Day trading guide for Tuesday: 8 stocks to buy today

Sensex and Nifty closed higher for a second straight session on Monday

Benchmark stock indices Sensex and Nifty closed higher for a second straight session on Monday following buying in index majors Reliance Industries, ICICI Bank and recovery in global markets. The 30-share BSE Sensex jumped 491 points to settle at 58,410.9 whereas the broader NSE Nifty climbed 0.7% to close at 17,311.8. In the broader market, the BSE midcap gauge climbed 0.2% and the smallcap index went higher by 0.09%.

Day trading guide for stock market today

"Having moved above the immediate resistance of 17,260 levels, the Nifty is expected to move towards the next important resistance of 17,425 levels in the short term. Immediate support is now placed at 17,100 levels. Any sustainable upside above 17,450 levels could bring sharp upside momentum in the market," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

"On the daily chart, the Nifty index has formed a piercing line pattern which suggests a bullish reversal. The trend and momentum remain positive for the short term. Over the short term, the index is likely to go towards 17,500/17,700. On the lower end, support is visible at 17,100," said Rupak De, Senior Technical Analyst at LKP Securities.
 

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