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Trade Setup | Things To Know Before Market Opening - 07 Feb 2023 Tuesday



Benchmark indices declined by more than half a per cent at close on Monday due to selling in IT, and metals. The BSE Sensex settled lower by 335 points at 60,506.9 whereas Nifty dipped 0.5% to close at 17,764.6. In the broader market, the BSE midcap gauge rose 0.75% and smallcap index gained 0.49%. Adani group stocks continued to decline, extending its heavy sell-off in over a week.

Day trading guide for stock market today

"While the bias remains positive, we expect the Nifty to consolidate in a range between the 17400-18000 levels for the next few sessions. Traders need to focus on stock specific action to make money," said Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities.

“Nifty remained volatile before closing lower as Nifty ended about 90 points lower. On the daily chart, the index has been making lower tops, suggesting a waning bullishness. However, the bulls could protect the support of 17650. Going forward, the trend may remain sideways. On the lower end, supports are placed at 17650/17400. On the higher end, 17950-18000 may act as a crucial resistance," said Rupak De, Senior Technical Analyst at LKP Securities.

Stocks to buy today as recommended by analysts -

Rajesh Bhosale, Technical Analyst, Angel One Ltd

Buy ASIAN PAINTS, stop loss 2,698, target 2,860

Buy HDFC AMC, stop loss 1,859, target 2,010

Sumeet Bagadia, Executive Director at Choice Broking

Buy Bajaj Finance, stop loss 5,900, target 6,300-6,500

Buy Power Grid, stop loss 212, target 223-226

Ganesh Dongre, Senior Manager - Technical Research at Anand Rathi

BUY HDFC Ltd at 2,685, stop loss 2,645, target 2,775

BUY Trent at 1,230, stop loss 1,200, target 1,280

Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher

BUY MCDOWELL at 780, stop loss 767, target 807

BUY GNFC at 531, stop loss 524, target 545

BUY GAIL at 94.80, stop loss 93.50, target 98

The views and recommendations made above are those of individual analysts or broking companies, and not of PickStock.