Day trading stocks: After showing a high volatility on Friday, Indian stock market shifted into a sustainable upside move on Monday and closed in green territory with decent gains. NSE Nifty ended 237 points higher at 17,339 whereas BSE Sensex shot up 813 points and closed at 58,014 levels. Bank Nifty index gained 285 points and closed at 37,975 levels.
According to stock market experts, after opening with an upside gap on Monday, Indian secondary markets moved northward in the early part of the session. It later shifted into a narrow intraday range with positive bias for remaining part of the session. The opening upside gap remains unfilled. Technically, this pattern indicates a strengthening of upside momentum, post formation of a swing low of 16,836 at NSE Nifty on 25th January.
Day trading guide for stock market today
Speaking on day trading guide for Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term uptrend of the market seems to have strengthened. There is a possibility of further upside in the next session, but the occurrence of high volatility can’t be ruled out. A sustainable upside move by Tuesday session could open more upside on NSE Nifty towards 17,700 to 17,800 levels in the near term. Immediate support for NSE Nifty is placed at 17,260 levels.”
Speaking on day trading guide for Bank Nifty today; Anuj Gupta, Vice President at IIFL Securities said, “Immediate support for Bank Nifty lies at 37,850 whereas strong support comes at 37,500 levels. It is facing immediate resistance at 38,460 while it has strong hurdle at 38,880. Overall trend for Nifty Bank index is bullish and one can maintain buy on dips strategy till further triggers.”
Day trading stocks to buy
Speaking on day trading stocks for today; stock market experts — Sumeet Bagadia, Executive Director at Choice Broking and Anuj Gupta of IIFL Securities — recommended 4 stocks to buy today.
Sumeet Bagadia’s day trading stocks for Tuesday
1] Infosys or INFY: Buy at CMP, target ₹1790 to ₹1810, stop loss ₹1690
2] Grasim Industries: Buy at CMP, target ₹1780 to ₹1800, stop loss ₹1680
Anuj Gupta’s day trading stocks for today
3] Hindustan Aeronautics Ltd or HAL: Buy at CMP, target ₹1550, stop loss ₹1360
4] State Bank of India or SBI: Momentum buy at CMP, target ₹560, stop loss ₹520.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
Never miss a story! Stay connected and informed with Mint.
our App Now!!
Read More: 4 stocks to buy or sell today — 1st February