07 Jun , 2022 By : Kanchan Joshi
After showing higher level weakness on Friday, Indian stock market shifted into a range bound action on Monday and ended the day in red territory. Nifty 50 index closed 14 points lower at 16,569 while BSE Sensex shed 93 points and closed at 55,675 levels. Nifty Bank index added 35 points and closed at 35,310 levels.
According to stock market experts, a small positive candle was formed on the daily chart with minor upper and lower shadow. Technically, this pattern indicate high wave type candle formation. Normally, a formations of such patterns after a reasonable upside move or down moves calls for reversal on either side. But, having formed this pattern amidst a range movement, the predictive value could be less.
Day trading guide for stock market today
Speaking on day trading guide for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "We observe broader high low range movement around 16,800 to 16,450 levels in the last one week. Having sustained above the lower range of 16,450 levels, there is a possibility of Nifty moving towards the upper range of 16,800 levels in the short term."
Day trading stocks
Sharing intraday stocks for today, share market experts — Sumeet Bagadia, Executive Director at Choice Broking; Rajesh Bhosale, Technical Analyst at Angel One; Anuj Gupta, Vice President — Research at IIFL Securities and Rohit Singre, AVP — Research at Bonanza Portfolio — recommended 7 stocks to buy today.
Sumeet Bagadia's intraday stocks for today
1] ICICI Prudential: Buy at CMP, target ?580 to ?585, stop loss ?550
2] Tata Consumer: Momentum buy at CMP, target ?790 to ?800, stop loss ?745
Rajesh Bhosale's day trading stocks for today
3] Rain Industries: Buy around ?175, target ?188, stop loss ?167
4] Max Financial Services Ltd or MFSL: Buy around 813, target ?860, stop loss ?790
Anuj Gupta's stocks for today
5] Dabur India Ltd: Buy at CMP, target ?540, stop loss ?488
6] HDFC Life: Buy at CMP, target ?640, stop loss ?588
Rohit Singre's stock of the day
7] Oil India Limited or OIL: Buy at CMP, target ?300, stop loss ?268.
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