Day Trading Guide
Day Trading Guide: Domestic equity benchmark indices Sensex and Nifty 50 broke their three-day winning streak. The 30-share benchmark Sensex was down 110.64 points, or 0.15 percent, at 73,903.91.
The National Stock Exchange index Nifty 50 also settled down 8.70 points (0.04 per cent) at 22,453.30.
Nifty retreated from record highs and remained negative throughout the session to end flat at 22453. The broad market improved more than 1 percent. Sector-wise buying was mixed in metals, realty, oil and gas, consumer durables and auto shares. The realty sector was buoyed by a 7% drop in unsold home inventory in nine major Indian cities last fiscal. Metal stocks rallied as global metal prices rose and India’s manufacturing PMI hit a 16-year high of 59.1 in March.
Day Trading Guide
“The Nifty 50 started flat, but later traded in a range. The index formed back-to-back doji patterns on the daily chart. This usually marks a pause before the next move. However, the sentiment remained positive as the Nifty closed above the significant moving average. In a bullish crossover Velocity is also positive as indicated by RSI, likely to touch 22,650-22,700 in short term. Support at lower end at 22,350-22,300,” explained Rupak Dey, Senior Technical Analyst, LKP Securities.
Bank Nifty
Kunal Shah, Senior Technical and Derivatives Analyst, LKP Securities said, ‘The Bank Nifty index has continued a slight consolidation pattern keeping in mind the RBI policy. With negative support at 47000 and upside resistance at 48000, a breakout on both sides could trigger significant market moves. Despite the consolidation, the overall sentiment is bullish, especially with immediate support around the 47400-47350 zone suggesting that declines should be viewed as buying opportunities,” he explained.
Financial data
“Global markets are expected to remain volatile ahead of key economic data due to be released in two days. US Fed Chairman Powell’s speech is also scheduled for Wednesday. US job opening data is due later today. After the strong move seen in the last session, the markets will be looking ahead to various key events in the next few days. We expect it to strengthen’, Siddhartha Khemka of Motilal Oswal analyzed the triggers that are ruling the Indian stock market today.
For today trading
Stock market experts, Choice Broking Executive Director Sumeet Bagadia, Prabhudas Lilladher Technical Research Analyst Shiju Kothalkar, Bonanza Portfolio Technical Analyst Virat Jagad – have recommended the following stocks for trading today.
JSW Steel: Purchase price Rs. 879.25; The target price is Rs. 940; Stop Loss Rs. 849.Bajaj FinServ: Buy Price Rs. 1656; The target price is Rs. 1730; Stop Loss Rs.1610. S JVN: Buy Price Rs. 132; The target price is Rs. 142; Stop Loss Rs. 126.Tata Consumer: Purchase Price Rs. 1131; The target price is Rs. 1177; Stop Loss 1107.Rail Tel: Purchase Price Rs. 390; The target price is Rs. 414; Stop Loss Rs. 380.Vedanta: Buy Price Rs. 300; The target price is Rs. 370; Stop Loss Rs.280.L&T Finance Limited: Buy Price Rs.167; The target price is Rs. 183; Stop loss is Rs.159.
Note: The above opinions, recommendations are those of individual analysts or broking companies and not of Hindustan Telugu. We advise investors to consult certified professionals before making any investment decisions.