still have a lot to catch up on note but the bulls still have a lot to catch up. The index Nifty spot started the week with a downside gap and then kept inching lower to sneak below the 15900 mark. However, at the end of the week, it managed to recover sharply and reclaim the 16000 level. Eventually, it lost around a percent during the week,” Mehul Kothari – AVP, Technical Research, Anand Rathi Shares & Stock Brokers.

“The upside journey for Nifty might not be that easy since there are multiple hurdles on the way up. We reiterate the view since NIFTY is hovering near the 100% extension of the previous move at this juncture. In addition, we have 78.6% retracement of the previous fall at the 16450 mark and that is accompanied by the placement of the Span A hurdle of Ichimoku. Thus, for the coming week, we do not expect a one-sided move in the market and we continue to remain cautious. A move above 16275 might help the index move towards 16450 but we need to check whether the index sustains there or not. We would advise traders to keep booking short-term profits at higher levels. On the downside, 15850 would be an important support for the short term and a breach of the same might bring in nervousness back to our markets,” he added.

Here are the top four stock recommendations which analysts suggest: