12 Jan , 2022 By : Kanchan Joshi
After showing a sustainable upside move on Monday, the upside momentum with range bound action was seen in the Indian stock market on Tuesday. Amid consolidation, NSE Nifty closed at 18,055 levels — 52 points higher from its Monday close whereas BSE Sensex surged 221 points and closed at 60,616 levels. Nifty Bank index added 94 points and closed at 38,442 levels.
According to stock market experts, current market pattern indicate a range bound action in the market with positive bias. The near term trend of Nifty 50 index remains intact and the positive chart pattern of higher highs and higher lows is active on the daily chart.
Day trading guide for stock market today
Speaking on day trading guide for NSE Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The upside trend with range bound action in the market is likely to continue. Having placed at the crucial overhead resistance of around 18200 levels, there is a possibility of further volatility and range-bound movement for the next 1-2 sessions. Eventually, the market could break above the said resistance in the near term. Immediate support for NSE Nisfty is placed at 17,950 levels."
Expecting fatigue in the market movement in near term; Deepak Jasani, Head of Retail Research at HDFC Securities said, "Nifty has shown deceleration in the upward momentum on January 11 with advance decline ratio turning slightly negative. This could be an indication of the trend getting mature and Nifty showing signs of fatigue after the recent sharp upward correction. 17,945 to 18,109 could be the band for the Nifty in the near term."
Day trading stocks
Sharing day trading stocks for Wednesday; stock market experts — Sumeet Bagadia, Executive Director at Choice Broking and Mudit Goel, Senior Research Analyst at SMC Global Securities — recommended 4 stocks to buy today.
Sumeet Bagadia's day trading stocks for Wednesday
1] Adani Ports: Buy at CMP, target Rs8810, stop loss Rs725
2] ONGC: Momentum buy at CMP, target Rs168, stop loss Rs157
Mudit Goel's day trading stocks for today
3] Info Edge (India) Ltd or Naukri: Buy at CMP, target rs5800, stop loss Rs5590
4] Adani Enterprises: Buy at CMP, target Rs1900, stop loss Rs1820.