03 Feb , 2022 By : Kanchan Joshi
The post-Budget rally continued for the second session on Wednesday with benchmark Sensex surged nearly 700 points on Wednesday to recapture the 59,000-level and Nifty jumping over 1% to end at 17,780, led by financial and technology stocks.
Day trading strategy for stock market today
“The present rise has surpassed just above the 61.8% Fibonacci retracement of the recent fall at 17780 levels. The larger up and down swings of Nifty since October 21 have violated important 61.8% retracements on either side, but failed to test 100%. Having just moved above the upper 61.8% retracements now, the Nifty is not expected to move up to 100% upward retracement at 18350 levels. This could mean there is a higher possibility of Nifty showing lower top reversal in the near term," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
On Nifty Bank index, Ruchit Jain, Lead Research, 5paisa.com said that the banking space, as expected, is showing outperformance and is leading the momentum on the higher side. “Hence, we continue with our optimistic stance on the index and continue with our advice to trade with a positive bias and look for buying opportunities in intraday declines."
6 stocks to buy today as recommended by analysts -
Sumeet Bagadia, Executive Director, Choice Broking
Usha Martin: Buy Usha Martin, target price Rs94-99, stop loss 88
Voltas: Buy Voltas, target Rs1,250, stop loss 1,180
Anuj Gupta, Vice President, IIFL Securities
Federal Bank: Buy Federal Bank, target Rs108, stop loss 96
Bharti Airtel: Buy Bharti Airtel, target rs765, stop loss 695
Avinash Gorakssakar, Head of Research, Profitmart Securities
Kotak Mahindra Bank: Buy Kotak Bank, target Rs1,995, stop loss 1,915
Voltas: Buy Voltas, target Rs1,265, stop loss 1,190
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