Business & Investment

Day Trading Guide: Two Recommended Stocks on Monday

Amit Trivedi, CMT, Technical Analysts-Institutional Equity, Yes Securities

Following Thursday’s decline, Friday’s trade recovery was short-lived and found solid resistance near the 15,100 zone. After a negative start below 15,000 marks, Nifty recovered its early losses, but failed to build up profits at higher levels, so the benchmark index fell again. Weekly Nifty rose 2.6%, but the large upper shadows on the weekly candles still represent a higher level of profit taking. The nifty range remained negative. In addition, all sector indices end in the red, suggesting that they are making overall profits. Levels 14,150-14,200 can be an imminent hurdle for Nifty, but conversely, levels can return to levels 14,750-14,700.

BankNifty lost about 2% on Friday and resumed poor performance. The 36,000 level continues to act as an immediate resistance, but negative follow-up can attract further price adjustments up to the 34,500 zone. Infrastructure indexes, on the other hand, are relatively strong, and with active follow-up, recent outperformances may continue.

Stock Recommendations

  • Sell ​​Glenmark March futures near Rs 471-472

Stop loss: Rs 482

Target: Rs 451

Weekly recovery found solid resistance near the 480 zone. Staying below the short-term average can keep the short-term outlook negative.

  • Sell ​​Dr Reddy’s March futures near Rs 4,520-4,530

Stop loss: 4,690 rupees

Goal: 4,150 rupees

Inventory has undergone a correction stage. The recent rally was stalled because it could not exceed the level of 4,600 rupees.

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

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