Day Trading Stocks: After heavy selling in three consecutive sessions, the Indian stock market finally closed in the green zone on Tuesday. NSE Nifty closed 53 points higher at 17,266 while BSE Sensex closed 187 points higher at 57,808. Bank Nifty index closed 33 points higher at 38,028.
Opening on a positive note on Tuesday, Nifty attempted to move higher soon after opening. It failed to sustain the highs and subsequently displayed high volatility of intraday up and down swing moves in the middle part of the session. According to stock market experts, a permanent intraday upside recovery was finally witnessed. Technically, the formation of such a pattern after a reasonable weakness indicates an upward move in the market after the confirmation of the reversal pattern.
Stock market today: What are the indications from global cues?
Reversal of trend expected in Indian stock market; “Wall Street ended sharply higher on Tuesday, lifted by Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT),” said Anuj Gupta, vice-president, IIFL Securities, while ahead of a key inflation reading from a bounce in Treasury bank stocks. This week. It has been taken positively by the global markets as SGX Nifty opened higher today. Hence, we can expect a trend reversal in the Indian stock market today.”
Anuj Gupta said that immediate support for Dow Jones Futures is placed at 35,180, while strong support is placed at 34,900, while immediate support is placed at 35,550, while for Dow Futures, strong support is placed at 35,850. Similarly, he advised day traders to keep an eye on SGX Nifty as it has strong support at 16,800 while its immediate support is placed at 17,100. Similarly, SGX Nifty is facing immediate hurdle at 17,480 while 17,650 is a strong hurdle for SGX Nifty. Breakdown of either side should be taken as a signal for the Indian markets in the upcoming sessions.
day trading guide for stock market today
Today speaking on Day Trading Guide for Nifty; Nagraj Shetty, Technical Research Analyst, HDFC Securities, said, “Three sessions of sharp downside have stopped and the overall chart indicates another minor bounce from here or around lows of 17,000. The expected bounce may be short-lived and close towards 17,800 levels. Another lower top formation can be expected below the level.”
In line with the views of Nagraj Shetty; Sumeet Bagadiya, Executive Director, Choice Broking said, “Immediate support for Nifty is placed at 17,100, while 17,000 can be taken as strong support for the 50-stock index. Similarly, immediate support for Nifty 50 is placed at 17,350 while there is a strong hurdle for Nifty today. Immediate support in Bank Nifty index is placed at 37,500 while 37,300 is acting as strong support while 38,300 and 38,700 are related hurdles for Bank Nifty index.
day trading strategy for wednesday
Unveiled day trading strategy for Indian stock market today; Ruchit Jain, Lead Research at 5paisa.com said, “Traders are advised to look for buying opportunities if Nifty crosses Tuesday’s high of 17,306 in the coming session. Lows of 17040 are not sacred.” and would be considered a major support in the prices. Reversing the current levels.”
day trading stocks to buy today
Sumeet Bagadiya of Choice Broking and Anuj Gupta of IIFL Securities share the day trading stocks with 4 buy or sell recommendations on the stock today.
Sumeet Bagadiya Day Trading Stock
1]Reliance Industries Limited or RIL: Buy on CMP, Target 2425, stop loss 2305
2]Voltas: Sell on CMP, Target from 1170 1150, stop loss 1230
Anuj Gupta’s Day Trading Shares for Wednesday
3]JSW Steel: buy speed on cmp, target 710, stop loss 620
4]Steel Authority of India Limited or SAIL: Buy on CMP, Target 122, stop loss 95.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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