Day trading guide for Tuesday: The choppy movement continued in the market for the third consecutive session on Monday and the NSE Nifty closed 20 points higher at 16,258 while BSE Sensex scaled 125 points north and closed at 54,402 levels. Bank Nifty regained 36,000 levels and closed 219 points up at 36,028 mark. BSE mid-cap index shed over 1 per cent while the BSE small-cap declined nearly 0.75 per cent. Volumes on the NSE were the lowest since July 14, which indicates disinterest on the part of traders in a market. In the global markets, Wall Street to remained sideways on Monday as Dow Jones shed 0.30 per cent while Nasdaq added 0.16 per cent.
Trade view on Nifty
Stock market experts are of the opinion that after a sharp upside breakout of the broader high low range at 16,000 levels recently, the underlying shifting into a narrow range movement without showing any major decline could be considered as a breather pattern and this action indicate a buy on dips opportunity near the upside breakout point around 16,100 to 16,200 levels, as per the concept change in polarity.
Speaking on day trading guide for Tuesday; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty remains choppy. The recent upside breakout of broader range is still intact. The present consolidation/minor weakness is unlikely to damage the sentiment post upside breakout. We expect Nifty to show sharp upside bounce again from near the support of 16,100 levels in the next couple of sessions. A decisive move above 16,350 could pull Nifty towards 16,500 in the near term."
Day trading stocks to buy today
On the basis of the above mentioned day trading strategies, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Mudit Goel, Senior Research Analyst at SMC Global Securities; Sandeep Matta, Founder at TRADEIT Investment Advisors; Rohit Singre, Senior Technical Analyst at LKP Securities and Kapil Goenka, Director at C M Goenka Stock Brokers — recommended these 8 shares to buy today.
Sumeet Bagadia's day trading stocks
1] Mahindra & Mahindra (M&M): Buy at CMP, target ₹800 to ₹820, stop loss ₹760
2] Dr Reddy's Laboratories: Momentum buy at CMP, target ₹4925 to ₹5000, stop loss ₹4740
Mudit Goel's stock of the day
3] Axis Bank: Buy at CMP, target ₹775, stop loss ₹745
Sandeep Matta's stocks to buy today
4] TVS Motors: Buy around ₹565, target ₹583 to ₹600, stop loss ₹548
5] Muthoot Capital: Buy at ₹415, targt ₹435 ₹455, stop loss ₹390
Rohit Singre's shares to buy today
6] RPG Life Sciences: Buy at ₹514, target ₹535 to ₹555, stop loss below ₹493
7] Deepak Nitrite: Buy at ₹2165, target ₹2200 to ₹2230, stop loss below ₹2125
Kapil Goenka's stock to buy today
8] Laxmi Organic: Buy at ₹272, target ₹310, stop loss ₹252.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
