01 Dec , 2021 By : Kanchan Joshi
After a sustainable upside recovery from the lows on Monday, the Indian stock market failed to sustain the highs on Tuesday, as it witnessed high volatility and closed the day in negative territory. NSE Nifty lost 70 points and closed at 16,983 levels whereas BSE Sensex shed 195 points and closed at 57,064 levels. According to stock market experts, technically current market pattern signals sell on rise type action.
On a day when the volumes on the NSE were very high (probably due to high FPI participation), consumer durable and IT indices gained the most while metals, auto and bank index fell the most. Small-cap index gained 1.45 per cent while mid-cap index rose 0.29 per cent.
Day trading guide for Nifty today
Unveiling intraday trading strategy for today's session; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The near term trend of Nifty continues to be negative. The display of lack of strength during upside bounce could hint at a possibility of further weakness down to 16,700 levels in the next few sessions. The immediate downside target of NSE Nifty could be around 16,500 to 16,300 levels and this is likely to be achieved in the next 1-2 weeks. Immediate resistance for NSE Nifty is placed at 17,300 levels.
Day trading stocks to buy today
Sharing names of day trading stocks for today's trade session, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Ravi Singhal, Vice Chairman at GCL Securities, Ravi Singh, Head of Research & Vice President at ShareIndia and Manoj Dalmia, Founder & Director at Proficient Equities Limited — listed out 6 stocks to buy today.
Sumeet Bagadia's day trading stocks
1] Tata Consumer Products: Buy at CMP, target Rs800 to Rs810, stop loss Rs760
2] Infosys: Buy at CMP, target Rs1775, stop loss Rs1690
Ravi Singhal's stock of the day
3] Indusind Bank: Sell at Rs880, target Rs850, stop loss Rs890
Ravi Singh's stocks to buy today
4] HCL Technologies: Buy at Rs1135, target Rs1180, stop loss Rs1110
5] Havells India: Buy at Rs1350, target Rs1390, stop loss Rs1330
Manoj Dalmia's stock pick for today
6] Power Grid Corporation of India: Buy at Rs203.50, target Rs213, stop loss Rs199.