Day trading guide for today: 6 stocks to buy or sell on Tuesday — 21st February
Day trading guide for today: Despite strong global cues, Indian stock market finished lower for second straight session on Monday. NSE Nifty lost 99 points and closed at 17,844, BSE Sensex went down 311 points and ended at 60,691 whereas Bank Nifty index nosedived 430 points and closed at 40,701 levels. Broad market indices managed to hold its forte and closed almost unchanged compared to the previous session. Among sector specific Indices, auto and technology indices gained the most while Nifty Bank and pharmaceuticals were the top under performers.
According to stock market experts, a long bear candle was formed on the daily chart with minor upper shadow, which indicates a violation of support around 17,900 levels. The positive chart pattern like higher tops and bottoms is still intact and current weakness could be in line with the new higher bottom formation. But, there is no confirmation of any higher bottom reversal pattern unfolding at the lows.
Day trading guide for stock market today
Asked about outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The weakness with range movement could continue for the next 1-2 sessions before showing yet another upside bounce from the lows. The next lower support for NSE Nifty is placed at 17,700 levels and immediate hurdle is around 18,000 levels.”
Advising stock specific trade in current markets, Ruchit Jain, Lead Research at 5paisa.com said, “While the banking space dragged the markets lower, the broader markets witnessed stock specific buying interest which led to some relative outperformance in the Nifty Midcap index. Hence, traders are advised to look for stock specific opportunities from a near term perspective. The FII’s ‘Long Short Ratio’ in the index futures segments is around 25 percent and it would be crucial to see if they cover their shorts before expiry or rollover their positions.”
Day trading stocks to buy today
Unveiling intraday stocks for today, stock 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 intraday stocks for today
1] Gujarat Gas: Buy at CMP, target ₹515 to ₹520, stop loss ₹485
2] Divi’s Laboratories: Buy at CMP, target ₹2970 to ₹3000, stop loss ₹2830
Ganesh Dongre’s stock picks for Tuesday
3] United Spirits or McDowell: Buy at ₹765, target ₹790, stop loss ₹750
4] Persistent Systems: Buy at ₹5055, target ₹5250, stop loss ₹4900
Anuj Gupta’s stocks to buy today
5] Tata Motors: Momentum buy at CMP, target ₹452, stop loss ₹437
6] Tata Steel: Buy at CMP, target ₹120, stop loss ₹107.
Disclaimer: The 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.
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.