Daily stock trading: After showing a nice recovery to the upside from the recent sessions’ lows, the Indian stock market failed to sustain the upside on Friday, showing high volatility and closing in negative territory. NSE Nifty closed down by 8 points at 17101 while BSE Sensex closed down 76 points at 57200 levels. Bank Nifty fell by 292 points and closed at 37,689 levels.
According to stock market experts, the sharp weakness during Friday’s session originated from the day’s high in the last half and the market completely erased its daily gains towards the end and closed lower. The upward opening gap has also been completely closed. Technically, this pattern indicates the rejection of the bulls at higher levels. This also reflects the market’s inability to sustain gains.
Daily stock market trading guide today
Speaking at Nifty’s Day Trading Guide today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities, said, “The primary trend for Nifty is still choppy. No confirmation of any bottom reversal higher on troughs. NSE Nifty critical support for uptrend line could be tested again around 16,850 to 16,900 By this week before showing another small bullish retracement.The presentation of the Union Budget 2022 is likely to affect the market throughout this week.
Forecast the Federation budget 2022 to dictate the market in the short term; Ruchit Jain, Lead Research at 5paisa.com, said, “The Fed policy global market event and monthly expiry for our markets are over, and the focus will now be solely on the 2022 budget which is likely to dictate the short-term direction. Now in the future in this event, our markets have experienced Already a corrective phase and therefore, it seems that a lot of negativity related to the events has already been taken into account. Hence, any positivity here could lead to short covering and could lead the markets higher. Hence, the risk reward ratio is favorable for traders to take bets opposite and looking for buying opportunities here.”
Ruchit Jain added that the immediate support for Nifty is being positioned around 16800 followed by the “200 DEMA” level, which is at 16600, while on the flip side, 17400-17500 is the immediate area to watch for next week.
Day trading stock to buy today
stock exchange on monday; Stock market experts – Sumit Pagadia, CEO at Choice Broking and Anuj Gupta, Vice President at IIFL Securities – recommended buying 4 shares.
Stock trading on the day of sumit bhagadia
1]Ambuja cement: Buy in CMP, the goal R370 and R380, stop loss Rthree hundred fifty
2]Tata Consumer: Momentum buy at CMP price, target R745 and R760 Objective R690
Anuj Gupta stock trading for Monday
3]Bharat Petroleum Corp. Ltd. or BPCL: buy in R380, target R395, stop loss R373
4]ITC: buy in R215, target R224, stop loss R211.
Disclaimer: The opinions and recommendations above are those of individual analysts or brokerages and are not issued by the mint.
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