19 Oct , 2021 By : Kanchan Joshi
The upside moves in the Indian stock market continued for the 7th consecutive sessions on Monday. Amid minor volatility, NSE Nifty closed 138 points higher at 18,477 after making a new all-time high of 18,543. BSE Sensex shot up 459 points and closed at 61,765 levels whereas Bank Nifty index surged 343 points and closed at 39,684 levels. According to market experts, current pattern indicates top reversals. Hence, trading long positions needs to be protected with appropriate stop loss.
On a day when the volumes on the NSE crossed Rs1 lakh crore mark; power, metals and IT were the main sectoral gainers while healthcare and telecom were the main losers. The broader indices BSE Small-cap and Mid-cap added 0.7 per cent and 1 per cent respectively.
Trade view on Nifty
Unveiling day trading guide and intraday trading strategy for Tuesday; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty remains positive. The overall chart pattern calls for caution for long positions and there is a possibility of another round of short term weakness from the higher levels. The expected weakness could be a buy on dips opportunity for the near term. A sustainable move above 18,650 is likely to nullify this negative indication. Immediate support for NSE Nifty is placed at 18,350 levels."
Day trading stocks to buy today
Sharing intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Mudit Goel, Senior Research Analyst at SMC Global Securities; Rohit Singre, Senior Technical Analyst at LKP Securities; Ravi Singhal, Vice Chairman at GCL Securities; Dr Ravi Singh, Head of Research & Vice President at Share India and Manoj Dalmia, Director & Founder at Proficient Equities Private Limited — recommended 8 intraday shares for today.
Sumeet Bagadia's intraday stocks for today
1] HDFC Life: Momentum buy at CMP, target Rs725, stop loss Rs690
2] LIC Housing Finance: Buy at CMP, target Rs475 to Rs480, stop loss Rs440
Mudit Goel's stock of the day
3] TCS: Buy at CMP, target Rs3700, stop loss Rs3610
Rohit Singre's shares to buy today
4] Aditya Birla Fashion and Retail Ltd or ABFRL: Buy at CMP, target Rs290 to Rs300, stop loss below Rs261
5] Asian Paints: Buy at CMP, target Rs3300 to Rs3330, stop loss below Rs3210
Ravi Singhal's stock pick of the day
6] IDFC First Bank: Buy around Rs51, target Rs54, Rs56 and Rs58, stop loss Rs49
Ravi Singh's day trading stock
7] Thyrocare: Buy at Rs1160, target Rs1185, stop loss Rs1148
Manoj Dalmia's share for intraday trade
8] TD Power Systems: Buy at Rs373, target Rs398, stop loss Rs363.