Day Trading Guide for Today: After overnight positive cues from Wall Street and a strengthening dollar index, the Indian stock market ended in the green zone for the third consecutive day on Tuesday. The Nifty 50 index closed 175 points higher at 17,486 while the BSE Sensex rose 549 points to end at 58,960. The Nifty Bank index ended 398 points higher at 70,318. The forward downside ratio ended in positive territory at 1.84:1.
According to stock market analysts, the positive order of the upper and lower highs is confirmed and the market is currently moving towards the formation of a new higher top. Still no sign of any higher top reversal yet.
Day Trading Guide for Wednesday
Sharing intraday trading tips, Nagraj Shetty, Technical Research Analyst, HDFC Securities said, “Short term trend of Nifty remains positive. A decisive move above the 17,450 to 17,500 levels is likely to put the bulls back in the drivers seat and This may drag Nifty towards the target above 18000 level in near future. Immediate support for Nifty is placed at 17,425.”
Speaking on the outlook for the stock market today, Ruchi Jain, Lead Research, 5paisa.com said, “Markets have recently seen an upward move from their support base of ‘200 DEMA’. Nifty as well as Bank Nifty Index both have crossed their levels. Swing higher indicating a positive momentum. Short term upside move is expected to continue as global markets (especially US markets) gear up for a pullback move, Which could have an impact on other equity markets.
Unveiling the day trading strategies for Wednesday, Ruchit Jain of 5paisa.com said, “The dollar index has also entered a consolidation phase and unless we see any sharp bounce, it will be a good buy for equities. However, after the uptrend in the last few sessions, we are hovering near the 17500 mark where the call writers have taken positions in the options segment. Hence, unwinding by these option writers is necessary for a sharp upside move. Otherwise, the move could be a gradual one in the midst of an intraday pullback. In such a case, traders should take a ‘dip on dip’ approach for short term trading and look for buying opportunities on the downside.”
day trading stocks to buy today
When asked about today’s intraday stocks, stock market experts – Sumeet Bagdia, Executive Director, Choice Broking, Anuj Gupta, Vice President, IIFL Securities and Ravi Singh, Vice President and Head of Research, Share India, recommended 6 stocks to buy today . ,
Will buy shares of Sumeet Bagdia today
1]Cipla: Buy on CMP, Target from 1150 1160, stop loss 1100
2]Power Finance Corporation or PFC: Buy on CMP, Target 108 to 110, stop loss 100
Will buy shares of Anuj Gupta today
3]BEL: Buy on CMP, Target 115, stop loss 99
4]Coal India Limited: Buy on CMP, Target 250, stop loss 229
Today’s Intraday Stock of Ravi Singh
5]IRCTC: Buy Here 725, Target 740, stop loss 718
6]Apollo Tires: Buy Here 280, target 295, stop loss 275.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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