Day Trading Guide for Wednesday: The Indian stock market opened on a weak note on Monday due to weak global cues. However, after the gap down opening, the indices further corrected and consolidated within a range for the most part of the day. The banking sector showed some relative strength and recovered losses, leading to a correction in key benchmark indices NSE Nifty and BSE Sensex. The Nifty 50 index finally closed 33 points lower at 17,069 while the BSE Sensex lost 84 points to close at 56,975. The Nifty Bank index closed 75 points higher at 36,163. According to market experts, a long bull candle has formed on the daily chart, which indicates range bound action in the market at the support level of 16,900 on Nifty.
day trading guide for stock market today
to speak on day trading guide For Nifty today, Nagraj Shetty, Technical Research Analyst, HDFC Securities said, “Short term trend of Nifty remains volatile and the market is placed in a broad high/low range. A slight upside can be expected in the next 1-2 sessions. and the market may eventually turn lower and retest the support and lower bounds. Hence, a high probability of a limited upside and a decisive downside breakout remains in the market.”
Highlighting the recent trade patterns observed in the Nifty 50 Index, Ruchi Jain, Lead Research, 5paisa.com said, “Recently, our markets are reacting in the direction of the global markets in the open, but no trend Not seen as the index is largely consolidating within the range of 16800-17400. A bearish flag pattern is forming on the daily chart of Nifty and the index is trading within the pattern so far without any breakout. We expect the index to reveal a directional move only on a breakout within the range mentioned above. Till then, one should be very stock specific and avoid aggressive trades.”
Unveiling the intraday trading strategy, Ruchit Jain of 5paisa.com said, “Traders should lighten the downsides towards resistance and wait for a clear breakout before trading aggressively. On the flipside, the support range is 16900. -16800 and if it is breached, we can see a sharp selloff to pull the markets towards 16470.”
day trading stocks
Sharing the intraday stocks for today, stock market experts – Sumeet Bagdia, Executive Director, Choice Broking; Rajesh Bhosale, Technical Analyst, Angel One Limited; Mehul Kothari, AVP – Technical Research at Anand Rathi; Anuj Gupta, Vice President – Research at IIFL Securities and Avinash Gorakshakar, Head of Research at Profitmart Securities – made a buy recommendation of 8 shares today.
Today trading shares of Sumeet Bagdia will be bought
1]ITC: Buy on CMP, Target from 270 275, stop loss 257
2]UPL: Buy on CMP, Target 850, stop loss 815
Today’s Intraday Stock of Rajesh Bhosle
3]IndusInd Bank: Buy Nearby 1018, target 1071, stop loss 992
4]Godrej Properties: Buy Nearby 1616, target 1710, stop loss 1567
Mehul Kothari’s stock pick for today
5]Rupa: Buy Nearby 560, target 650, stop loss 500
Buying in the shares of Avinash Gorakshakar today
6]Tata Steel: Buy at CMP, target Rs 1365, Stop Loss 1260
7]Tata Chemicals: Buy on CMP, Target 1100, stop loss 1000
Anuj Gupta’s stock today
8]HDFC Bank: Buy on CMP, Target 1460, stop loss 1365.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.