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Trade Setup | Things To Know Before Market Opening - 27 Mar 2023 Monday

Day trading guide for today: After witnessing an intraday upside bounce on Thursday, Indian stock market displayed sharp weakness since last session and closed lower on Friday. Nifty 50 index lost 131 points and closed at 16,945 levels while BSE Sensex shed 398 points and closed at 57,527 mark. Nifty Bank index corrected 221 points and finished at 39,395 levels. In broad markets, small-cap index lost 1.37 per cent whereas mid-cap index nosedived 1.25 per cent.

On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty continues to be weak. Immediate resistances are left unchallenged and strong supports have started to break on the downside one after another. One may expect Nifty to slide down to 16800-16700 levels this week. On the upper side, the area of 17,050 could be a crucial overhead resistance."

Expecting volatile movement to continue, Sunil Damania, Chief Investment Officer at MarketsMojo said, "Market is still waiting for a very strong cue to take it upwards. And till such a time the market is still awaiting a strong cue to propel it ahead, we believe the market will likely be volatile in the foreseeable future. "

"The short exposure of FIIs in the derivatives market has decreased from a historical high of 92% to 86%, but it is still very oversold. Despite this, the market is not receiving enough triggers for any significant short-covering recovery. The oversold region is also indicated by the put/call ratio of 0.78," said Santosh Meena, Head of Research, Swastika Investmart.

On 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 — recommended 6 stocks to buy today.

1] Aurobindo Pharma: Buy at CMP, target 515 and 525, stop loss 485

2] Asian Paints: Buy at CMP, target 2850 to 2875, stop loss 2740

3] Cipla: Buy at CMP, target 910, stop loss 858

4] Power Grid: Buy at CMP, target 234, stop loss 214

5] ONGC: Buy at 149, target 156, stop loss 144

6] Bharti Airtel: Buy at 763, target 785, stop loss 745.

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.