The post-Budget rally continued for the second session on Wednesday, with the benchmark Sensex rising nearly 700 points to 59,000 levels on Wednesday and nifty Ended at 17,780, up more than 1% led by financial and technology stocks.
day trading strategy for stock market today
“The current rise is slightly above the 61.8% Fibonacci retracement level of the recent decline at 17780 levels. Nifty’s major volatility since October 21 has breached the crucial 61.8% retracement on both sides, but is looking to test 100%. After moving above the upper 61.8% retracement now, Nifty is not expected to reach 100% upward retracement at 18350 level. This could mean that Nifty may move lower tops in the near future. Chances of reversal may be high,” said Nagraj Shetty, Technical Research Analyst, HDFC Securities.
On Nifty Bank Index, Ruchi Jain, Lead Research, 5paisa.com said as expected the banking space is showing better performance and leading the momentum at higher levels. “Therefore, we continue with our optimistic stance on the index and continue with our advice to trade with a positive bias and look for buying opportunities in intraday downsides.”
6 stocks to buy today as per analyst advice –
Sumeet Bagdia, Executive Director, Choice Broking
Usha Martin : Buy Usha Martin, Target Price 94-99, stop loss 88
Voltas: Buy Voltas, Target 1,250, stop loss 1,180
Anuj Gupta, Vice President, IIFL Securities
Federal Bank: Buy Federal Bank, Target 108, stop loss 96
Bharti Airtel: Buy Bharti Airtel, Target 765, stop loss 695
Avinash Gorakshakar, Head of Research, Profitmart Securities
Kotak Mahindra Bank: Buy Kotak Bank, Target 1,995, stop loss 1,915
Voltas: Buy Voltas, Target 1,265, stop loss 1,190
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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