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Day Trading Guide: Day Trading Guide: Picking Two Stocks on Monday

India’s benchmark index Nifty50 closed five days in a row last Friday with a slight deficit following a highly volatile session during the day. The Bulls were unable to push the index up beyond the immediate hurdles of 18,300-18,350, leading to minor profits. So next week, 18,300-18,350 in this range will be a bullish test area, and failure to push the index beyond this could trigger deeper corrections and reduce the index to the level of 18,100-18,000. In addition, sustained trading below 18,000 can drop to 17,900. Conversely, transactions above 18,350 will resume the uptrend and bring the index to the 18,500-18,600 level.

Equity recommendations

Buy @CMP for BPCL | Rs398

Target: Rs 418

Stop loss: Rs 388

Stock prices are on the verge of breakout from trendline resistance and a narrow integration phase, suggesting a growing bullishness. In addition, the volume leading up to the breakout was good. Technical indicators support the same.

Jindal Steel | Buy @CMP for Rs418

Target: Rs 445

Stop loss: Rs 404

Equities have emerged from a large number of narrow integration phases that suggest bullishness. After receiving support at the bottom of the bullzone, the RSI also turned upwards.

(Author’s view, Aditya Agalwara, Senior Technical Analysts, Yes securities, Himself. )

Day Trading Guide: Day Trading Guide: Picking Two Stocks on Monday

https://economictimes.indiatimes.com/markets/stocks/news/day-trading-guide-2-stock-picks-for-monday/articleshow/88930109.cms Day Trading Guide: Day Trading Guide: Picking Two Stocks on Monday

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