Day trading guide: 2 stock recommendations for Monday


Snapping four weeks winning streak, Nifty lost 0.7% this week; during the week it made record high at 15902, however sudden change in sentiment dragged the Nifty towards 15451. In today’s trade, despite a positive start, Nifty soon erased early gains and fell sharply below 15500 mark; however the index recouped all of early losses and eventually ended flat at 15683. Nifty formed small bodied at top with large lower shadow, it defended 25 days average levels (25 days MA acted as support zone during May month’s decline). Levels of 15500 could turn out as immediate floor, whereas Nifty might revisit levels of 15750-15800 on upside.

Bank Nifty ended lower for the consecutive week, it lost 5.3% from the recent high. However it swiftly recovered from lower levels and ended above 34500. Bank Nifty formed a long legged candle, positive follow-up through could lift it towards 35000.

FMCG index rallied for the straight fourth week, sustained up move indicates more room on the upside for FMCG space.

Metal index lost 12% from the prior month’s high, mild recovery might be there; however major move on upside is unlikely.

Recommendations

Buy near 825
Stop loss 810

Target 855

With sustained move above important averages, the stock has resumed its uptrend. Sustenance above 820 could lift the stock towards uncharted territory.

Buy near 148
Stop loss 144

Target 156

The stock continued its consistent up move, intraday decline found support near 145. Positive follow-up through could unwind further upside potential.

(Amit Trivedi, CMT, Technical Analyst – Institutional Equities, Yes Securities)



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