Day trading guide for Wednesday: After showing an excellent comeback on Friday, Indian stock market displayed another attempt of sharp upside bounce from intraday lows on Monday and closed the day in green territory. NSE Nifty shot up 135 points and closed at 16,793 levels whereas BSE Sensex ended 388 points higher at 16,793 levels. However, Bank Nifty shed 225 points and closed at 36,205 levels. According to stock market experts, current market pattern indicates volatility with positive bias and hence ‘buy on dips’ should be the ideal strategy for intraday traders.
Day trading guide for stock market today
Speaking on day trading guide for Nifty today; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, “The short term trend of Nifty remains positive with range bound action. Any decisive upside breakout at NSE Nifty above 17,000 levels is likely to pull Nifty towards 17,500 levels in a quick period of time. However, an inability of bulls to sustain above 16,800 levels could trigger another round of downward correction to 16,300 levels in the near term.”
Day trading stocks
Sharing day trading stocks for today, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Avinash Gorakshkar, Head of Research at Profitmart Securities and Anuj Gupta, Vice President at IIFL Securities — recommended 6 stocks to buy today.
Sumeet Bagadia’s day trading stocks to buy today
1] ICICI Bank: Buy at CMP, target ₹760 to ₹775, stop loss ₹720
2] Larsen & Toubro: Momentum buy at CMP, target ₹1875 to ₹1900, stop loss ₹1775
Avinash Gorakshkar’s intraday trading stocks
3] Hindalco Industries: Buy at MP, target ₹600, stop loss ₹558
4] Tata Steel: Buy at CMP, target ₹1260, stop loss ₹1195
Anuj Gupta’s day trading stocks for Wednesday
5] Axis Bank: Momentum buy at CMP, target ₹800, stop loss ₹699
6] Adani Wilmar: Buy at CMP, target ₹430, stop loss ₹340.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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