Day trading guide: 4 stock recommendations for Friday
SECTIONS
Last Updated: Jan 14, 2021, 07:21 PM IST
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Synopsis
If the index sustains above the same continuation of uptrend, it will continue to head towards 14,700 -14,775.
INSIGHTS
NSE
Nifty
Hammer candlestick formation followed by inside body candles clearly indicate indecisiveness between the bulls and the bear. However, the medium-term texture of the market is still on the bullish side, but the daily and the intraday charts suggest that the uptrend may take a temporary pause near 14,620. If the index sustains above the same continuation of uptrend, it will continue to head towards 14,700 -14,775. On the flip side, trading below 14,500 could trigger quick short-term correction up to 14,350-13,250.
Day trading guide for Friday
SECTIONS
Last Updated: Jan 07, 2021, 10:16 PM IST
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On the intraday chart, the Nifty has formed a double top kind of formation, which suggests that high chances of quick intraday correction is not ruled out if it trades below 14100.
INSIGHTS
NSE
We are of the view that the bulls are still in total control, but the intraday chart is showing a temporary pause near 14,200. Hence, traders may prefer to take a cautious stance near resistance level. Technically, the index still maintains higher high and higher low series.
However, on the intraday chart, the Nifty has formed a double top kind of formation, which suggests that high chances of quick intraday correction is not ruled out if it trades below 14100. Below 14,100, correction likely to continue up to 14,000-13,900. On the other side, 14,200 would be the immediate hurdle for the bulls; above the same, the index could rally till 14,275-14,320.
Day Trading Guide for Friday
SECTIONS
Last Updated: Dec 31, 2020, 08:21 PM IST
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Synopsis
The texture of charts clearly suggests the short-term trend is still up, but strong possibility of intraday correction is not ruled out if the index trades below 13,935.
INSIGHTS
NSE
On the last day of the December F&O expiry series, the benchmark index Nifty hit yet another all-time high of 14024.80. Today, the index opened near yesterday s closed level and the entire day it hovered in the range of 13,935-14,024.
Technically, post strong uptrend rally, the index has formed a small body Doji kind of reversal formation near important resistance level. The texture of charts clearly suggests the short-term trend is still up, but strong possibility of intraday correction is not ruled out if the index trades below 13,935.
Day trading guide for Friday
SECTIONS
Last Updated: Dec 17, 2020, 06:55 PM IST
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Synopsis
Agencies
NSE
Kotak Securities
The index has formed an uptrend continuation formation, which is broadly positive for the market. However, intraday charts are indicating an overbought situation and high chances of a short-term correction is not ruled out if the Nifty sustains below 13,700. For the next few trading sessions, 13,700 should be the key level for the bulls. If it sustains above the same, then the uptrend rally is likely to continue up to 13,840/13,850. On the flip side, trading below 13,700 could trigger quick short-term correction up to 13,550. Contra traders can take short bets near 13,850 with strict 50 points stop loss.