5paisa.com Ruchit Jain says banking stocks have performed less this fall. This sector has also played a role in creating market pressure. Now if we look at the daily chart, it seems that the Bank Nifty is now on the verge of collapse.
After Friday’s weakness, the Indian market saw strong buying from lows on Monday. As a result, the Nifty rose 82 points to close at 17,086. At the same time, the Sensex closed at 57,420, up 295 points. Nifty Bank also showed a gain of 200 points yesterday and recovered 35,000 levels.
Asked what today’s intraday trading strategy should be, Nagraj Sethi of HDFC Securities said the short-term trend of the Nifty could be positive with the possibility of trading in the range. On the upside of the Nifty, resistance can be seen around 17200 – 17300 in the next few trading sessions. In this case reverse selling strategy can be adopted. Immediate support for the Nifty is seen near 16,930.
Trade setup for today: check these statistics before opening the market, it will be easy to catch profitable deals
Talking about today’s intraday trading strategy, 5paisa.com Ruchit Jain said that banking stocks have performed less this fall. This sector has also played a role in creating market pressure. Now if we look at the daily chart, it seems that the Bank Nifty is now on the verge of collapse. But it will be important to get it now. The swing low of 35477 will be the confirmation level. If Bank Nifty goes above that, it will be considered as a trend reversal in Bank Nifty.
Today’s top intraday calls that can make strong earnings
Sumit Bagadiar’s Intraday Call of Choice Broking
HDFC Bank: Buy at current price, Target -1500 and 1550 rupees, Stop Loss – 1400 rupees
UPL: Buy at current price, target – 775-780 rupees, stop loss – 740 rupees
Intraday call of Abinash Gorakshak of Profitmart Securities
TechM: Buy – Rs.1783, Target Rs.1835, Stop Loss Rs-1760
CCL Products: Buy – Rs 435, Target – Rs 465, Stop Loss – Rs 420
Intraday call of Robi Singal of GCL Securities
Nevin Fluorine: Buy – Rs 4230, Target – Rs 4400, Stop Loss – Rs 4188