While the S&P BSE Sensex crossed the psychological mark of 60,000 mark and was trading at 60,101, up 255 points or 0.43%, the broader Nifty50 rose 72 points or 0.41% to 17,696, led by buying action in bank, auto, realty and FMCG stocks.
Meanwhile, the IT sector was among the laggards. Banking gauge Nifty Bank was trading at 41,126, up 300 points or 0.71%.
"The winning streak continued for the sixth consecutive session on Monday, however, the traction was missing in key indices. This resulted in the formation of a neutral candlestick pattern on the daily chart known as Doji. The said pattern indicates some tentativeness and generally occurs after a sharp run-up or decline," Sameet Chavan, Chief Analyst-Technical and Derivatives at Angel One Ltd said.
"In our sense, after the recent sharp rally, any consolidation or intra-week dip should be considered as a healthy development before the next leg of the rally. Traders are hence advised to remain upbeat and should consider using any dip as an opportunity to go long. In such a scenario, immediate support is seen at 200SMA placed around 17500 followed by strong support at 17,400," he added.
"On the flip side, the immediate hurdle is seen in the zone of 17,700 - 17,800, which is the trend line as well as the previous swing high resistance. A move beyond which would confirm the resumption of an uptrend; pushing prices beyond 18000 in the near term. Many counters from realty, auto and IT space gave astonishing moves; going ahead traders should ideally focus on such themes that are likely to provide better trading opportunities," the Angel One analyst said.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Dharmesh Shah, Head Technical at ICICI Securities told ETBureau
Titan: Buy | Target: Rs 2,685 | Stop Loss: Rs 2,507 | Last Close: Rs 2,578
Lemon Tree: Sell | Target: 82 | Stop Loss: Rs 73.50 | Last Close: Rs 76.50
Expert: Nooresh Merani, an independent technical analyst told ETNowUPL: Buy | Target Rs 780 | Stop Loss Rs 728
BEL: Buy | Target Rs 115 | Stop Loss Rs 94
Expert: Kunal Bothra, Market Expert told ETNow
Tata Chemicals: Buy | Target Rs 1,035 | Stop Loss Rs 980
RBL Bank: Buy | Target Rs 152 | Stop Loss Rs 140
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
Stocks to buy or sell today: 7 short-term trading ideas by experts for 11 April 2023 - The Economic Times
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