18 Oct , 2021 By : Kanchan Joshi
Indian stock market is going to open today after an extended 3-day weekend. On Thursday, the sharp upside momentum continued in the market and NSE Nifty closed 176 points higher at 18,338 levels whereas BSE Sensex closed at 61,305 levels. Bank Nifty on Thursday shot up 705 points and closed at 39,340 levels. According to stock market experts, last week Indian stock market observe back to back two opening upside gaps in the last two sessions. This displays a sharp upside momentum, which is unfolding in the market.
On a day when the volumes on the NSE were higher than recent average; realty, power, metals, capital goods and bank index were the main gainers while auto was the sole loser. Mid-cap and Small-cap indices rose close to 0.5 per cent each.
Trade view on NSE Nifty
Unveiling intraday trading strategy for Monday; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty continues to be positive. Though, Nifty closed near the all time highs, still there is no indication of any reversal formation at the new highs. As per the theory of higher tops and bottoms, one may expect profit booking in the Nifty from near 18,500 to 18,600 levels this week. Immediate support for NSE Nifty is placed at 18,265 levels."
Day trading stocks for today
Sharing intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking and Ravi Singh, Head of Research & Vice President at Share India — recommended 5 stocks to buy today.
Sumeet Bagadia's stocks to buy today
1] HDFC: Momentum buy at CMP, target Rs2850 to Rs2880, stop loss Rs2750
2] Indian Oil Corporation Ltd or IOCL: Buy at CMP, target Rs138 to Rs140, stop loss Rs130
Ravi Singh's shares to buy today
3] Hindalco Industries: Buy at Rs515, target Rs535, stop loss Rs511
4] PFC: Buy at Rs146, target Rs155, stop loss Rs143
5] ACC: Buy at Rs2310, target Rs2360, stop loss Rs2295.