Day Trading Guide: 2 stock recommendations for Monday
Nifty is likely to consolidate in the 14,700-15,000 zone. Ideal strategy to follow will be to remain focused on sector/stock specific action.
By ET CONTRIBUTORS | Updated:
ETMarkets.com
Amit Trivedi, CMT, Technical Analyst - Institutional Equities, YES Securities
Volatile Nifty ended week on a flat note on Friday. During the week, initially it fell sharply towards 14460; however recovery thereafter lifted Nifty near 15000 zone. Eventually forming an indecisive weekly candle, Nifty ended at 14835. In the coming truncated week, Nifty is likely to consolidate between 14700-15000 zone. Ideal strategy to follow will continue to remain focused more on sector/stock specific action.
Bank Nifty continued its underperformance, losing 4% this week. However within banking space, PSUBank index is relatively holding ground; positive follow-up action is required for any short term bounce.
Snapping nine sessions winning streak, Metal index lost ~1% in today’s trade – suggesting profit taking.
Pharma index stood out strongly, gaining ~5% this week; stock specific rally within this space is likely to continue.
Buy Bodal Chemical at Rs 99
Stop loss: Rs 94.5
Target: Rs 109
Buy Karnataka Bank at near Rs 64
Target: Rs 70
Post multi-week decline, the stock is gradually gaining positive traction. Positive follow-up action could attract a short term rally.
Volatile Nifty ended week on a flat note on Friday. During the week, initially it fell sharply towards 14460; however recovery thereafter lifted Nifty near 15000 zone. Eventually forming an indecisive weekly candle, Nifty ended at 14835. In the coming truncated week, Nifty is likely to consolidate between 14700-15000 zone. Ideal strategy to follow will continue to remain focused more on sector/stock specific action.
Bank Nifty continued its underperformance, losing 4% this week. However within banking space, PSUBank index is relatively holding ground; positive follow-up action is required for any short term bounce.
Snapping nine sessions winning streak, Metal index lost ~1% in today’s trade – suggesting profit taking.
Pharma index stood out strongly, gaining ~5% this week; stock specific rally within this space is likely to continue.
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RecommendationsBuy Bodal Chemical at Rs 99
Stop loss: Rs 94.5
Target: Rs 109
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Appearance of a bullish candle with sustained move above support levels could lift the stock towards 110 zone.Buy Karnataka Bank at near Rs 64
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Stop loss: Rs 61.5Target: Rs 70
Post multi-week decline, the stock is gradually gaining positive traction. Positive follow-up action could attract a short term rally.
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
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