• Day Trading Guide: Experts believe Nifty has taken important support at 17,780 level
Day trading guide for today: The Indian stock market fell for the third consecutive session on Friday last week, following a fall in Wall Street on concerns that the US Federal Reserve would continue to hike interest rates. NSE Nifty closed 132 points lower at 17,859, BSE Sensex closed 452 points lower at 59,900 while Nifty Bank index closed 419 points lower at 42,188. The broad market indices continued to decline as the advance-decline ratio remained low at 0.51:1.
According to stock market experts, a long negative candle was formed on the daily chart, indicating a downside pattern. Nifty took the previous lower support around 17,780 and closed near the lower level. The lack of a meaningful upside recovery from support signals further weakness.
Day trading guide for stock market today
Speaking on intraday trading strategies, Nagraj Shetty, Technical Research Analyst, HDFC Securities said, "As per the weekly chart, Nifty formed a long bear candle last week after a similar bullish candle last week. Downside breakouts of important supports like ascending After the trend line at 18,200 from earlier last week on the weekly chart, Nifty seems to have ended its pull back rally as it declined from higher levels and is currently moving below the important swing low of 17,780 levels. From here the rally may face resistance around 18,050 to 18,100 levels."
However, market expert Sugandha Sachdeva believes that Dalal Street could see a strong pullback from current levels if it manages to sustain above 17,800 levels.
Sugandha Sachdeva said, "Markets are likely to witness a strong rebound in today's trade tracking the global cues as US wage growth decelerated in December, which is a cool-off signal on the upward pressure on prices." Is." on US inflation data that will determine the monetary policy stance of the US Fed."
day trading stocks to buy today
Unveiling the intraday stocks for the day, stock market experts - Sumeet Bagadia, Executive Director, Choice Broking; Anuj Gupta, Vice President - Research at IIFL Securities and Ganesh Dongre, Senior Manager - Technical Research at Anand Rathi - recommend 6 stocks to buy today.
No comments:
Post a Comment