Day Trading Guide: Top 5 Stocks To Buy/Sell On Monday For Short-Term

Amidst mixed global cues, the Nifty wrapped up higher on Friday for the sixth straight day, gaining 93 points (+0.5%) to 19820 levels, while the Sensex rose 333.34 points (+0.50%) to close at 66,598.91. The broader market closed up with Midcap100 and Smallcap100 gaining 1% and 0.6%, respectively. Capital goods, oil and gas, power, and real estate all experienced gains of 1.5 to 2 per cent, while the pharma index fell by 0.3 per cent. The Nifty's top gainers comprised Coal India, NTPC, BPCL, Tata Motors, and Larsen & Toubro, while its top losers were UPL, Eicher Motors, Apollo Hospitals, ITC, and UltraTech Cement.

Nifty Prediction

"The Nifty displayed strength, primarily driven by strong demand for large-cap stocks. The overall trend remained robust as the index consistently stayed above a critical moving average. However, a significant hurdle for the Nifty came in the form of substantial Call writing at the 19900 strike price. Looking ahead, only a decisive move above the 19900 level has the potential to propel the index towards the 20200 mark. On the flip side, there was substantial Put writing at the 19700 level, providing strong support for the Nifty," said Rupak De, Senior Technical analyst at LKP Securities.

Bank Nifty Prediction

"The Bank Nifty index witnessed a strong bullish momentum as the bulls took full control. Following the breakthrough of the resistance level at 44,650, there was a sharp rally of 600 points. The next significant hurdle on the upside is situated at 45,500, where the highest open interest is concentrated. The index maintains a "buy on dip" mode, with robust support seen at the 44,800 levels, underlining the bullish sentiment in the market," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.

Day trading guide for tomorrow

Here are the top 5 stocks to buy or sell on Monday's trading session as recommended by AR Ramachandran from Tips2Trades.

REC

REC Ltd is bullish but also overbought on the Daily charts with next resistance at 282.4. Investors should book profits at current levels as a daily close below support of 262 could lead to a target of 230.5 in the near term."

Glenmark Pharma

Glenmark Pharma is bearish on the Daily charts with strong resistance at 799. A daily close below support of 744 could lead to a target of 688.4 in the near term.

Power finance Corporation

Power finance Corporation is bullish but also overbought on the Daily charts with next resistance at 314. Investors should book profits at current levels as a daily close below support of 291 could lead to a target of 255 in the near term.

GTL Infra

GTL Infra is bullish but also overbought on the Daily charts with next resistance at 1.25. Investors should book profits at current levels as a daily close below support of 0.9 could lead to a target of 0.5 in the near term.

Tata Power

Tata power stock price is overbought on the Daily charts with next resistance at 288. Investors should book profits at current levels as a close below support of 263 could lead to 228 in the near term.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.