Day trading guide for Wednesday: After showing an excellent upside movement on Monday, Indian stock market slipped into the profit booking mode on Tuesday and closed the day in red territory. Nifty 50 index failed to sustain above 18,000 levels and closed at 17,957, 96 points lower from its Friday close. BSE Sensex shed 435 points and closed at 60,176 whereas Nifty Bank index descended 567 points and closed at 38,067 levels.
According to stock market experts, this weakness at Nifty, Sensex and other key indices, indicate minor profit booking from the highs. Tuesday’s weakness so far not damaged the recent uptrend status of the market. They went on to add that positive chart pattern like higher highs and higher lows is intact as per daily chart and present consolidation movement could form a new higher low in the short term.
Day trading guide for stock market today
Unveiling intraday trading strategy in regard to Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The sharp upside momentum in the market seems to have halted and the Nifty shifted into a minor profit booking mode. Any sharp weakness from current levels could be ruled out, but one may expect range movement around 18,200 to 17,800 levels for the next few sessions. The important resistance of 18200 levels at NSE Nifty could eventually be broken on the upside.”
Expecting volatility on both sides; Mehul Kothari, AVP – Technical Research at Anand Rathi Shares & Stock Brokers said, “For intraday trade session on Wednesday, broader range of Nifty is placed between 17,800 to 18,150 whereas short range of Nifty lies in between 17,900 to 15,050 levels. Similarly for Nifty bank index, broader range lies in between 37,700 to 38,800 levels while short range is placed between 38,000 to 38,500 levels.”
Day trading guide
Sharing intraday stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities and Mehul Kothari of Anand Rathhi — recommended 6 stocks to buy today.
Sumeet Bagadia’s day trading stocks to buy today
1] Grasim Industries: Buy at CMP, target ₹1730 to ₹1750, stop loss ₹1670
2] Asian Paints: Buy at CMP, target ₹3200 to ₹3250, stop loss ₹3080
Mehul Kothari’s intraday stocks for today
3] Chalet Hotels: Buy at CMP, target ₹325, stop loss ₹295
4] Bajaj Consumer Care: Buy at CMP, target ₹190, stop loss ₹170
Anuj Gupta’s stock picks for Wednesday
5] State Bank of India or SBI: Momentum buy at CMP, target ₹550, stop loss ₹480
6] Ashok Leyland: Buy at CMP, target ₹134, stop loss ₹114.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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