10 Jan , 2022 By : Kanchan Joshi
Last week was a tremendous week for the bulls as the Indian stock market started rallying right from the first day of the New Year. The Nifty 50 index kept the momentum intact throughout the week and is now very close to the 18,000 mark again. Post-completion of the recent corrective phase, the Indian share market has resumed its broader degree uptrend and in just three weeks, the NSE Nifty index is back to almost 18,000 levels. There’s a good buying interest in the broader markets and many stock up moves are witnessing good rise in volumes. In this week, market experts are expecting to see Nifty testing 18,000 to 18,050 levels, which would be the immediate short term hurdle to watch for.
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 underlying short term trend of Nifty remains positive with high volatility. The uptrend strength remains intact and we are unlikely to see any sharp trended decline from current levels. Any weakness from here could be a buying opportunity around the crucial support of 17,600 levels and we expect further upside from the lower levels. Immediate resistance for NSE Nifty is placed at 17,900 levels."
Unveiling trade strategy for Bank Nifty and other segments; Ruchit Jain, Lead Research at 5paisa.com said, "The banking space has shown immense strength, which is likely to continue given that this sector has started an uptrend after its long underperformance. In the coming week, the results from the IT giants are also likely to dictate the near term direction. Now the IT sector has already seen a run up ahead of the result season and there could be some profit booking around the outcome of the event (results). However, in case there’s any such correction in the IT space, then too it is unlikely to have a major impact on Nifty as it will be balanced out by strength in Bank Nifty, which has a decent weightage in the benchmark."
Day trading stocks for today
Sharing day trading stocks for Indian stock market today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Avinash Gorakshkar, Head of Research at Profitmart Securities and Mudit Goel, Senior Research Analyst at SMC Global Securities — recommended 6 stocks to buy today.
Sumeet Bagadia's day trading stocks
1] ACC: Buy at CMP, target Rs2375 to Rs2400, stop loss Rs2225
2] Indiabulls Real Estate: Buy at CMP, target Rs175 to Rs180, stop loss Rs158
Avinash Gorakshkar's day trading stocks to buy today
3] National Aluminium Company Limited: Buy around Rs110, target Rs119, stop loss Rs106.50
4] Grasim Industries: Buy at Rs1800, target Rs1850, satop loss Rs1775
Mudit Goels's day trading stocks for Monday
5] Coal India Ltd: Momentum buy at CMP, target Rs163, stop loss Rs154
6] Cummins India: Buy at CMP, target Rs958, stop loss Rs934.