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Trade Setup | Things To Know Before Market Opening - 06 Feb 2023 Monday


Day trading stocks: Following strong global cues, Indian stocks made a sharp turnaround from the early morning lows and finished in positive territory on Friday last week. Nifty 50 index surged 243 points and closed at 17,854 whereas BSE Sensex gained 909 points and closed at 60,841 levels. Bank Nifty index shot up 830 points and ended at 41,499 mark. Broad market indices ended in the negative as focus shifted to large-caps.

According to stock market experts, a long bull candle was formed on the daily chart with long lower shadow. This market action signal an upside breakout of the crucial overhead resistance of 17750-17800 levels. This is positive indication and one may expect further upside in the short term. The formation of long lower shadows in the last few daily candles around 17,500 levels indicates strong base for the Nifty and the said support is unlikely to be broken on the downside soon.

Speaking on intraday trading strategy for Monday, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short-term trend of Nifty continues to be positive. The upside breakout of crucial resistance at 17,800 levels suggesting upside target for Nifty around 18,250 levels in the next 1 or 2 weeks. Immediate support for Nifty is placed at 17,650 levels."

HDFC Securities expert went on to add that Nifty on the weekly chart closed at the edge of previous downside breakout point of larger sideways range at 17,800 levels. Technically, this pattern signal false downside breakout of the range and this is likely to open the doors of upside pattern target of around 18,250 levels (upper end of range) in the near term.

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"The Nifty Midcap100 index is trading at important support as the Budget day low around 26900 coincides with the previous two lows registered in September 2022 and December 2022. Traders are advised to keep a close watch on this level for the broader market momentum and one should be very stock specific from a short term trading perspective," said Ruchit Jain, Lead Research at

Unveiling intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi — listed out 6 shares to buy today.

1] Punjab National Bank or PNB: Buy at CMP, target 56, stop loss 48

2] ONGC: Buy at CMP, target 150, stop loss 140

3] State Bank of India or SBI: Buy at CMP, target 610, stop loss 505

4] Ashok Leyland: Buy at CMP, target 165, stop loss 147

5] ICICI Bank: Buy at 864, target 900, stop loss 845

6] Federal Bank: Buy at 134, target 145, stop loss 127.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of PickStock. We advise investors to check with certified experts before taking any investment decisions.