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    Day Trading Guide: 2 stock recommendations for Tuesday

    Synopsis

    ​​A rally in the Bank Nifty found stiff resistance near its 50-day EMA. Selling pressure intensified as intraday recoveries remained short-lived, and eventually Bank Nifty settled below the 37,000 mark. Sustenance below 37,500 is expected to keep Bank Nifty under pressure.

    Amit Trivedi-YES Sec-1200ETMarkets.com
    Amit Trivedi, YES Securities
    Nifty commenced the week on a gap up note, however, it again failed to sustain at higher levels. Erasing early gains, Nifty even slipped below 17,400 level, suggesting the influence of resistance at play. Given the swift decline in today’s trade, a decisive breakthrough above the key hurdle of 17,600 levels is essential for a fresh leg of up move to kick in while a negative follow-up action may spur further decline till 17,300-17,250 zone.

    All the sectoral indices ended in the red, except the IT index.

    A rally in the Bank Nifty found stiff resistance near its 50-day EMA. Selling pressure intensified as intraday recoveries remained short-lived, and eventually Bank Nifty settled below the 37,000 mark. Sustenance below 37,500 is expected to keep Bank Nifty under pressure.

    Snapping four sessions' winning streak, Oil& Gas and Energy index faced sharp downticks; mild consolidation or stock-specific correction within these sectors is possible going ahead.

    Recommendations

    Buy Syngene near Rs 616
    Stop loss: Rs 595
    Target: Rs 660


    The appearance of a large bullish candle and swift reversal from the lower levels in the recent past suggests a resumption of uptrend

    Sell Crompton December future near Rs 433
    Stop loss: Rs 443
    Target: Rs 413


    The series of lower highs and lower lows remains intact. The recent recovery found stiff resistance near Rs 440-445 zone and a further decline is possible.

    (Amit Trivedi is CMT, Technical Analyst –Research, YES SECURITIES)



    (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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