11 Jan , 2022 By : Kanchan Joshi
After showing minor consolidation type movement in the last couple of sessions, Indian stock market witnessed sharp upside move on Monday and closed in red territory. Nifty 50 index regained 18,000 levels after closing 190 points higher at 18,003 levels whereas BSE Sensex surged 650 points and closed at 60,395 levels. Nifty Bank index shot up 608 points and closed at 38,347 levels. According to stock market experts, current market pattern indicates sharp upside bounce in the market after a small dip.
Day trading guide for stock market today
Speaking on day trading guide for Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The upside movement continued in the market after a small dip and the strength of upside momentum seems to be back in the market. The next upside levels to be watched for NSE Nifty is around 18,200 to 18,350 mark, which could be achieved in one week. Immediate support for NSE Nifty is placed at 17,870 levels."
Ruchit Jain, Lead Research, 5paisa.com said, "Nifty has finally reclaimed the 18000 mark within a very short period post the recent correction. This clearly indicates the strong momentum and buying interest of market participants. Now, although the trend continues to be positive, the index is trading around its short term hurdle as a certain combination of retracements of the recent correction points out resistance in the range of 18,000 to 18,100 levels. Further, in the derivatives segment the 18,000 call writers have built decent positions for current weekly expiry and this strike has the highest open interest build up so far. Considering the above factors, one should not rule out a possible correction in the near term. However, we do not expect any significant price correction as the undertone in both Nifty as well as Bank Nifty remains bullish. Hence, traders should look to do proper money management and look to add positions on declines rather than chasing the price up move."
Day trading stocks to buy today
Sharing day trading stocks for today, 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
1] Britannia Industries: Buy at CMP, target Rs3900, stop loss Rs3675
2] GAIL (India) Limited: Buy at CMP, target Rs147 to Rs150, stop loss Rs137
Mudit Goel's day trading stocks for today
3] Cummins India Ltd: Buy at CMP, target Rs970, stop loss Rs940
4] Deepak Nitrite: Momentum buy at CMP, target Rs2640, stop loss Rs2570.