Day trading guide for Tuesday: Axis Bank, GAIL in 6 stocks to buy today - January 24

Day trading guide for Tuesday: Axis Bank, GAIL in 6 stocks to buy today - January 24

Analysts say that the trend for the Nifty index remains positive for the near term, as the index remains above the 50 EMA as well as 200 DMA. 

Indian equity markets closed with gains on Monday led by IT and financial stocks following positive quarterly results amid positive global cues. BSE Sensex ended 319.9 points higher at 60,941, breaking two-day slump, while Nifty closed at 18,118, up 0.5 per cent. Meanwhile, BSE Midcap advanced 0.44% while the Smallcap index declined 0.30%. Nifty IT and Nifty Pharma were the top gainers in Nifty sectoral indices except Nifty Metal and Nifty Realty. 

Today's trading guide for stock market - 

“Nifty once again failed to overcome the crucial resistance of 18180 obtained from the previous swing high and continued to consolidate in a narrow range. Nifty is forming a descending triangle pattern on the daily chart with multiple bottoms in the 17750-17180 range. The breakout level of the triangle is placed at 18180. For a sustained directional move, Nifty will have to breakout on either side of the range on a closing basis," said N Devarsh Vakil - Deputy Head Retail Research, HDFC Securities. 

“The trend for Nifty index remains positive for near term, as the index remains above 50 EMA as well as 200 DMA. The RSI bullish crossover is on the rise. On the higher end, a directional move could be seen on a close above 18200; On the lower side support is seen at 17950,” said Rupak Dey, Senior Technical Analyst, LKP Securities.