08 Sep , 2021 By : Kanchan Joshi
After the formation of range bound action on Monday, Nifty shifted into consolidation with a weak bias on Tuesday trade session and closed 15 points lower at 17,362. The BSE Sensex shed 17 points and closed at 58,279 levels. According to experts, a sharp intraday upside bounce occurred yesterday from the lows in the mid part, but the market failed to sustain the intraday gains (after making a new high of 17,436) and slipped into minor weakness again in the later part of the session. This pattern signals volatile movement in the market within a narrow range, indicating tiredness in the market at the new highs.
World stock markets fell from record highs and US shares were mixed on Tuesday as mounting worries over the slowing pace of economic recovery and the impact of the Coronavirus Delta variant overtook investors' hopes the Federal Reserve will delay tapering. At Wall Street, Dow Jones tumbled 0.76 per cent while Nasdaq edged 0.07 per cent up on Tuesday trade session.
Trade view on Nifty
Unveiling intraday trading tips for today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "Indian market seems to have shifted into a consolidation mode with range bound action. The present choppy movement with minor weakness could continue for the next 1 or 2 trade sessions before showing another round of upside bounce from the lows. Immediate support for NSE Nifty is placed at 17,250 and the crucial overhead resistance to be watched is around 17,500 levels."
Day trading guide for Wednesday
Speaking on intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Sandep Matta, Founder, TRADEIT Investment Advisors; Manoj Dalmia, Director and Founder, Proficient Equities and Mudit Goel, Senior Research Analyst at SMC Global Securities — recommended 9 shares to buy today.
Sumeet Bagadia's intraday stocks for today
1] Bharti Airtel: Momentum buy at CMP, target Rs690 to Rs700, stop loss Rs650
2] Titan Company: Buy at CMP, target Rs2075 to Rs2100, stop loss Rs2000
Sandeep Mattta's day trading stocks
3] Mahindra & Mahindra: Buy at Rs751, target Rs770 to Rs790, stop loss Rs735
4] Star Paper Mills: Buy at Rs148, target Rs154 to Rs162, stop loss Rs138
5] TVS Motor: Buy at Rs554, target Rs570 to Rs583, stop loss Rs540
Manoj Dalmia's share to buy today
6] Can Fin Homes: Buy at Rs616, target Rs725, stop loss Rs570
Mudit Goel's stock of the day
7] Havells India: Momentum buy at CMP, target Rs1470, stop loss Rs1425.
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