Day trading guide for today: Six buy or sell stocks for Monday — June 12

Day trading guide for today: On account of disappointing inflation data from China, Indian stock market extended sell off for seconds straight session on Friday. 50-stock index Nifty lost 71 points and closed at 18,563 levels, 30-stock index BSE Sensex went down 223 points and closed at 62,625 mark whereas Bank Nifty index went off 6 points and ended at 43,989 levels. However, broad market outperformed key benchmark indices as both small-cap and mid-cap indices ended in green zone logging marginal gains on Friday.

Day trading guide for stock market today

On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "A reasonable negative candle was formed on the daily chart, which indicates downward correction in the market from the higher levels. The positive chart pattern like higher tops and bottoms continued in Nifty as per daily timeframe chart and present weakness could be in line with the new higher bottom of the sequence. But the higher bottom reversal needs to be confirmed. Immediate support for Nifty is placed around 18,450 levels and any pullback rally could find resistance around 18,750 levels."

On outlook for Bank Nifty today, Ashwin Ramani, Derivatives & Technical Analyst at SAMCO Securities said, "Bank Nifty has been consolidating in the 43,800-44,500 zones since the last 10 trading sessions. A decisive breakout on either side of the range is expected to trigger significant movements and potentially will set the direction for future trend."

Intraday trading tips for Monday

Unveiling day trading strategy for stock market today, Siddhartha Khemka, Head - Retail Research at Motilal Oswal said, "Stock-specific action continues in the broader space, especially in the niche sectors is advisable. This week, the market will focus on central banks’ rate decisions globally where the market is expecting the status quo. Also, investors would keep an eye on US and Indian inflation data. "

Stocks to watch today

Shares of Mena Mani Industries Ltd will be in focus today as board of directors of the micro-cap company is going to consider and approve the proposal for stock split in its meeting scheduled today. Apart from this, Ion Exchange stock will be under the intraday traders' lens as this stock is going to trade ex-split for today. Ion Exchange board has approved stock split in 1:10 ratio.

Among dividend stocks today, six stocks are going to trade ex-dividend today and those stocks are Reliance Industrial Infrastructure, Apcotex Industries, Tata Investment Corporation, Indian Bank, ICICI Lombard and Cyient.

Day trading stocks for today

On intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Rajesh Bhosale, Technical Analyst, Angel One and Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi — recommended six stocks to buy today.

Sumeet Bagadia's intraday stocks for today

1] Power Grid: Buy at ₹244.9, target ₹257, stop loss at ₹ ₹235.

Power Grid, a renowned company in the power transmission and distribution sector, is currently trading at ₹244.90. Notably, the stock is trading above all key moving averages of 50 and 200, indicating a strong bullish momentum in the market.

Furthermore, the daily chart reveals a cup and handle formation pattern, which is considered a bullish continuation pattern. This pattern suggests that the stock is likely to experience an upward movement after a brief consolidation phase.

2] IndusInd Bank: Buy at ₹1331, target ₹1392, stop loss at ₹1295.

IndusInd Bank, a prominent financial institution, is currently trading at ₹1331. The daily chart reveals a bullish engulfing candlestick pattern, suggesting a potential upward trend. Furthermore, a golden crossover of the 50 and 200 moving averages has occurred, signifying a bullish momentum shift.

Notably, the stock has a strong support level at ₹1300, indicating a potential floor for any downside movements. This support level adds to the positive outlook for the stock.

Analyzing the weekly chart, we observe that the Relative Strength Index (RSI) is hovering near the 65 level, indicating an accumulation phase. This suggests that investors are showing interest in accumulating shares of IndusInd Bank, further supporting the bullish case.

Rajesh Bhosale's buy or sell stocks

3] Redington: Buy at ₹185.40, target ₹196, stop loss ₹179.90.

Stock looking positive on chart pattern and can touch its immediate resistance visible at around ₹196 apiece levels.

4] Raymond: Buy at ₹1640, target ₹1750, stop loss ₹1580.

Positive outlook on chart pattern, bullish trend visible.

Ganesh Dongre's day trading stocks

5] Cipla: Buy at ₹970, target ₹990, stop loss ₹955.

This stock is showing strength on the hourly chart pattern, a bullish pattern has been formed, holding the support level of ₹955 could drag the stock toward the ₹990 level in the short term. So, one can go long with a stop loss of ₹955 for the target price of ₹990.

6] AU Small Finance Bank: Buy at ₹760, target ₹785, stop loss ₹748.

AU Bank share price is showing strength on the short-term daily chart pattern, holding the support level of ₹748 could drag the stock toward the ₹785 level in the short term. Hence, one can go long with a stop loss of ₹748 for the target price of ₹785.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.