Guide to Day Trading Monday: 4 Stocks to Buy or Sell Today — August 1
Daily trading guide for Monday: Fueled by the return of REIT buying and strong global indices, key indices Sense and Nifty ended in positive territory for the third consecutive session last week. After Friday’s session ended, Nifty posted a weekly gain of 2.62% while it posted a monthly gain of 8.70% in July 2022. Similarly, BSE Sensex rose 2.67% over the past week as it recorded a monthly gain of 8.50% over the month. of July 2022. After the end of the Friday session, the expected rate of decline rose sharply to 2.06:1.
According to stock market experts, a long bullish candle has formed on the weekly chart, which is back to back for the second weeks. This market action signals increasing strength of bullish momentum in the market after a breakout on the longer charts.
Daily trading guide for the stock market today
“Nifty’s underlying trend is strongly bullish. The unfilled bullish opening gaps, the strong bullish vertical move and the decisive upside break of significant overhead resistance indicate an upside ahead for the market ahead. Bullish targets to watch around 17,600-17,800 levels in the coming weeks, but minor downside corrections/consolidations in between cannot be ruled out Important support for NSE Nifty is placed between 16,950-16,800 levels .
“Nifty has recovered the 17000 level, so let’s see some data to predict if the bullish move will continue in the near term or vice versa. First, if we look at the derivatives data, the rollovers were slightly below average and the bullish move in July was mainly due to a combination of short hedging and long formation FIIs that were aggressive sellers for the past three months covered their short positions and in fact started the August series with net long positions on index futures, the index has formed a “Higher Top Higher Bottom” formation on the daily chart and retraces the previous downtrend,” said Ruchit Jain, Lead Research at 5paisa.com.
Day trading stocks
Sharing the day trading stocks for today, stock market experts – Mehul Kothari, AVP – Technical Research at Anand Rathi and Rajesh Bhosale, Technical Analyst at Angel One – have listed 4 stocks to buy today.
Mehul Kothari stocks to buy today
1]M&M: Shop around you ₹11665 target ₹1200, stop loss ₹1140
2]HCL Tech: Shop Around ₹948 target ₹980, stop loss ₹930
Rajesh Bhosale Intraday Stocks for Today
3]IRCTC: Shop Around ₹637 target ₹688, stop loss ₹614
4]Finolex: Shop Around ₹425 target ₹460, stop loss ₹404.
Disclaimer: The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint.
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