Day Trading Guide: After losing in early morning deals amid panic over US House Speaker Nancy Pelosi’s visit to Taiwan, the Indian stock market narrowed these losses and ended in positive territory for the sixth consecutive session on Wednesday’s deals. The 50-share NSE Nifty closed 42 points higher at 17,388 while the BSE Sensex ended 214 points higher at 58,350. Nifty Bank index closed 34 points north at 37,989 level. Broad market indices such as small-cap and mid-cap indices ended in negative territory and the forward downside ratio ended at around 0.58:1.
According to Share Market According to experts, a short positive candle was formed with a long lower shadow on the daily chart. Technically, this pattern signals the formation of a Hanging Man type candle pattern. But in the last two sessions the market formed a high wave and hanging man type pattern amid wide range movement indicating choppy movement. Therefore, there is no sign of any reversal pattern appearing at higher levels.
day trading guide for stock market today
“Nifty is currently placed at key overhead resistance at 17,450 levels and lacks sharp sell participation at hurdles. Positive chart patterns like higher tops and bottoms remain intact and any short term downward correction from here could create a fresh new trend. Higher bottom in the market. Further consolidation movement is likely near 17,400 to 17,250 levels in next 1 or 2 sessions before a sharp upside breakout of hurdles can be seen. Target above 17,800 levels and for NSE Immediate support will be seen. Nifty is placed at 17,220 level,” said Nagraj Shetty, Technical Research Analyst, HDFC Securities.
“The stock market rally is now concentrating on lower stocks as we can see that the overall market breadth was weak and it was only Nifty IT sector that managed to keep the benchmark higher. This is usually in the last leg of a rally. Occurs where the broader markets begin to break apart and only a few heavyweights retain the momentum in the index. Therefore traders need to be very specific in selecting the stock to trade and really light up long periods of uptrend from here. Must be,” said Ruchit Jain, lead research at 5paisa.com.
day trading stocks
Sharing the intraday stocks for today, stock market expert – Anuj Gupta, Vice President – Research at IIFL Securities; Mehul Kothari, AVP – Technical Research at Anand Rathi; Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher and Rajesh Bhosale, Technical Analyst, Angel One – has a buy call on 8 shares today.
Today’s Intraday Stock of Anuj Gupta
1]ITC: Buy on CMP, Target 335, stop loss 294
2]HDFC Bank: buy momentum on CMP, target S1500, stop loss 1380
Buying in the shares of Mehul Kothari today
3]IRCTC: Buy Nearby 642, target 670, stop loss 626
4]IEX: Buy Nearby 167, target 178, stop loss 162
Will buy day trading shares of Vaishali Parekh today
5]Tech Mahindra or TechM: Buy Nearby 1052, Target 1090, stop loss 1030
6]HDFC Ltd: Buy Nearby 2368, target 2420, stop loss 2330
Will buy shares of Rajesh Bhosle today
7]BASF India: Buy Nearby 2869, target 3030, stop loss 2787
8]UTI AMC: Buy Nearby 727, Target 772, stop loss 706.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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