Day trading guide for today: 6 stocks to buy or sell on Monday — 9th January
Day trading guide for today: Following Wall Street fall on worries that the US Federal Reserve will keep raising interest rates, Indian stock market fell for third straight session on Friday last week. NSE Nifty fell 132 points and closed at 17,859, BSE Sensex dipped 452 points and closed at 59,900 while Nifty Bank index finished 419 points lower at 42,188 levels. Broad market indices continued to bleed as advance-decline ratio remained low at 0.51:1.
According to stock market experts, a long negative candle was formed on the daily chart, which indicates downside continuation pattern. Nifty has reached the support of previous swing lows of around 17,780 levels and closed near the lows. The lack meaningful upside recovery from the support indicates more weakness ahead.
Day trading guide for stock market today
Speaking on intraday trading strategies, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “Nifty as per weekly chart formed a long bear candle in the week gone by after a similar bullish candle of last week. Post downside breakout of important support like ascending trend line on the weekly chart at 18,200 in week before last, Nifty seems to have finished its pull back rally, as it declined from the highs and is currently placed at the edge of moving below the crucial swing lows around 17,780 levels. Any pull back rally from here could encounter resistance around 18,050 to 18,100 levels.”
However, market expert Sugandha Sachdeva believes that Dalal Street may witness a strong rebound from current levels if it manages to sustain above 17,800 levels.
“Markets are likely to witness a strong rebound in today’s trade tracking global cues as the wage growth in the US has declined in December, hinting a cool-off in upward price pressures,” said Sugandha Sachdeva adding, “Key focus this week would be on the US inflation data that shall dictate the monetary policy stance of the US Fed.”
Day trading stocks to buy today
Unveiling intraday stocks for today, share market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi — recommended 6 stocks to buy today.
Sumeet Bagadia’s stock picks for Monday
1] ONGC: Buy at CMP, target ₹152 to ₹155, stop loss ₹144
2] Bajaj Auto: Buy at CMP, target ₹3725 to ₹3750, stop loss ₹3575
Anuj Gupta’s intraday stocks for today
3] State Bank of India or SBI: Buy at CMP, target ₹625, stop loss ₹584
4] NCC: Buy at CMP, target ₹102, stop loss ₹88
Ganesh Dongre’s stocks to buy today
5] HCL Tech: Buy at ₹1033, target ₹1070, stop loss ₹1010
6] Gujarat State Fertilizers & Chemicals or GSFC: Buy at ₹145, target ₹160, stop loss ₹135.
Disclaimer: .he views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
Know your inner investor
Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Download The Mint News App to get Daily Market Updates.
