Mumbai, November 13, 2023 – As the Indian stock market prepares for another day of trading, seasoned analysts offer their insights on Day Trading stocks to watch. The market, buoyed by positive global cues and the conclusion of the Muhurat trading session, is poised for nuanced movements amidst a backdrop of economic and geopolitical uncertainties.
Nifty and Bank Nifty: A Focused Outlook
Nagaraj Shetti, a Technical Research Analyst at HDFC Securities, predicts a potential breakthrough for Nifty, suggesting that an upward breakout above 19,500 levels could lead to renewed buying enthusiasm, possibly reaching 19,800 or more in the short term. Similarly, Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, highlights that Bank Nifty has been fluctuating within a range and a decisive break above the 44,000 level is needed for a clear upward trend.
Five Stocks to Consider for Day Trading
Stock market experts Sumeet Bagadia, Ganesh Dongre, and Mitesh Karwa have identified five stocks for day traders to consider:
Axis Bank: Recommended as a buy at ₹1029, with a target of ₹1070 and a stop loss at ₹1005. The bank’s shares show positive signs, especially with its recent pullback from the ₹1005 support level, which aligns with its 20-day EMA.
NMDC: Another recommended buy at ₹168, aiming for ₹176.50, with a stop loss at ₹163. The stock has shown a significant uptrend since September 2023, marked by a well-defined trend and a triangle pattern formation at ₹168.
City Union Bank (CUB): Suggested as a buy at ₹142, with a target of ₹150 and a stop loss at ₹138. The stock displays a bullish reversal pattern, indicating potential short-term growth towards ₹150.
Quess Corp: Advised as a buy in the range of ₹466 to ₹467, with a goal of ₹487 and a stop loss at ₹456. The stock is breaking out of a cup and handle pattern, signaling a strong buy recommendation.
Apollo Pipe: Recommended for purchase between ₹696 to ₹697, targeting ₹716, with a stop loss set at ₹685. The stock is breaking out with a bullish candlestick pattern, indicating strong buying interest.
Investor Caution and Further Analysis
It’s crucial for investors to exercise caution and seek advice from certified experts before making any investment decisions. The recommendations and opinions provided are those of individual analysts or brokerage firms and are not the opinions of the publishing platform.
This article provides a snapshot of the current stock market scenario, with a specific focus on day trading strategies and stock recommendations. The information reflects the expertise and analysis of market professionals, offering valuable insights for investors and traders alike.
Note: The article is based on available data and expert opinions, and does not represent investment advice. Investors are advised to conduct their own research or consult with financial experts before making investment decisions.
