Day trading guide for Wednesday: After showing sharp weakness in the last couple of sessions, Indian stock market witnessed a sustainable upside bounce on Tuesday. NSE Nifty ended 246 points higher at 17,200 levels and become best performing index in the Asian region. BSE Sensex gained 776 points and closed at 57,356 whereas Nifty Bank index shot up 322 points and ended at 36,404 levels.
According to stock market experts, Nifty’s recent swing low of 16,888 on Monday could now be considered as a minor reversal pattern on the upside. Hence, the market could make an attempt to move up further in the short term, but sustainability at the highs could be a cause of concern.
Day trading guide for stock market today
Speaking on intraday trading strategy in regard to NSE Nifty, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The market showed relief rally after two day’s of weakness. The upper area of 17,300 to 17,400 is expected to be tough task for the market to surpass into. Any lack of strength in further upside bounce at the highs could bring another round of selling pressure to retest lower support of 16,800 levels.”
Expecting upside momentum to continue, Ruchit Jain, Lead Research at 5paisa.com said, “On the daily chart, 17000-16800 has acted as a support for the second time in last few days and as the ‘200 DEMA’ coincides with the 50% retracement mark there, it has now become a sacrosanct for the market. Today’s upside move witnessed broad market participation as all the sectoral indices ended on a positive note. Hence, we expect a continuation of the momentum towards the ‘20EMA’ first, which is at 17,300 and then towards 17,420 and 17,470.”
Ruchit Jain of 5paisa.com went on to add that immediate support for NSE Nity is placed in the range of 17,050 to 17,000. “Short term traders are advised to trade with a positive bias, and look for buy opportunities on intraday dips,” he concluded.
Day trading stocks
Sharing intraday stocks for today, stock markt experts — Sumeet Bagadia, Executive Director at Choice Broking; Anuj Gupta, Vice President — Research at IIFL Securities; Mehul Kothari, AVP – Technical Research at Anand Rathi Shares & Stock Brokers and Avinash Gorakshkar, Head of Research at Profitmart Securities — 8 stocks to buy today.
Sumeet Bagadia’s intraday stocks for today
1] City Union Bank or CUB: Buy at CMP, target ₹148, stop loss ₹135
2] BHEL: Buy at CMP, target ₹56 to ₹58, stop loss ₹51
Anuj Gupta’s day trading stocks to buy today
3] JSW Steel: Buy at CMP, target ₹760, stop loss ₹690
4] Adani Power: Buy at CMP, target ₹310, stop loss ₹268
Mehul Kothari’s stocks for today
5] EID Parry: Buy in between ₹537 to ₹543, target ₹570, stop loss ₹520
6] ITC: Buy at ₹259, target ₹275, stop loss ₹250
Avinash Gorakshkar’s stock picks for today
7] Vedanta: Buy at CMP, target ₹432, stop loss ₹400
8] Titan Company: Buy at CMP, target ₹2620, stop loss ₹2515.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.