Day trading guide for Tuesday: 8 stocks to buy today – November 22

The short-term trend of Nifty seems to have turned down and is now approaching a crucial support zone of around 18,100-18,000 levels, as per analysts

Market benchmarks fell for the third day running on Monday and ended nearly 1 per cent lower amid weak trend in global equities. The 30-share BSE Sensex declined 518.6 points to settle at 61,144.8. The NSE Nifty fell 0.8% to end at 18,159.9. In the broader market, the BSE midcap gauge dipped 0.15% and smallcap index climbed marginally by 0.01%.

Meanwhile, for Tuesday, Indian indices may witness a higher start as SGX Nifty, Singapore Nifty that is the Indian Nifty traded in the Singapore Stock Exchange, indicates a positive opening for the Indian stock market today.

Day trading guide for stock market today

“The short-term trend of Nifty seems to have turned down and the market is now approaching a crucial support zone of around 18,100-18,000 levels, which is expected to be a make or break for the market ahead. Failure to show any sustainable upside bounce from near the said support is likely to open sharp weakness for the market ahead,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

“The trend looks a bit weak with a rounding top formation on the daily timeframe. The bearish crossover in RSI with a negative divergence suggests weak momentum. Going forward, 18,100 may provide immediate support below which the index may drift down towards 17,750. On the higher end, resistance is visible at 18,200/18,450,” said Rupak De, Senior Technical Analyst at LKP Securities.

Stocks to buy today as recommended by analysts –

Anuj Gupta, Vice President – Research at IIFL Securities

Vedanta: Buy VEDL, stop loss ₹295, target ₹325

Axis Bank: Buy AXIS BANK, stop loss ₹854, target ₹892

Mehul Kothari, AVP-Technical Research at Anand Rathi

HDFC Life: Buy HDFC Life, stop loss ₹520, target ₹554

Apollo Tyres: Buy Apollotyre, stop loss ₹274, target ₹292

Rajesh Bhosale, Technical Analyst, Angel One

BPCL: Buy BPCL, stop loss ₹304.2, target ₹322

HAL: Buy HAL, stop loss ₹2,597, target ₹2,744

Sumeet Bagadia, Executive Director at Choice Broking

Power Grid: Buy Power Grid, stop loss ₹215, target ₹225-228

HUL: Buy HUL, stop loss ₹2,450, target ₹2,550-2,580

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

MoreLess

“The short-term trend of Nifty seems to have turned down and the market is now approaching a crucial support zone of around 18,100-18,000 levels, which is expected to be a make or break for the market ahead. Failure to show any sustainable upside bounce from near the said support is likely to open sharp weakness for the market ahead,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Source: https://www.livemint.com/market/stock-market-news/day-trading-guide-for-tuesday-8-stocks-to-buy-today-november-22-11669082149663.html

Like this post? Please share to your friends:
Crypto Truth