The Indian stock market saw a strong negative breakthrough on Monday after indicating weakness in recent sessions. The NSE Nifty fell 348 points to settle at 17,416 points, while the BSE Sensex fell 1170 points to close at 58,465 points. The Bank Nifty index dropped 847 points to settle at 37,128. According to stock market specialists, the current pattern indicates that the market’s downside momentum may continue to strengthen.
All industry indices except telecom ended in the red on a day when volumes on the NSE were slightly higher than the previous norm. The most significant declines have been in real estate, oil and gas, consumer durables, and automobiles. The mid-cap and small-cap indices also dropped 2.6 percent and 3%, respectively. The advance decrease ratio was extremely negative.
Nagaraj Shetti, Technical Research Analyst at HDFC Securities, stated in a statement on the day trading guidance for Tuesday’s trading session, “The market appears to be in the midst of a significant downward correction. The overall chart pattern is weak on both the smaller and larger timeframes, and further weakness could be on the way in the near future. Following a dramatic loss from the highs, a tiny pullback recovery from the lows isn’t out of the question in the short term, before the market resumes its downward trend. In the coming weeks, the NSE Nifty should be watched for further lower levels between 17,000 and 16,800.”
Day trading stocks to buy today
Stock market specialists Ravi Singhal, Vice Chairman at GCL Securities; Ravi Singh, Head of Research & Vice President at ShareIndia; and Rohit Singre, Senior Technical Analyst at LKP Securities — shared their picks for today’s day trading equities.
Ravi Singhal’s stock of the day
Ashok Leyland: Sell at ₹135, target ₹120 and ₹111, stop loss ₹140
Ravi Singh’s day trading stocks
Havells India: Buy at 1375 p.m. with a goal of 1400 p.m. and a stop loss of 1350 p.m.
DLF: Sell at 402 with a target of 390 and a stop loss of 410.
Intraday trading advice from Rohit Singre
NRB Bearings: Buy at the CMP with a target of $175 and a stop loss of 145.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of The Shining Media
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