Day trading guide for today: Six stocks to buy or sell on Monday — August 7
Day trading guide for today: Following weak global cues, Indian stock market remained under sell off heat from Tuesday to Thursday last week. However, Dalal Street witnessed decent recovery on Friday as key benchmark indices rebounded from their respective key support levels. NSE Nifty added 135 points and closed at 19,517 levels, BSE Sensex went up 480 points and finished at 65,721 mark whereas Bank Nifty index shot up 366 points and ended at 44,879 levels.
Broad market indices rose in tandem with the Nifty even as the advance decline ratio remained firm at 1.90:1. On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty remains negative. The present upside move could encounter strong hurdle around 19,600 to 19,650 levels in the coming sessions.
Immediate support for Nifty today is placed at 19,400 levels." On triggers that may dictate stock market today, Siddhartha Khemka, Head - Retail Research at Motilal Oswal said, "This week would be crucial from the domestic point of view as RBI is set to announce its interest rate decision. Thus, markets are likely to move in a broader range with some volatility. Interest-sensitive sectors are expected to remain in focus." On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Rajesh Bhosale, Technical Analyst, Angel One and Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi — recommended six stocks to buy today.
1] Larson & Turbo (LT): Buy at ₹2626.90, target ₹2730, stop loss ₹2560. LT share price is currently trading at ₹2626.90 levels. On a closing basis, the stock has respected the support levels and hasn't closed below its strong support
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