Day trading guide for Tuesday: After showing range bound action with weak bias at the all time high of 15,962 levels on Friday, Nifty slipped into a sharp weakness on Monday and closed the day lower by 171 points, which is highest in points and per cent basis since April 30, 2021. At NSE Nifty, 42 out of 50 stocks closed in the red zone while all 12 Bank Nifty stocks closed below from its Friday close price. Speaking on the day trading guide, stock market experts said that the short-term trend of Nifty seems to have turned down, after a display of lack of strength at the new highs. The overall chart pattern signal chances of market sliding down to the crucial support of 15,635 levels in the short-term. But, there is a higher possibility of Nifty moving below this support over the period of time. Any upside moves from here could find selling pressure around 15,825 levels.
While volumes in cash markets were higher than recent averages, advance decline ratio turned negative suggesting profit taking. Banking stocks came under pressure on renewed fears of asset quality/rising slippages following Q1 results from Banks. Metal and Auto stocks also came under selling pressure following virus scare and inflation worry on a global basis.
Stocks to buy today
On the basis of above mentioned facts and figures, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Mudit Goel, Senior Research Analyst at SMC Global Securities; Rohit Singre, Senior Technical Analyst at LKP Securities, Sandeep Matta, Founder at TRADEIT Investment Advisors and Kapil Goenka, Director at C M Goenka Stock Brokers — recommended the following 8 shares to buy today.
Sumeet Bagadia’s day trading stocks to buy today
1] State Bank of India (SBI): Buy at ₹425, target ₹440 to ₹450, stop loss ₹415
2] NTPC: Buy at ₹120, target ₹124 to ₹126, stop loss ₹118
Mudit Goel’s stock of the day
3] Torrent Power: Buy at CMP, target ₹495, stop loss ₹473
Rohit Singre’s day trading shares to buy today
4] PNC Infratech: Momentum buy at ₹315, target ₹335 to ₹350, stop loss below ₹300 on closing basis
5] J B Chemicals and Pharmaceuticals: Momentum buy nat ₹1870, target ₹2,000 to ₹2,100, stop loss below ₹1,770
Sandeep Matta’s stock recommendations for today
6] Star Paper Mills: Buy at ₹161, target ₹175 to ₹187, stop loss ₹145
7] Sterling and Wilson Solar or SW Solar: Buy at ₹275, target ₹290 to ₹308, stop loss ₹245
Kapil Goenka’s stock to buy on Tuesday
8] Kolte-Patil Developers: Buy at ₹245, target ₹268, stop loss at ₹227.
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