Day trading strategy for stock market today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that overall market bias is cautiously positive and expected volatility and fluctuations to continue in upcoming sessions. Prabhudas Lilladher said that Nifty is facing hurdle at 18,500 to 18,600 zone and requires decisive break to initiate next leg of upside bounce. On stocks to buy today, Vaishali Parekh of Prabhudas Lilladher recommended three intraday stocks for today and those three shares are Sterlite Tech, HDFC AMC and Hikal.
"After a brief consolidation near Friday's low of 18250, the Nifty rose steadily and gradually towards 18400. As previously stated, the Nifty index would face a resistance barrier near the 18500-18600 zone and would require a decisive break to resume its upward trend. Bank Nifty continues to remain subdued as of now, and only a move above 43700 would improve the bias for a further rise," said Parekh.
Vaishali Parekh of Prabhudas Lilladher went on to add, "The overall bias remains cautiously positive, with volatility and fluctuations anticipated. However, the support for the day is seen at 61300/18200, while the resistance is seen at 62200/18600. Bank Nifty would have a daily range of 42980–43900 levels."
Intraday stocks to buy today
As mentioned above, Vaishali Parekh of Prabhudas Lilladher has recommended three stocks to buy today. Here we list out full details in regard to those two shares:
1] Sterlite Tech: Buy at ₹188, target ₹230, stop loss ₹175;
2] Hikal: Buy at ₹376, target ₹415, stop loss ₹360; and
3] HDFC AMC: Buy at ₹2291, target ₹2500, stop loss ₹2160.
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.
