Day trading guide for stock market today -
“Nifty once again failed to surpass crucial resistance of 18180 derived from previous swing high and continued to consolidate in the narrow range. Nifty has been forming a descending triangle pattern on the daily chart with multiple bottoms in the range of 17750-17180 range. Breakout level of the triangle is placed at 18180. For a sustained directional move, Nifty has to breakout on the either side of the range on closing basis," said N Devarsh Vakil - Deputy Head Retail Research, HDFC Securities.
“The trend for the Nifty index remains positive for the short term, as the index has been sustaining above the 50 EMA as well as the 200 DMA. The RSI is in bullish crossover and rising. On the higher end, a directional move may be seen upon a close above 18200; support on the lower end is seen at 17950," said Rupak De, Senior Technical Analyst at LKP Securities.
Stocks to buy today as recommended by analysts -
Rajesh Bhosale, Technical Analyst, Angel One Ltd
Mahindra and Mahindra: Buy M&M, stop loss ₹1,309, target ₹1,365
IPCA Labs: Buy IPCALAB, stop loss ₹859, target ₹900
Anuj Gupta, Vice President - Research at IIFL Securities
Axis Bank: Buy AXIS BANK, stop loss ₹905, target ₹980
GAIL: Buy GAIL, stop loss ₹94, target ₹115
Sumeet Bagadia, Executive Director at Choice Broking
UPL: Buy UPL, stop loss ₹735, target ₹770-780
Tech Mahindra: Buy TECH Mah, stop loss ₹1,040, target ₹1,090-1,100
The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
