Business & Investment

Day Trading Guide: Two Recommended Stocks on Monday

Last week, Nifty rose more than 2%, led by Tata Motors (up 30%), ITC, Adani Ports and Grasim (up about 10% each). Forming another bullish candle, Nifty ended up green for a straight-six session. On Thursday, the index formed the NR4 chart pattern (that is, the narrowest high / low range in the last three sessions). The appearance of multiple upward gap actions ensures a shift to higher levels of the base. Therefore, levels from 18,000 to 18,050 can act as a direct floor for Nifty. Last week, 25 of the Nifty50 components outperformed the benchmark returns. New buying motivation was seen in selected car, metal and PSU bank stocks, but IT stocks were fluctuating.

Bank Nifty traded positively throughout the session, surpassing the headline index. With nutrition, banknifty can rise towards the 39,700-40,000 zone.

Meanwhile, after breaking through the congestion phase, the Nifty Metal Index resumed its upward journey in an unknown territory. The PSU Bank index managed to surpass its February 2009 peak. Retention can motivate you to buy selected public bank stocks.

Stock Recommendations Monday

Purchased near Rs 2,270-2,265

Stop loss: 2,220 rupees

Target Price: Rs 2,370 The bulls have regained upward momentum with sustained movement above the significant average. Active follow-up activities have the potential to unleash further upward potential.


Near Rs1,040-1,030

Stop loss: Rs 1,005

Goal: Rs 1,110

After five weeks of losing streak, stock prices remained at Rs 1,000 during the recent decline. With active follow-up, the stock price can exceed Rs 1,100.

(Amit Trivedi is a CMT, technical analyst-YES securities institutional investor. The view is his own)

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

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