Daily trading guide for Monday: Shaking off the US Fed's hawkish stance on interest rates, India's stock market ended higher for the second consecutive session on Friday. The Nifty 50 index closed at the highest level since January 14, 2022 at 17,833. In fact, on a weekly basis, Nifty . BSE Sensex jumped 104 points and closed at 59,793 levels while the Nifty Bank Index finished 206 points higher at 40,415 points.
According to stock market experts, Nifty on the weekly chart has formed a long bullish candle, which shows an attempted break-up of the important descending trendline of overhead resistance around 17,800 levels. A failure to show follow-on buying from here could mean the possibility of a minor downside correction for the market ahead.
Daily trading guide for the stock market today
"Nifty's short-term trend remains choppy. Failure to break above important resistance on Friday could signal risks of minor weakness for the market ahead. Immediate support for NSE Nifty is placed at 17,770 levels and a movement below this zone could trigger a short-term downside correction for the Nifty. At the highs, 17925 is likely to be a significant short-term hurdle," Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
Unveiling the intraday trading strategy, Ruchit Jain, Head of Research at 5paisa.com said, "Consolidation may continue for the time being and a breakout on either side is now required for any directional movement. he dollar index has cooled off its highs over the past two sessions, which is a good sign for the short term. But the FII's positions in the derivatives segment remain predominantly short. Although we have seen writings written by them, until they cover their shorts, our market might not be in a hurry to show bullish movement, therefore traders should continue to trade with a stock-specific approach until what we saw was a breakout on either side of the Nifty Index.
Day trading stocks
Sharing Today's Day Trading Stocks, Stock Market Experts - Sumeet Bagadia, Executive Director at Choice Broking; Mehul Kothari, AVP - Technical Research at Anand Rathi and Rajesh Bhosale, Technical Analyst, Angel One - recommended 6 stocks to buy today.
Sumeet Bagadia Intraday Stocks for Today
Mehul Kothari's actions for today
Rajesh Bhosale shares to buy today
Disclaimer: The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.
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