Intraday Trading Strategies and Key Stocks to Watch on October 21, 2020 and Beyond
On October 21, 2020, several key sectors were identified for intraday trading. The bank sector, in particular, was suggested to be tried, but based on the reaction of the market, most of them were expected to fall the following day. PSU banks, in particular, had experienced significant declines, with many experiencing nearly 10% losses. This advice is not for buy/sell recommendations and should be discussed with a financial advisor prior to making any decisions.
Stocks to Watch on December 22, 2020
Several stocks were highlighted for traders to watch on December 22, 2020, these included JSW STEEL, JINDAL STEEL, and INDIGO. Additionally, TECHM was recommended as a stock to watch closely.
The market has exhibited good volumes and momentum in the past few days, driven by factors like world politics, the ongoing impact of the COVID-19 pandemic, and the approaching Diwali festival. Traders should be vigilant during the day of expiry in the index and also be prepared for the impact of the U.S. elections. Following a technical strategy and consulting with a financial advisor is highly recommended.
Market Analysis and Strategy
On October 5, 2020, the strategy for intraday trading was defined, with a focus on selling from the upper levels of the market. The day of expiration in the index and the outcome of U.S. elections can lead to increased volatility, and thus, traders should be cautious. Among the recommended calls, HDFC BANK was advised to be sold at 1264.00 with a stop-loss (SL) of 1275.80 and a target (tgt) of 1247.00. This view is personal and not intended as financial advice. For detailed analysis, one may subscribe to STOCKPICKERZONE on Telegram.
Trending Stocks and Analysis
Several stocks gained significant attention in the market. Companies such as APOLLOTYRE, EXIDEIND, GLENMARK, HINDALCO, and TATMOTORS were noted for their trends. The gilts, JK paper, and other companies like FERROUS, JSW STEEL, FERTILIZER, TECH were also under the spotlight. Traders are advised to consult a financial advisor before engaging in these trades.
For a comprehensive list of key stocks to watch, the following are recommended: SBI, INFOSYS, TCS, WIPRO, ITC, MINDTREE, TECH MAHINDRA, HDFC BANK, ICICI, YES BANK, PNB, CENTRAL BANK IND OVERSEAS, and RELIANCE. While these recommendations are based on the author's personal views, individual investors should consider their regional holidays, state of residence, and funds availability before making any investments.