Intraday trading strategy for Monday
Unveiling day trading guide for today, Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher said that Dalal Street may continue to trade volatile as majority of the frontline stock results are expected this week. Prabhudas Lilladher expert said that Nifty is in range of 17,800 to 18,250 and bullish or bearish trend can be assumed on breakage of either side of the range. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three intraday stocks for today and those three day trading stocks are Cochin Shipyard, Greaves Cotton and Chalet Hotels.
Speaking on intraday trading tips, Vaishali Parekh said, "Nifty after opening on a flat note attempted to cross the 18150 zone but could not sustain and witnessed a gradual slide to end the session near 18000 zone for the index. With majority of the frontline stock results to be released during the week we anticipate volatility in the indices with 17800 maintained as the crucial support zone and upside 18250 capped as of now and as said earlier, a decisive breach is required to establish a directional move and to carry on the momentum still further."
ICICI Bank stock in focus
Prabhudas Lilladher went on to add that on Friday session, Bank Nifty once again witnessing the tough resistance zone near the 42,700 levels halted the momentum and witnessed some profit booking to close near the 42,500 zone awaiting major result outcome of ICICI Bank and Axis Bank during the week.
"The support for Nifty is seen at 17,900 while the resistance is seen at 18,200 levels. Bank Nifty would have the daily range of 42,000 to 43,000 levels," Parekh said.
Stocks to buy today
As mentioned above, Vaishali Parekh has recommended three day trading stocks for today, here we list out full details in regard to those intraday stocks for Monday session:
1] Cochin Shipyard: Buy at ₹508, target ₹538, stop loss ₹500;
2] Greaves Cotton: Buy at ₹145, target ₹250, stop loss ₹143; and
3] Chalet Hotels: Buy at ₹340, target ₹356, stop loss ₹335.
Disclaimer: The views and recommendations made above are those of individual analysts or broking company, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
