01 Jun , 2022 By : Kanchan Joshi
After showing a sharp upside move on Monday, Indian stock market shifted into a consolidation zone with weak bias on Tuesday session. Nifty 50 ended 76 points lower at 16,584 levels whereas BSE Sensex shed 359 points and closed at 55,566 mark. Nifty Bank dipped 339 points and closed at 35,487 levels.
According to stock market experts, market has failed to sustain the upside recovery. They went on to add that current market pattern indicates cooling off of the up trend post sharp upside move, which could be considered as a temporary halt in the upside momentum.
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 near term uptrend status of Nifty remains intact. The present consolidation movement or minor downward correction could continue for the next 1-2 sessions, which is likely to prepare a base for another round of sharp upside move in Nifty for the near term. The next upside levels for NSE Nifty to be watched around 16,900 to 17,000 levels."
Day trading stocks
Sharing intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Rohit Singre, AVP — Technical Research at Bonanza Portfolio and Ravi Singh, Vice President & Head of Research at Share India Securities — recommended 6 stocks to buy today.
Sumeet Bagadia's intraday stocks for today
1] JSW Steel: Momentum buy at CMP, target Rs570 to Rs580, stop loss Rs530
2] Tech Mahindra: Buy at CMP, target Rs1225, stop loss Rs1150
Rohit Singre's day trading stocks to buy today
3] Bharat Forge: Buy at CMP, target Rs750, stop loss Rs685
4] Arvind Fashions: Buy at CMP, target Rs277, stop loss Rs260
Ravi Singh's stocks to buy today
5] Coal India: Buy around Rs193, target Rs200, stop loss Rs190
6] GAIL: Buy around 147, target Rs152, stop loss Rs145.
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